Stunning Decline In Gold Productivity
By GCRU Gold News on Sunday, June 28 2015, 23:24 - Permalink
This is a chart every gold investor needs to see. While the gold mining industry works harder every year to produce the highly sought-after monetary metal, its overall productivity continues to decline. Actually, decline is too soft of a word to describe what’s taking place in the world’s leading gold producers.
The top five companies diesel consumption per ounce of gold produced doubled from 12.7 gallons per oz (gal/oz) in 2005 to 25.8 gal/oz in 2013, while production declined from 25.2 million oz (Moz) to 22.9 Moz respectively. This has everything to do with decline of average gold yield from the group which fell from 1.7 grams per ton (g/t) in 2005 to less than 1.2 g/t in 2013.