Mark Bristow, South African-born founder and chief executive of Randgold Resources, foresees a looming supply problem in the gold industry, saying that there was not enough exploration to replace gold that was being produced.

“To keep the gold industry supplied we need to discover 90 million ounces a year. We are only discovering 10 million to 15 million ounces a year. We either have to discover more quality ounces or reduce the life of mines,” said Bristow.