Tag - Production
Tuesday, October 6 2015
By GCRU Gold News on Tuesday, October 6 2015, 12:50
Sudan said it expects to produce 80 tonnes of gold in 2015, its minister of minerals said on Tuesday, topping last year’s record-high production in the war-torn African nation.
Monday, August 31 2015
By GCRU Gold News on Monday, August 31 2015, 11:28
The world’s second largest gold mining nation, Australia, saw gold output rise in the June quarter according to a survey by Melbourne-based consultancy, Surbiton Associates. Gold production for the period totalled some 72 tonnes (2.31 million ounces), an increase of almost three tonnes or four per cent over the March 2015 quarter. With most Australian miners having June year-ends, Surbiton puts the fiscal year total (to end-June) at 285 tonnes.
Friday, August 14 2015
By GCRU Gold News on Friday, August 14 2015, 06:34
In the first six months of the year, gold production in China jumped eight percent year over year to 228.7 tons, further cementing China’s dominant position in the sector.
Friday, July 24 2015
By GCRU Gold News on Friday, July 24 2015, 11:03
Furthermore, most of the current projects in the gold mining pipeline were evaluated on the basis of prices above US$1,200/oz and the fall in prices to US$1,100/oz will result in a significant cut in future supply. We estimate that nearly 40% of project production capability is uneconomic at current prices.
With major gold miners struggling to replace reserves, production may begin to decline and higher prices will be required to justify the next round of large capital expenditures.
Sunday, June 28 2015
By GCRU Gold News on Sunday, June 28 2015, 23:24
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.
Thursday, May 28 2015
By GCRU Gold News on Thursday, May 28 2015, 23:34
“It used to be we were the only country that could make money on gold and the rest of the world couldn’t,” says Major. “That has turned around. Gold production here could be zero by 2020. And that means that employment on the gold mines could be zero by 2020.”
Wednesday, April 8 2015
By GCRU Gold News on Wednesday, April 8 2015, 00:08
From Russia to South Africa to North America, the biggest producers saw profits turn to losses as prices plunged, forcing them to cut spending on mines in half over three years. While bullion output will probably reach a record in 2015, the increase will be the smallest in at least six years, before production drops 1 percent in 2016, according to Barclays Plc.
Monday, March 30 2015
By GCRU Gold News on Monday, March 30 2015, 09:36
Is gold about to "run out"? The correct answer to that question is the likelihood of that happening is precisely 0%
Friday, March 13 2015
By GCRU Gold News on Friday, March 13 2015, 05:30
Monthly gold production reached a new monthly low in January, according to data released by Stats SA1. Although a number of temporary factors might have contributed to the unusually low level, general historical trends show that gold has lost the prominent place it once had in the South African economy.
Tuesday, February 24 2015
By GCRU Gold News on Tuesday, February 24 2015, 00:23
A year ago, the Financial Post published a note stating that Barrick Gold Corp.’s production was set to drop significantly in 2014. It did just that, falling to 6.25 million ounces (from 7.4 million in 2013).
Wednesday, December 31 2014
By GCRU Gold News on Wednesday, December 31 2014, 01:04
As UBS' Shanghai analyst Lin Haoxiang said, "Falling prices are cutting into some high-cost private mines in China, while some big miners chose to reduce costs by reducing jobs and capital investments." As for the North American gold miner defaults, they have already started with Canada's San Gold warning its creditors it is about to stuff them with a lot of unrepayable paper.
Tuesday, December 23 2014
By GCRU Gold News on Tuesday, December 23 2014, 23:00
Among them is a very real possibility of a gold supply crunch in the coming years.
Wednesday, November 26 2014
By GCRU Gold News on Wednesday, November 26 2014, 23:55
The WGC’s Gold Demand Trends data puts global supply for the 12 months to end-September over and above new mined production at 1,143.5 tonnes. Taking our own figures for Chinese and Indian demand as being approximately equal to global new mined production that suggest to us that gold supply is going to be in deficit this year to the tune of around 420 tonnes plus, which is fairly substantial in the supply/demand equation (around 10%).
Monday, November 17 2014
By GCRU Gold News on Monday, November 17 2014, 10:28
Total supply was 1,047.5 tonnes in the third quarter, a drop of 7 percent from the same quarter last year.
Friday, October 10 2014
By GCRU Gold News on Friday, October 10 2014, 11:53
According to the latest research report from London-based precious metals analysts – Metals Focus – global mined gold output is still on the increase this year, despite the much lower gold price prevailing. This is primarily due to the build-up to full production of a number of major new gold mining operations which came on stream in 2013, while the start-ups at Kibali in the DRC, Aykem in Ghana and Tropicana in Australia added a further 21 tonnes in the first half of the current year.
Tuesday, September 30 2014
By GCRU Gold News on Tuesday, September 30 2014, 11:01
Production of gold by U.S. mines was 17,700 kilograms (569,068 troy ounces) in June, down 10% from 19,600 kg (630,154 oz) in June 2013, the U.S. Geological Survey recently reported.
Sunday, September 14 2014
By GCRU Gold News on Sunday, September 14 2014, 23:21
The fact of the matter is that we see nothing from these numbers or across the industry that suggests that there is a bright future for gold production - everything points to falling gold production numbers and "peak gold."
Tuesday, September 9 2014
By GCRU Gold News on Tuesday, September 9 2014, 13:55
Peru's gold output will likely drop by 20 percent this year and keep falling through 2016 as aging mines churn out less of the precious metal and a government crackdown curbs informal production, a ministry official said on Friday.
Monday, September 1 2014
By GCRU Gold News on Monday, September 1 2014, 12:49
AUSTRALIA’S annual gold output has proved to be remarkably resilient in the face of sharply lower gold prices, rising by 9 per cent to 282 tonnes (9.1 million ounces), according to a survey by Melbourne-based industry consultant Surbiton Associates.
Thursday, August 21 2014
By GCRU Gold News on Thursday, August 21 2014, 12:36
The Gold Royalty Response Group (GRRG) has warned that Russia could replace Australia as the world’s second-largest gold producer if it met production forecasts by the Gold Industrialists’ Union.
The Russian lobby group estimates that the country could increase its output to some 275 t during 2014, as the industry boosted production by 26.6% during the first half of the year.