Gold miners not finding new deposits to meet future needs – study

TORONTO ( – Although the world’s biggest gold producers managed to replace almost twice the reserves they lost due to production between 1999 and 2008, the rate at which the industry as a whole is discovering new deposits will not be sufficient to meet its needs over the long term, Canada’s Metals Economics Group (MEG) said on Tuesday.

The Halifax, Nova Scotia-based research company has published a study titled ‘Strategies for Gold Reserves Replacement’, in which it calculates that the average cost of replacing reserves – for companies that produced 450 000 oz of gold or more in 2008 – was $83/oz during the ten-year period, taking into account both acquisitions and exploration spending.

Simultaneously, this group also increased its …