Newmont Predicts All Major Gold Miners Will See Production Decline
Source: Mineweb.com (2/11/08)
With only 800 known gold deposits globally that actually contain 100,000 or more ounces of gold, and as the number of new discoveries declines, Newmont Mining President and CEO Richard O' Brien warned analysts and fund managers that every gold miner will experience production falls unless a technological breakthrough occurs.
During a presentation Friday to analysts, O'Brien and a number of Newmont executives discussed the dire predicament which is bound to be faced by any major gold company in the future. The number of new discoveries is trending down, fewer and fewer deposits are out there, and it takes much more money to find them.
And, O'Brien declared, it is "more and more unlikely that we are going to find big deposits near the surface that are going to be economical."