Gold production low in 2008

Les echos
today Apr 14, 2009
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While the first quarter of 2009 sees the global production of gold rise after the opening of new mines, 2008 was the third consecutive year that mining production decreased. With 2,416 tonnes extracted in total, the year was the lowest for gold production since 1996.

Asia and South Africa suffered the most significant decline, 38% and 30% respectively when compared to 2007. China retained its title as the most auriferous country with 292 tonnes delivered, followed by the USA (234.5 tonnes) and South Africa (233.3 tonnes).

Five of the ten most prolific mines saw a decline in production. In Grasberg, Indonesia, mining decreased by 55% (some 45 tonnes less than the year before) whilst average cash costs increased by 18% year on year to $467 an ounce. In the end the Canadian owned Barrick Gold remained the world leader with 238.3 tonnes produced, followed by the American company Newmont Mining (161.8 tonnes) and the two South African firms AngloGold-Ashanti (155 tonnes) and Gold Field (103.5 tonnes).

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