Loading ...Nick Holland, CEO of South African based gold miner Gold Fields, stunned the audience with his speech at the Australasian Institute of Mining and Metallurgy conference in Brisbane on Monday.
Holland stated that the gold mining industry is not spending enough to sustain itself into the future, with slowed primary gold supply growth hinting that we may be hitting a peak in production along with reduced exploration spend and a virtual halt in new projects.
Holland had studied the mine life of 11 leading gold companies to find that it has been on the decline, dropping from 24 to 17 years.
A research agency report also found that 52% of production mined in 2015 was at above reserve grades, which indicates a deliberate bypassing of lower grade gold ore.
http://finfeed.com/hot-topics/gold-fields-ceo-facing-global-gold-shortage/20160826/