The world is running out of gold mines

Baku. 1 November. REPORT.AZ/ In recent years after financial crisis of 2008-2009 years, interest to gold considerably decreased. 

Report informs referring to Vestifinance.ru, website low interest for gold curtailed discoveries of new gold mines which can lead to shortage of gold and price increase in the future.

One of the cofounder and chairman of Canadian gold mining company Franco-Nevada, Pierre Lassonde in his interview to German financial newspaper Finanz und Wirtschaft said that “slowdown in the number of large gold deposits is being observed. Famous goldfields such as South Africa’s Witwatersrand Basin, Nevada’s Carlin Trend and Australia’s Super Pit - all nearing the end of their lifecycles.”

According to S&P Global Market Intelligence, total exploration budgets for companies involved in mining nonferrous metals fell for the fourth straight year in 2016. Budgets dropped to $ 6.9 billion, the lowest point in 11 years. Although there was an increase in spending in 2017, it still dramatically trails the 2012 heyday.