Gold exploration budgets directed at finding and defining new discoveries
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Grassroots plus 75% of late-stage — have increased significantly since 1999 and reached an all-time high of more than US$6 billion in 2012, according to "Strategies for Gold Reserves Replacement 2013 — Update," a study recently completed by SNL Metals Economics Group.
As it takes three or more years to define a major discovery (at least 2 million ounces of contained gold), it is too early to judge the success of recent exploration efforts; however, data for 1990 to 2012 show that the total gold found in major discoveries fell short of replacing global gold production, particularly over the past 15 years.
Excerpt:
As SNL MEG data shows, from 1998 to 2012, gold explorers found 107 major gold deposits, averaging 7.5 million ounces each, in 36 different countries, adding 800.8 million ounces of gold to global reserves and resources — 56% of the 1.2 billion ounces of gold produced during the period, after allowing for conversion of resources to reserves and recovery losses.
Regionally, about 23% of the 800.8 million ounces of discovered gold was in North America at a discovery-oriented exploration cost of US$49/oz, 21% in Latin America at about US$49/oz, 19% in Africa at US$33/oz, 10% in Europe at US$13/oz, 8% in Australia at US$61/oz, 8% in Pacific Ocean Islands at US$30/oz, 6% in former Soviet Union countries at US$33/oz, 2% in other Asian countries at US$75/oz and 2% in the Middle East at US$10/oz. Greenfields discoveries accounted for 67% of the gold found, while brownfields discoveries made up 33% of the total.
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