Gold or “yellow metal” is the oldest precious metal to be mined. Gold mining dates back to 4200 B.C and rose in the early 19th century with the “California gold rush”. Regardless of how the gold market is doing companies are always mining for gold.
Today, there are 10 top producing gold mines in the world, and they are located in:
- Boddington, Austrailia
- Lihir, Papaua New Guinea
- Penasquinto, Mexico
- Carlin, USA
- Yanacocha, Peru
- Pueblo Viejo, Dominican Republic
- Cortez, USA
- Goldstrike, USA
- Grasberg, Indonesia
- Muruntau, Uzbekistan
These sites have been the highest producing for many years. However recently gold miners are taking a different approach. According to a recent Reuter’s article, “the world’s biggest gold miners are taking a cautious approach in their hunt for bullion. They are spending more money to explore around existing mines rather than new territory in a strategy that may have short-term gains. But risks future production growth.”
Why are they doing this? Simply, it’s more cost efficient and improves the odds of discovering gold deposits.
Today, 60%-70% of the world’s gold production comes from surface mines, while the remainder is from underground mines. Finding affordable and reliable deposits had become imperative in the last couple years as miners started to slash spending amid a slight slump in gold prices.
If this approach works, there will be gold at this end of this new ‘rainbow’.
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