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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: goldsheet who wrote (3321)	9/18/2002 7:37:31 PM
From: russwinter	Read Replies (2) of 4051

Gold mine production levels unsustainable – GFMS Current gold mine production levels may not be sustainable because of depleted reserves at mature North American mine operations and a fall in new mines due on stream, a leading mine research group said on Monday. "Gold Fields Mineral Services (GFMS) now believe that the world's current mine production levels may not be sustainable," the company said. "Initial estimates for global gold mine production point to a significant fall during the first half of 2002...one of the major causes is that output tumbled in Indonesia," London-based GFMS said in a statement. Lower grades at mining operations in the US state of Nevada were expected to have left output "considerably lower" year-on-year to leave total US output at levels last recorded a decade ago. GFMS gave no figures on mine output levels, but said it would finalise and publish details of its survey at a presentation of its global gold survey on September 24. GFMS survey would support research by Toronto-based mining investment banking and research firm Beacon Group Advisors, which in April forecast global gold output falling this year for the first time in two decades, reflecting years of low prices and slashed exploration budgets. Beacon estimated that world supply of mined gold may could plummet by nearly 30% by 2010 unless bullion prices rally and prompt miners to bring untapped deposits on stream. Beacon Group's modeling showed global output below 60-million ounces by 2010, down from current levels around 83-million, if bullion prices averaged $275. Even projections based on a price of $300 and incorporating planned new mine developments showed output falling sharply after 2006 to post a 22% drop from current levels. – Reuters.

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