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Gold/Mining/Energy : Corner Bay Silver (BAY.T) -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (3831)	4/17/2002 4:50:47 AM
From: Paul-D	Respond to of 4409

OT: 17 Apr 2002 10:05 AngloGold <ANGJ.J>sees world mined gold dropping MELBOURNE, April 17 (Reuters) - Old mines are running out of gold faster than new mines are being developed, which is leading to a drop in world supply of the precious metal, world number two gold miner AngloGold Ltd of South Africa said on Wednesday. New mine supplies of gold will at best just keep pace with depletion of old mines or fall behind as big discoveries of the previous two decades run dry, AngloGold's chief executive Bobby Godsell said. "Over the next 10 to 15 years, new mine supply is likely to be neutral or negative than it is to increase as it did in the last 15 years," Godsell said on the side of a gold industry meeting. Toronto-based Beacon Group Advisors earlier this month forecast a nearly 30 percent drop in mined gold by 2010 unless bullion prices rose to at least US$325 an ounce. Gold currently fetches around $300 an ounce after averaging around $273 an ounce last year. Higher prices would prompt miners to bring untapped deposits on stream, Beacon said. Gold Fields of South Africa <GFIJ.J> chairman Chris Thompson called the studies estimate of a 30 percent drop "optimistic", predicting the decline would be greater. ((James Regan, Melbourne newsroom, 61 3 9286 1421, fax 61 3 9621 2994))