In 2023, only 0.5% more gold was extracted from the mines than in the previous year. Production growth was 1.35% in 2022 and 2.7% in 2021. The first global decline was recorded in 2020. And it’s not just the search that is becoming more complicated; permits and financing are no easy matter either. Permits are becoming increasingly difficult to obtain and the processing time has also increased. It often takes many years. And if the gold areas are in remote regions, the infrastructure has to be put in place first. This is costly and time-consuming.

Even though the first quarter of 2024 was relatively strong in terms of gold prospecting, it can be assumed that mine production was at its highest between 2016 and 2018 and has been falling ever since. From around 2008, global gold production grew very quickly for around ten years. However, further growth is difficult to achieve today. Many promising gold areas have already been explored. And it takes an average of ten to 20 years for a new gold mine to be ready for production. Only around ten percent of gold discoveries have a sufficient gold concentration to make mining worthwhile.

According to estimates, around 57,000 tons can still be mined today, according to the United States Geological Survey. Around 200,000 tons of gold have seen the light of day to date. Most of the gold currently comes from China, but South Africa and Australia are also important. Of course, there are always new mines that can start operations or increase production, but gold is a scarce and valuable commodity. Gold companies such as Collective Mining and Fury Gold Mines have high-quality gold projects.

Collective Mining’s – https://www.commodity-tv.com/ondemand/companies/profil/collective-mining/ – Guayabales project in Colombia has a high-grade copper-silver-gold-tungsten porphyry system.

Fury Gold Mines’ – https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ – projects are located in Quebec and Nunavut.

Current company information and press releases from Fury Gold Mines (- https://www.resource-capital.ch/en/companies/fury-gold-mines-ltd/ -) and Collective Mining (- https://www.resource-capital.ch/en/companies/collective-mining-ltd/ -).

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