What is the average cost of mining per ounce?
The world average mining cost per troy ounce was around USD 235.00 in 2002 (based on figures published by Gold Field Mineral Services). These costs include depreciation and amortization but to get a true estimate one should add between 30 and 40 USD/ounce to cover exploration, head office costs and so on. However, costs vary widely between companies and the mines themselves.
How much gold is still underground?
According to the consultancy company Beacon Advisers in a study published in 2002, known resources associated with current mines were around 1,227 m oz or just over 38,000 tonnes. If all of this could be extracted economically this would amount to around 15 years production at current production rates. In practice the amount of known resources remains fairly constant over time since the results of new exploration finds replace those resources that are exploited.
What is the average gold mining grade?
The grade of ore refers to the proportion of gold contained in the ore of a particular mine and is quoted in grams per tonne (g/t). The type of mine depends on the depth and grade of the ore. At a rough estimate, the larger, better quality South African underground operations are around 8-10g/t (Anglogold), while the marginal South African underground mines run at around 4-6g/t. Many of the operations elsewhere in the world are open pit mines, which run at lower grades, from as little as 1g/t up to around 3-4g/t. A more significant piece of information than average gold mining grade is cost per ounce, which is a combination of grade (grams/tonne) and operating costs (USD/tonne).
Where is gold mined?
Gold is mined on every continent, barring Antarctica. For more details, please see Mine Production.
How much gold has been mined?
The best estimates available suggest that the total volume of gold ever mined up to the end of 2002 was approximately 147,000 tonnes, of which almost 60% has been mined since 1950.
What is the WGC?
The World Gold Council (WGC) is an association of the world’s leading gold producers dedicated to the promotion of gold. "