Gold discovery rates are decreasing even as exploration spending reached a record $8B last year,...

|By:, SA News Editor
Gold discovery rates are decreasing even as exploration spending reached a record $8B last year, according to Barrick Gold (ABX) CEO Jamie Sokalsky: “It’s getting harder to find large deposits and to get those deposits into production takes at least twice as long as it might have taken a decade ago... We’re not going to see new mines coming in as fast as we thought to replace old mines that are closing."