Goldcorp (GG -0.1%) Chairman Ian Telfer is the latest industry exec to predict the world has reached “peak gold,” saying that mine production will continue to decline because all the major deposits have been discovered.
"Gold produced from mines has gone up pretty steadily for 40 years,” Telfer tells the Financial Post. “Well, either this year it starts to go down, or next year it starts to go down, or it’s already going down... We're right at peak gold here."
“Are we not looking for it? Are we bad at finding it? Or have we found it all? My answer is we found it all. At US$1,300/oz. gold, we found it all. I don’t think there are any more mines out there, or nothing significant. And the exploration records indicate that," Telfer says.
Barrick Gold is "shrinking fast,” Telfer says. “We’re sort of going sideways. Newmont’s going sideways.”
GG's gold output has slipped since 2015 when it produced 3.4M oz., and has produced 2.8M oz. in 2016 and 2.5M oz. in 2017; ABX and NEM also have suffered declines from their peak production earlier this century.
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