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Thursday, 22nd April 2004 (4688 views)

Gold production in Nevada fell by approximately five per cent to 7.318 million ounces during 2003, according to official figures However, higher gold prices boosted the value of production to $2.66 billion, an increase of more than $.2 billion on 2002's $2.4 billion, the Nevada Division of Minerals revealed.<BR/><BR/>Gold prices averaged $310 per ounce in 2002 and $363 per ounce in 2003, and have been creeping closer to $400 this year, though they dropped a little this week due to a stronger US dollar, the Elko Daily Free Press reports.<BR/><BR/>Doug Driesner, director of mining services for the Division of Minerals, announced that gold reserves in Nevada totalled 63.9 million ounces at the end of 2002 and 66.1 million ounces at the end of 2003.<BR/><BR/>"Even though the mines produced 7.318 million ounces, their reserve base was up, so really nine and a half million ounces were found," he said.<BR/><BR/>The 2003 drop in gold production followed a drop in 2002. Total gold production in 2001 was 8.125 million ounces. However, experts predict that new exploration and new projects may increase production again in the future.<BR/><BR/>Newmont Mining Corp is developing several new projects, Barrick Gold Corp. is exploring on site at Goldstrike and at the nearby Rossi Project, Hecla Mining is starting an underground exploration project and Barrick is looking at new mining at Ruby Hill Mine near Eureka, amongst other projects.<BR/><BR/>Eureka County remained the highest gold producer in 2003, with 2,664,962 ounces produced, followed by Humboldt County, with 1,368,407 ounces. Nevada still remains the largest gold producer in the United States and the third-largest gold producer in the world, after South Africa and Australia.

 

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