Flat might be the new normal for growth among the top gold producers, as large cap miners’ gold reserves had declined by 13% over the last three years to about 480-million ounces of gold, while their production was set to decline 8% to about 27.5-million ounces by 2018.
“This seems to bear out the thesis that we’ve reached peak mine supply. Flat is the new growth in our sector. Having a flat growth profile with potential upside organically puts us in an excellent competitive position in comparison with our peers,” incoming president and CEO David Garofalo told a media roundtable in which Mining Weekly Online participated during the recent Prospectors and Developers Association of Canada convention.
