Gold production throughout the world is expected to increase by an average of 2.5% annually over the next four years, according to World Mine Production of Gold 1994-1998, an annual report issued by the Gold Institute.
Mine production totaled 73.5 million oz. in 1994, up 2% from 1993, and could reach 82.8 million oz. by 1998.
South Africa accounted for the largest portion of this total, at 18.7 million oz. However, producers there expect output to drop slightly this year and then decline by an average of 3% annually through to 1998.
The U.S. ranked second, having cranked out 10.6 million oz. in 1994. A projected increase of 21% over the next four years is expected to raise total output to 12.9 million oz. in 1998. An 11% jump is projected for 1997, while a rise of 3% is forecast for 1995, 1996 and 1998.
Higher production is also projected for Australia. Producers there are predicting a 10% increase this year, with average gains of 6% for each of the following three years. Production levels are expected to reach 11 million oz. by 1998, which is 34% higher than in 1994.
Production from the Commonwealth of Independent States was 8 million oz. in 1994, and this figure is expected to remain constant through 1998. Canadian production, which totaled 4.7 million oz. in 1994, is expected to grow to 5.7 million oz. by 1998.
Gold production from China is also on an upward trend, from 4.2 million oz. in 1994. By 1998, annual production is expected to reach 5.7 million oz.
The study was compiled by the Gold Institute with the participation of more than 100 mining entities, from 63 countries, that supplied production figures and projections.
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