GOLD—1998 33.1

GOLD

By Earle B. Amey

Domestic survey data and tables were prepared by Evangeline J. Hemphill, statistical assistant, and the world production

table was prepared by Glenn J. Wallace, international data coordinator.

Domestic gold mine production increased to a record level—

nearly 11% above the previous all-time high reached in 1993. 

Primarily, this growth was the result of a significant amount of

new capacity that had been in preparation during the previous 2

to 3 years before coming on-stream. The United States has

been the second largest producer (behind South Africa) since

1991, when U.S. production surpassed that of the Soviet Union

for the first time in nearly five decades. Nevada produced

three-fourths of domestic production; the remaining output

came from 11 other States. Although the majority of the

Nation’s gold mines were in the Western States, one was

operating in South Carolina. Gold was produced at about 120

lode mines; a dozen or more large placer mines, nearly all in

Alaska; and numerous small placer mines, mostly in Alaska

and the Western States. In addition, a small amount of

domestic gold was produced as a byproduct of processing base

metals, principally copper. Of the gold produced in the United

States, 30 mines yielded 92%. The value of U.S. gold mine

production was more than $3.4 billion.

Domestic gold exploration activity, which had been

increasing during the previous 3 years, dropped considerably

on a total dollar basis; the percentage as a share of worldwide

exploration, however, increased after more than 4 years on a

downward trend. U.S. industry’s exploration spending

decreased by about 36%, to an estimated $103 million from

$160 million in 1997. U.S. gold producers also spent less on

exploration in Australia and the South Pacific, reducing

expenditures by 13% in 1998 compared with 26% in 1997

(American Metal Market, 1999).

Commercial-grade refined gold came from about two dozen

domestic producers. Of several thousand companies and

artisans, a few dozen companies dominated the fabrication of

gold into commercial products. U.S. jewelry manufacturing

was heavily concentrated in the New York, NY, and the

Providence, RI, areas, with other concentrations in California,

Florida, and Texas. In 1998, estimated uses of gold were

jewelry and arts, 79%; electronics, 4%; dental, 2%; and other

industrial, 15%.

According to the World Gold Council (1999, p. 2), 1998

marked the seventh consecutive year of unit sales increases for

gold jewelry in the United States. Total U.S. gold jewelry sales

reached $13.7 billion, up by 8% from sales in 1997.

Trade in refined bullion composed 92% of U.S. gold imports

and 82% of exports; net exports of bullion dropped to 173,000

kilograms (kg), down by about 13% from that of 1997. As

shown in tables 4 and 5, Canada provided more than one-third

of the bullion imported, and the United Kingdom was the

destination for about one-half of the bullion exported. 

The dollar price for gold decreased throughout the year. The

Engelhard Corporation’s daily price of gold ranged from a low

of nearly $275 per troy ounce1 on August 28 to a high of about

$314 on April 24. The average for the year was, to the nearest

dollar, $295. The previous year’s prices ranged from about

$298 to $368 and averaged $332. 

By the second quarter, 12-month London gold lease rates

began to drop from more than 2% and continued to drop

throughout the year to less than 1.6%. Short-term lease rates,

however, reached historic lows of 0.7% during August and

October before climbing back to 1.4% in December (CRU

International Ltd., 1999, p. S-13). 

Total world gold mine production increased to a record

level—more than 6% above the previous all-time high reached

in 1993. Despite a fourth successive annual decline in

production, South Africa remained the largest of more than 80

gold-producing nations, followed by the United States,

Australia, Canada, and China. Identified world gold resources

at yearend 1998 were estimated to be 89 million kilograms

(Mkg), of which 15% to 20% was byproduct resources; the

world reserve base was estimated to be 77 million tons, and

reserves, 48 Mkg (R.P. Ashley, Gold Resource Specialist, U.S.

Geological Survey, oral commun., 1998). Resource and reserve 

terminology used here are defined in Mineral Commodity

Summaries, which is published annually by the U.S. Geological

Survey. South Africa had about 50% of the resources and

reserve base and 38% of the reserves. The United States had

about 12% of world resources, 8% of the reserve base, and 12%

of the reserves.

About 15% of all gold mined to date is thought to have been

lost, used in dissipative industrial uses, or otherwise

unaccounted for or unrecoverable (Thomas and Boyle, 1986, p.

6). Therefore, of an estimated 125 Mkg of gold mined in

historical times through 1998, 106 Mkg of gold remain, with

about 34 Mkg held by central banks as official stocks and about

72 Mkg held privately as bullion, coin, and jewelry.

Production

Domestic mine production data for gold were derived by the

U.S. Geological Survey from two separate voluntary surveys of

U.S. operations—one for monthly production of copper, gold,

lead, silver, and zinc from lode mines and the other for the

same kinds of data from companies that responded annually. 

Of the 117 lode gold producers in operation to which a survey

request was sent, 108 responded, representing more than 92%

of the total gold shown in tables 1 and 2. The individual

company production and performance data cited in table 3 and

1Where used by itself elsewhere in this report, ounce refers to troy ounce; 1

kilogram of gold is equivalent to 32.1507 troy ounces. Multiply troy ounces by

0.03110348 to convert to kilograms.
33.2 GOLD—1998

cited in this report were obtained from published sources, such

as company annual reports.

Of the total domestic gold produced during 1998, more than

93% was extracted from gold ore, and the remaining 7% was

derived from other precious-metal ores, base-metal ores, and

placer deposits. By comparison, similar data assembled for

1980 indicated a 63% to 37% ratio. In both years, the

contribution from placer mines amounted to less than 2% of the

total gold produced.

Alaska.—The State’s Division of Geology and Geophysical

Surveys reported that gold output decreased to 18,300 kg

(588,000 ounces) worth $173 million in 1998 from an

estimated 18,400 kg (592,000 ounces) worth $207 million in

1997, or an approximate increase in production of 0.5% and an

decrease in associated value of 16% (Szumigala and

Swainbank, 1999). An estimated 117 placer mines were

operating in 1998, about 6 fewer than in 1997. Placer

production dropped to 3,000 kg (95,000 ounces) from 3,400 kg

(109,000 ounces) of gold. 

The underground Fort Knox gold mine near Fairbanks began

to produce gold in 1997. Kinross Gold Corporation, the owner

and operator, reported that the mine produced about 11,400 kg

(365,000 ounces) of gold in 1998, making it the country’s

seventh largest gold producer (Kinross Gold Corporation, 1999,

p. 16).

Operations at the Greens Creek Mine on Admiralty Island,

off Juneau, continued a second year at full production level. 

Ore from the underground trackless mine was milled at the

mine site. The mill produced gold and silver doré and lead,

zinc, and bulk concentrates. Hecla Mining Company (1999, p.

14) reported that the mine produced almost 1,900 kg (61,000

ounces) of gold. Greens Creek was a joint venture between

Kennecott Greens Creek Mining Company (70.3%) and Hecla

Mining (29.7%).

Dakota Mining Corporation’s Illinois Creek gold mine in

west-central Alaska continued leaching ore left on the leach

pads from 1997 at a rate of about 40 kilograms per week

(Szumigala and Swainbank, 1999).

A drilling program at the Pogo joint venture between Teck

Corporation and Sumitomo Metal Mining Co., Ltd. defined

additional gold resources in the eastern interior region

(Wilburn, 1999, p. 47).

Arizona.—Addwest Minerals International Limited’s Gold

Road Mine, an underground mine in Mohave County, produced

500 kg (16,000 ounces) of gold. On June 26, the mine was

officially shut down (Addwest Minerals International Limited,

1998, p. 1).

California.—Gold production in California reportedly

declined by almost 23% from that of 1997, as shown in table 2. 

California’s largest gold mine, Newmont Gold Company’s

Mesquite Mine, near Brawley, yielded about 4,800 kg (150,000

ounces) of gold from oxide and sulfide ores that were mined by

open pit methods (Newmont Gold Company, 1999, p. 188). In

eastern Imperial County, Glamis Gold Limited continued to

produce gold by using heap-leaching methods at its Picacho

Mine and continued exploration at its nearby Imperial project. 

Picacho produced more than 500 kg (16,300 ounces). In 1997,

after 16 years of gold production, reserves were exhausted, and

mining ceased. Gold recovery from the last ore heap was

expected to take one more year, after which reclamation will

begin. Glamis Gold, through its wholly owned Glamis Rand

Mining Company, also produced 2,700 kg (87,000 ounces) of

gold at its Rand Mine near Randsburg. Almost all mining at

the Rand Mine was carried out at the Yellow Aster Pit (Glamis

Gold Limited, 1999, p. 6-7).

Near the Nevada-California State line, in San Bernardino

County, the Castle Mountain Mine produced an estimated

2,800 kg (90,000 ounces) of gold (Viceroy Resource

Corporation, 1999, p. 9). Castle Mountain was a joint venture

between Viceroy Resource Corporation (75%) and MK Gold

Company (25%).

Colorado.—Gold production in the State was 5% higher

owing to an increase in production from the Nation’s 10th

largest gold mine, the Cresson Mine, in the Cripple Creek

District of Teller County. Golden Cycle Gold Corporation 

(1999, p. 1) reported that this open pit mining operation

produced 7,200 kg (230,000 ounces) of gold in 1998.

Idaho.—In spite of a 3% increase in production from

Meridian Gold Inc.’s Beartrack Mine near Salmon, total gold

production for Idaho slipped by almost 25% (Meridian Gold

Inc., 1999, p. 11). Beartrack produced more than 3,400 kg

(110,000 ounces) of gold in 1998. Pegasus Gold Corporation’s

Black Pine Mine in Cassia County was mined out during the

fourth quarter of 1997; it produced 100 kg (3,200 ounces) from

stockpiled ore in 1998 versus 1,400 kg (45,000 ounces) in 1997

(Pegasus Gold Corporation, 1999, p. 10).

Gold production at the Grouse Creek gold mine near Challis

declined by more than 85%, to 120 kg (4,000 ounces) in 1998

from 840 kg (27,000 ounces) in 1997. During the year, the

mine was placed on care-and-maintenance status (Hecla

Mining Company, 1999, p. 158).

Montana.—Exploration for gold continued to fall because

few companies had funds available for investment given the

low gold prices. What funds that were available were

redirected from Montana as companies reported difficulty in

securing finances on Montana projects (McCulloch, 1999).

A new U.S. gold company, Apollo Gold Co., emerged from

the reorganization of Pegasus Gold, which sought protection

under U.S. bankruptcy laws on January 16, 1998. Pegasus and

13 of its subsidiaries will be liquidated as Apollo takes control

of 3 former Pegasus mines—Diamond Hill and Montana

Tunnels in Montana and Florida Canyon in Nevada (Platt’s

Metals Week, 1999a).

Placer Dome Inc.’s wholly owned Golden Sunlight Mine

near Whitehall was Montana’s largest gold-producing mine

with 4,900 kg (158,500 ounces) in 1998, about the same as in

1997 (Placer Dome Inc., 1999, p. 35). The company indicated

that it was working with the Montana Department of

Environmental Quality to complete an environmental impact

statement for an expanded Stage 5 pit that will extend the main

pit life by 6 years.

The State of Montana banned the use of cyanide for any new

gold or silver open pit mines using heap-leaching or vatleaching techniques. The ban was a result of the voters’

approval of Initiative 137, which won by a 53% to 47% margin

in November. The law will also affect expansion plans at

existing mines with cyanide ore processing, as well as several

developing gold and silver projects in Montana, including the
GOLD—1998 33.3

controversial McDonald project near Lincoln (Platt’s Metals

Week, 1998).

Nevada.—Nevada maintained its longstanding position as

the Nation’s dominant gold-producing State. Of the Nation’s

top 30 gold-producing mines, 16 were in the Silver State. 

Primary gold production increased to 244,000 kg (7.8 million

ounces).

Newmont Gold, the largest gold mining company in North

America, produced 86,100 kg (2.8 million ounces) of gold from

17 open pit operations and 5 underground mines centered in

Elko, Eureka, Humboldt, and Pershing Counties (Newmont

Gold Company, 1999, p. 187). In May, Newmont Gold marked

33 years of production on the Carlin Trend, which it discovered

in the mid-1960’s. The company’s extensive operations along

the Carlin Trend included open pit mines from which nearly

369 billion kilograms of ore and waste was mined during the

year, accounting for more than 80% of Newmont’s Carlin

Trend production. Mining began at its new Rosebud

underground mine, located in Pershing County, in April 1997

(Newmont Gold Company, 1998, p. 7). To recover gold from

the widely varying grades and many types of ore it is mining

along the Carlin Trend in 1998, Newmont Gold used several

processing methods. The company’s $350 million refractory

(sulfidic and carbonaceous) ore treatment plant, which was

reported to be the largest facility of its kind in the world,

processed about one-fourth of the company’s production in

Nevada—21,800 kg (700,000 ounces) of gold during the year, a

30% increase from 1997. On May 5, the first sulfidic ore was

processed through the first of two new autoclaves at Twin

Creek’s Sage Mill. The second autoclave was commissioned in

October. The twin autoclaves, the industry’s largest, have a

combined capacity of 4 Mkg per day.

Barrick Gold Corporation was the Nation’s second largest

gold mining company and reportedly recovered 47,000 kg (1.5

million ounces) of gold at its Betze-Post Mine/Goldstrike in

Eureka County. In nearby Elko County, Barrick continued the

development of its Meikle Mine/Goldstrike, an underground

operation that produced 26,400 kg (847,000 ounces) of gold; it

was the Nation’s largest underground gold mine. The mine

had an underground cooling system to keep temperatures

around 80E F even though the temperature of the surrounding

rock can be 140E F (Gold News, 1998b). These Barrick

operations on the Carlin Trend were developed within a

2,800-hectare landholding known as the Goldstrike property. 

In addition, Barrick’s wholly owned Bullfrog Mine near Beatty

produced nearly 6,500 kg (208,600 ounces) of gold (Barrick

Gold Corporation, 1999, p. 25).

Northwest of Elko, Independence Mining Company, Inc. and

Meridian Gold produced about 11,000 kg (343,000 ounces) of

gold at their Jerritt Canyon Mine, the Nation’s eighth largest

gold mine (Meridian Gold Inc., 1999, p. 11). At the Getchell

Mine, in Humboldt County, Getchell Gold Corporation

produced 5,000 kg (160,000 ounces) of gold from its

underground operations (Getchell Gold Corporation, 1999, p.

8). Other gold mines in Humboldt County included the Hycroft

(formerly the Crowfoot/Lewis), the Marigold, and the Pinson.

South of and parallel to the Carlin Trend, the Battle

Mountain/Eureka Trend runs from southeastern Humboldt

County southeast through Lander and Eureka Counties. Gold

mining operations along this trend in Lander County include

the Battle Mountain Complex, which produced 1,200 kg

(39,000 ounces) (Battle Mountain Gold Company, 1999, p. 6);

the McCoy/Cove gold and silver mine, which produced 5,200

kg (167,000 ounces) (Echo Bay Mines Limited, 1999, p. 6);

and the country’s third largest gold mine, the Cortez Mine

(Placer Dome (60%) and Kennecott Corporation (40%)), which

produced 35,400 kg (1.1 million ounces) (Placer Dome Inc.,

1999, p. 35). Mining permits for the Cortez joint venture’s

South Pipeline project are expected by the end of 1998, and

development was tentatively planned for 2002. With a 20%

royalty held by Royal Gold, Incorporated and lower ore grades

than at the Pipeline project, the owners appeared to be in no

hurry to develop the South Pipeline (diGesu and others, 1998).

At Round Mountain, about 95 kilometers north of Tonopah,

the Round Mountain Gold Corporation Mine property of Echo

Bay Mines Limited, the country’s fifth largest mine, produced

about 15,900 kg (511,000 ounces) of gold during the year

(Echo Bay Mines Limited, 1999, p. 4).

Placer Dome merged with Getchell Gold of Denver, CO,

which operated the Getchell and the Turquoise Ridge gold

mines in Nevada. Placer Dome planned to complete the

development of the new Turquoise Ridge gold mine and to

expand the mill to 6 Mkg of ore per day (Metal Bulletin, 1998).

Battle Mountain Gold Company continued its exploration

project by extending the Phoenix zone at the Battle Mountain

complex, which added about 31,000 kg (1 million ounces) of

gold to its reserve base. In addition, Barrick Gold continued to

develop the Rossi-Storm deposit as Franco-Nevada Mining

Corporation Limited’s and Euro-Nevada Mining Corporation

Limited’s Ken Snyder Mine poured its first gold on December

9. Ken Snyder’s full commercial production rate was expected

to be 8,000 kg (260,000 ounces) per year of gold (Wilburn,

1999, p. 47).

South Dakota.—Gold production decreased by almost 30%

compared with that of 1997. Homestake Mining Company’s

120-year-old Homestake Mine at Lead was again the largest

gold-producing mine in South Dakota and the ninth largest

gold-producing mine in the country. During the year, the

mine, a nearly 2.5-kilometer-deep operation with associated

surface mining, yielded about 8,600 kg (277,000 ounces) of

gold at a reported cash production cost of $249 per ounce

(Homestake Mining Company, 1999, p. 24).

Goldcorp Inc. operated an open pit gold mine near Lead, the

Wharf Mine, which produced about 3,400 kg (110,000 ounces)

of gold (Goldcorp Inc., 1999, p. 71).

Utah.—Rio Tinto Limited’s Bingham Canyon Mine, which

was operated by Kennecott Utah Copper Corp., produced about

11,400 kg (366,000 ounces) of gold as a byproduct of its copper

mining operations near Salt Lake City. Long ranked as one of

the Nation’s principal gold-producing mines, Bingham Canyon

was the sixth largest gold producer in 1998. Kennecott also

operated the nearby Barney’s Canyon Mine, an open pit and

heap-leaching operation that produced 2,600 kg (83,000

ounces) of gold (Rio Tinto Limited, 1999, p. 13).

Washington.—Echo Bay Mines’ Kettle River underground

mine, located in the northeastern part of the State, produced 

3,500 kg (114,000 ounces) of gold in its eighth year of

production (Echo Bay Mines Limited, 1999, p. 8).
33.4 GOLD—1998

The State Department of Ecology approved certain key water

rights for the Crown Jewel project in November, but additional

State and Federal permits and approvals are required. In

addition, legal appeals by special interest groups remain

outstanding. If favorable rulings are assumed and no further

legal delays take place then, construction could begin in early

1999, with projected annual production of 5,400 kg (175,000

ounces) of gold to follow about 14 months later (diGesu and

others, 1998).

World Review

World gold mine production rose significantly in 1998 for

the third consecutive year. Increasing production from mines

in Australia, North America, and South America has been

enough to help offset a continuing sharp decline in gold output

from South Africa. According to its annual review of world

gold supply and demand, Gold Fields Mineral Services Limited

calculated that the total global supply of gold in 1998 was 4.1

Mkg (133 million ounces) compared with the previous year’s

total supply of 4.2 Mkg (136 million ounces) (Klapwijk and

others, 1999, p. 7). Gold Fields Mineral Services reported

increases in mine production (3%), official sector sales (10%),

and old gold scrap components of supply (75%) mainly

attributable to distress and price-related sales out of East Asia

(Klapwijk and others, 1999, p. 7).

On the demand side, Gold Fields Mineral Services reported

no dramatic increases. Bar hoarding reverted back to the 1996

level, or about half of the 1997 level, and jewelry fabrication

fell by 6%, mainly caused by extremely weak East Asian

demand. In 1998, an economic crisis dropped East Asia’s

demand by 37%, which accounted for about 20% of the total

world demand in 1997 (Klapwijk and others, 1999, p. 7).

With regard to gold exploration, the Metals Economics

Group, Halifax, Canada, determined from its annual survey of

worldwide exploration budgets for 182 companies that $1.56

billion (55%) of the 1998 world exploration budget total for

nonferrous metals was directed to gold, with 144 companies

reporting active gold programs; this was a $1.1 billion (40%)

decrease from the $2.6 billion (65% of the total) reported for

gold exploration in 1997 (diGesu and others, 1997). As in the

preceding 4 years, Latin America received the highest

expenditure gold— $441.2 million (29%) of the 1998 reported

world total exploration dollars (diGesu and others, 1998).

Australia.—Australian gold mine production dropped only

by about 1% from its highest level ever in 1997, helping

Australia retain its position as the world’s third largest

gold-producing nation. Of the 312,000 kg (10 million ounces)

of gold mined in 1998 (Australian Journal of Mining, 1999, p.

8), Western Australia, Queensland, and New South Wales

accounted for about 74%, 11%, and 7%, respectively

(Australian Bureau of Agricultural and Resource Economics,

1999, p. 15); Western Australia’s production was derived

principally from mining operations near Kalgoorlie. Other

Australian gold-producing States were, in descending order of

output, Northern Territory, Victoria, Tasmania, and South

Australia.

More than 10 of the Australian mines were exhausted, shut

down, or placed on care-and-maintenance because of high costs

and/or depletion of economic reserves. Granny Smith, Sunrise

Dam, and Kanowna Belle continued to be low-cost operations.

The lowest costs in Australia were reported by the Sunrise Dam

operation—at $92 per ounce (Klapwijk and others, 1999, 

p. 45).

The Australian gold industry received a pledge of assistance

from the Government. A meeting between Government and

industry representatives led to an agreement not to cap the

diesel fuel rebate. This announcement came a year after the

Government proposed the introduction of changes in the rebate

regime; the Australian mining industry protested the proposal

(American Metal Market, 1998a).

The Paraburdoo gold project at Western Australia’s Mount

Olympus deposit moved into full production. The first gold

was poured on December 30. The treatment plant was

scheduled to reach 600 Mkg per year of ore. The Mount

Olympus deposit will provide plant feed for 3.5 years,

producing about 5,000 kg (180,000 ounces) of gold (Platt’s

Metals Week, 1999c).

Brazil.—During 1998, delays in investing in new mining

projects caused gold production to fall for the 10th consecutive

year, to about the 55-ton (1.8-million-ounce) level for the first

time since 1982. Output from the informal mining sector, the

garimpeiros, was estimated to have dropped to as low as 14,000

kg (450,000 ounces) of gold. Low prices had a devastating

effect on junior exploration companies and small producers;

most of the formal mining sector, however, coped admirably,

maintaining about 40,000 kg (1.3 million ounces) of gold

production by reducing costs (Klapwijk and others, 1999,

p. 37).

Canada.—Canada retained its position as the world’s fourth

largest gold producer, although production dropped by more

than 3%, reversing the upward trend from 1995 through 1997. 

Gold was produced at about 40 lode gold mines, which

accounted for 92.2% of the total gold output. Base-metal mines

and placer mines accounted for 6% and 1.8%, respectively.

During the year, three gold mines began operation and two

mines shut down. Canada’s principal gold-producing

Provinces were, in descending order of output, Ontario,

Quebec, British Columbia, and Manitoba. Gold was also

produced in New Brunswick, Newfoundland, Saskatchewan,

the Northwest Territories, and Yukon Territory (Patrick

Chevalier, Natural Resources Canada, written commun., 1999).

The Royal Canadian Mint introduced a 24-carat, 1-ounce

gold wafer. The wafer, an investment product, was added to

the Gold Maple Leaf coin collection and could be purchased

individually in a blister pack (Gold News, 1998a).

Chile.—Gold production in Chile declined by 12%, to

45,000 kg (1.5 million ounces). Short-term redirection of

mining towards Chimberos, a nearby high-grade silver deposit,

caused lower gold output at La Copia, Chile’s premier gold

mine. In addition, the last gold was extracted from Kinross

Gold’s Guanaco Mine (Klapwijk and others, 1999, p. 37).

India.—The Indian Government raised the import duty on

gold bullion by 60%. Gold prices in India reacted sharply,

soaring by Rupee 150 to close at Rupee 4,350 per 0.1 kg of

gold. The duty increase was aimed at controlling gold imports,

which increased by 28% during the first 11 months of 1998

(Platt’s Metals Week, 1999b). 
GOLD—1998 33.5

Bombay remained the main trading center for jewelry

manufacturing in the world’s largest gold-consuming nation,

but the direct route for imported gold reportedly has been

shunned. Higher local taxes in Bombay and alternative nearby

well-developed centers were the reasons that gold was first

imported from elsewhere and then redirected to Bombay. 

According to the World Gold Council, India consumed 737,000

kg (24 million ounces) of gold in 1997, of which 526,000 kg

(17 million ounces) was imported through official channels and

the rest was smuggled or obtained through recycling of scrap

that was exported to India (American Metal Market, 1998b).

India reported gold jewelry exports of more than $800

million in the fiscal year ending March 31, 1998. Although

about 7% more than in 1997, the amount of gold jewelry

exported was short of the official target of $850 million (Platt’s

Metals Week, 1998).

Indonesia.—Gold output was estimated to have risen by 37%

in 1998 and by more than 220% since 1993. Much of this

growth was attributed to PT Freeport Indonesia’s Grasberg

copper-gold mine in West Irian, which increased its

production of byproduct gold by 32,000 kg, to 88,000 kg. This

made Grasberg the largest gold-producing mine in the world. 

A further increase was expected in 1999 as the newly

commissioned fourth concentrator achieves full output. Gold

output was also achieved at the Minahasa Mine, which had its

first full year of operation in 1997 (Klapwijk and others, 1999,

p. 38).

Indonesia’s informal mining sector recorded much higher

gold output in 1998, because more people turned to mining

because of either economic duress or astronomical local prices

(Klapwijk and others, 1999, p. 39).

Mexico.—Gold production remained at close to 26,000 kg

(840,000 ounces) in 1998. The La Herradura Mine, a joint

venture of Newmont Mining Company and Peñoles Group,

poured its first gold in July. Annual gold production will reach

about 4,000 kg (130,000 ounces) (Klapwijk and others, 1999,

p. 37).

Papua New Guinea.—Gold production in Papua New

Guinea rose after five consecutive years of decline. Lihir Gold

Limited’s Lihir Mine on Lihir Island in the Bismark

Archipelago had its first full year of gold production, and

although output rose to more than 16,000 kg (510,000 ounces),

it fell short of capacity because of technical problems. At older

gold mines, operations returned to normal after one of the worst

droughts in history had affected gold output at the Ok Tedi and

the Porgera Mines. Gold production increased beyond predrought levels at all operations except the Misima Mine, where

mining ceased in line with the mine plan (Klapwijk and others,

1999, p. 39).

Peru.—For the third consecutive year, gold production in

Peru exceeded that in Brazil, making it the largest gold

producer in Latin America at more than 89,000 kg (2.9 million

ounces) of gold, which was 17% more than that of 1997. The

main impetus for this increase came from the large-scale, lowcost, open pit, heap-leach Yanacocha Mine in northern Peru,

where owners Newmont Gold and Cia. de Minas Buenaventura

extracted more than 42,000 kg (1.4 million ounces) of gold in

1998. The Yanacocha Mine, which was the largest gold

mining operation in Latin America for the fourth consecutive

year, yielded gold at cash costs of $95 per ounce in 1998. In

addition, production began at Hochschild Cia Minera’s Sipan

and Ares Mines, where gold output totaled more than 8,000 kg

(260,000 ounces) during 1998. A third, smaller mine, Minera

Erika, also began producing gold during 1998. Established

Peruvian gold mines performed well; the Minera Poderosa and

the Retamas Mines recorded gold production increases of 15%

and 5%, respectively (Klapwijk and others, 1999, p. 36).

Russia.—Of the independent gold-producing countries

resulting from the dissolution of the Soviet Union in late 1991,

Russia was by far the largest gold producer in terms of output

and number of operations. The majority of Russia’s production

derived from formerly state-owned enterprises and workers’

cooperatives, known as artels, which principally exploited

placer deposits scattered throughout Siberia and the Russian

Far East.

Production in Russia fell by 10%, to 104,000 kg (3.3 million

ounces) of gold. This was the fourth consecutive year of

declining production, reflecting the continued financial crisis

prevailing in the country. The only regions to record an

increase in gold production were the Magadan Oblast and the

Buryat Republic. The Ministry of Finance announced its

intention to prefinance and obtain preemptive rights to

purchase 60,000 kg (1.9 million ounces) of gold, but an

economic crisis that gripped the country in the second half of

the year rendered this purchase impossible. Russian

commercial banks purchased about 90,000 kg (2.9 million

ounces) of gold, up from 41,000 kg (1.3 million ounces) in

1997 (Klapwijk and others, 1999, p. 40).

South Africa.—In 1970, the continent of Africa was the

source of 81.8% of the world’s gold output, but with the

increase in production in Australia and North America,

Africa’s share had declined to less than 19% in 1998. Gold

production in South Africa, the world’s largest gold-producing

nation, declined for the fourth consecutive year, to 474,000 kg

(15.2 million ounces) of gold, close to 4% lower than that of

1997. During the last 2 years, 100,000 jobs have been lost

through active retrenchment, as well as natural attrition. Much

of management’s efforts have been directed towards ore reserve

management, with a continued emphasis on training and

development (Klapwijk and others, 1999, p. 33).

The tonnage and grade of ore milled during 1998 by the

nearly three dozen mines comprising the membership of the

Chamber of Mines of South Africa amounted to almost 83

billion kilograms at a grade of 5.09 grams of gold per ton of

ore; this compares with a higher total tonnage of 93 billion

kilograms, which was at a slightly lower grade of 4.95 grams

per ton, milled by Chamber members in 1997.

Of the top 15 gold-producing companies in the world in

1998, 4 were South African. AngloGold Limited, formed from

the gold interests of Anglo American Corp. of South Africa

Ltd. (AAC) in midyear, became the leading gold-producing

company in the world. AAC had owned the Freegold and the

Vaal Reefs Mines. Gold Fields Limited, the product of a

merger between Gold Fields of South Africa Ltd. (GFSA) and

Gencor Limited in 1997, was third in the world. GFSA had

owned the Driefontein and the Kloof Mines. The other two

companies were Harmony Gold Mining Company Limited

(11th) and Avgold Limited (15th) (Klapwijk and others, 1999, p.
33.6 GOLD—1998

31).

Uzbekistan.—Following 2 years of consistent growth in gold

output, production in Uzbekistan decreased to about 80,000 kg

(2.6 million ounces). This modest decrease was largely a result

of lower output from Newmont Gold’s efforts at Zarafshan,

where production from the 218 billion kilograms of low-grade

stockpiled material, which had been accumulated during 27

years of mining at the Muruntau Mine, dropped to less than

11,000 kg (350,000 ounces) of gold. The Muruntau Mine was

considered to be the largest open pit gold mine in the world

(Klapwijk and others, 1999, p. 40).

Outlook

The Gold Institute reported that although open pit mines still

produced the majority of gold in the United States,

underground mines were a growing trend. In 1997, 22% of the

18 largest mining companies’ production came from

underground mines. By 2000, 33% of U.S. production is

expected to come from underground mines.

Central bank gold sales continued to generate negative

sentiment in the gold markets, where the price of gold fell to a

19-year-low trading range. In addition, world gold exploration

expenditures in 1998 will have serious implications. As

mentioned previously, 40% less was spent on gold exploration

in 1998 than in the peak year of 1997 after five consecutive

years of significant increases. Lower gold exploration

expenditures are expected to continue with the prediction of

low prices for gold. As less gold is discovered and old gold

mines are closed, a gap may be created between the world’s

future gold supply and its demand thereby creating future gold

shortages.

References Cited

Addwest Minerals International, Limited, 1998, Quarterly report form 61, schedule

C: Vancouver, British Columbia, Canada, British Columbia Securities

Commission, August 26, 2 p.

American Metal Market, 1998a, Australian gold gets fuel help: American Metal

Market, v. 106, no. 31, February 18, p. 5.

———1998b, Bombay losing its gold charm: American Metal Market, v. 106,

no. 179, September 17, p. 5.

———1999, US gold mine exploration drops: American Metal Market, v. 107,

no. 38, February 26, p. 5.

Australian Bureau of Agricultural and Resource Economics, 1999, Australian

mineral statistics, December quarter 1998: Canberra, Australian Bureau of

Agricultural and Resource Economics, 32 p.

Australian Journal of Mining, 1999, Gold demand and supply: Australian Journal

of Mining, v. 14, no. 146, March, 64 p.

Barrick Gold Corporation, 1999, Barrick Gold annual report 1998: Toronto,

Canada, Barrick Gold Corporation, 72 p.

Battle Mountain Gold Company, 1999, Form 10-K405: Washington, DC, U.S.

Securities and Exchange Commission, 77 p.

CRU International Ltd., 1999, Gold quarterly industry and market outlook:

London, CRU International Ltd., March, 86 p.

diGesu, Dominique, Bearmish, Marilyn, Burgess, Sindy, Cox, David, Fox, Debbie,

Lowery, Jim, Slaunwhite, Janice, and Selva, Sandra, 1997, Overview of

worldwide exploration expenditures: Halifax, Canada, Metals Economics

Group Strategic Report, v. 10, no. 5, September-October, p. 1-5.

diGesu, Dominique, Bearmish, Marilyn, Burgess, Sindy, Cox, David, Fox, Debbie,

Goulden, Jason, Lowery, Jim, Hilliard, Brian, and Selva, Sandra, 1998, Potential

new U.S. gold production: Halifax, Canada, Metals 

 Economics Group Strategic Report, v. 11, no. 3, May-June, p. 1-8.

Echo Bay Mines Limited, 1999, Echo Bay Mines annual report 1998: Englewood,

CO, Echo Bay Mines Limited, 48 p.

Getchell Gold Corporation, 1999, Form 10-K405: Washington, DC, U.S.

Securities and Exchange Commission, 84 p.

Glamis Gold Limited, 1999, Glamis Gold annual report 1998: Reno, NV, Glamis

Gold Limited, 36 p.

Gold News, 1998a, Gold snapshot—Royal Canadian Mint launches 1-ounce gold

wafer: Gold News, September-October, p. 3.

———1998b, Gold snapshot—Underground mines are growing trend: Gold

News, November-December, p. 2.

Golden Cycle Gold Corporation, 1999, Golden Cycle Gold Corporation annual

report 1998: Colorado Springs, CO, Golden Cycle Gold Corporation, 17 p.

Goldcorp Inc., 1999, Goldcorp annual report 1998: Toronto, Canada, Goldcorp

Inc., 74 p.

Hecla Mining Company, 1999, Form 10-K405: Washington, DC, U.S. Securities

and Exchange Commission, 161 p.

Homestake Mining Company, 1999, Homestake Mining Company annual report

1998: San Francisco, CA, Homestake Mining Company, 60 p.

Kinross Gold Corporation, 1999, Kinross annual report 1998: Toronto, Canada,

Kinross Gold Corporation, 77 p.

Klapwijk, Philip, le Roux, Hester, Walker, Paul, and Newman, Paul, 1999, Gold

1999: Gold Fields Mineral Services Limited, 113 p.

McCulloch, R.B., 1999, Montana: Mining Engineering, v. 51, no. 5, May, p. 78-

80.

Meridian Gold Inc., 1999, Form 10-K: Washington, DC, U.S. Securities and

Exchange Commission, 35 p.

Metal Bulletin, 1998, Placer Dome and Getchell to merge: Metal Bulletin, no.

8338, December 24, p. 7.

Newmont Gold Company, 1998, Newmont Gold Company annual report 1997:

Denver, CO, Newmont Gold Company, 54 p.

———1999, Form 10-K405: Washington, DC, U.S. Securities and Exchange

Commission, 196 p.

Pegasus Gold Corporation, 1998, Form 10-Q: Washington, DC, U.S. Securities

and Exchange Commission, 17 p.

Placer Dome Inc., 1999, Placer Dome annual report 1998: Vancouver, B.C.,

Canada, Placer Dome Inc., 76 p.

Platt’s Metals Week, 1998, India eases jewelry exports below target: Platt’s

Metals Week, v. 69, no. 15, April 13, p. 15-16.

———1999a, Apollo Gold takes over three Pegasus gold mines: Platt’s Metals

Week, v. 70, no. 1, January 4, p. 1.

———1999b, India hikes gold import duty, sets off controversy: Platt’s Metals

Week, v. 70, no. 2, January 11, p. 1.

———1999c, Paraburdoo gold project starts up: Platt’s Metals Week, v. 70,

 no. 2, January 11, p. 5.

Rio Tinto Limited, 1999, Rio Tinto Limited annual report 1998: London,

England, Rio Tinto Limited, 147 p.

Szumigala, D.J., and Swainbank, R.C., 1999, Alaska’s mineral industry 1998: 

Alaska Division of Geology and Geophysics Surveys Information Circular

45, March, 13 p.

Thomas, P.R., and Boyle, E.H., Jr., 1986, Gold availability appraisal: U.S.

Bureau of Mines Information Circular 9070, 87 p.

Viceroy Resource Corporation, 1999, Viceroy Resource annual report 1998:

Vancouver, Canada, Viceroy Resource Corporation, 32 p.

Wilburn, D.R., 1999, Exploration: Mining Engineering, v. 51, no. 5, May,

p. 39-49.

World Gold Council, 1999, U.S. gold jewelry retail sales annual report for 1998: 

New York, NY, World Gold Council, 7 p.

SOURCES OF INFORMATION

U.S. Geological Survey Publications

Gold. Ch. in Mineral Commodity Summaries, annual.2

Gold. Ch. in Minerals Yearbook, annual.2

Gold. Ch. in United States mineral resources, U.S.

Geological Survey Professional Paper 820, 1973.

Precious metals. Mineral Industry Surveys, monthly.2

Principal gold-producing districts of the United States, U.S.

Geological Survey Professional Paper 610, 1968.

Geologic characteristics of sediment-and volcanic-hosted

disseminated gold deposits—Search for an occurrence model,

U.S. Geological Survey Bulletin 1646, 1985.

Geologic and grade-tonnage information on tertiary

epithermal precious- and base-metal vein districts associated

2Prior to January 1996, published by the U.S. Bureau of Mines.
GOLD—1998 33.7

with volcanic rocks, U.S. Geological Survey Bulletin 1666,

1986.

Geology and resources of gold in the United States, U.S.

Geological Survey Bulletin 1857, 1998.

Contributions to the gold metallogeny of northern Nevada:

(CD-ROM), U.S. Geological Survey Open-File Report 98-338,

1999.

Other

American Metal Market, daily.

Canadian Mines Handbook 1997-98.

Engineering and Mining Journal, monthly.

Gold, Ch. in Mineral facts and problems, U.S. Bureau of

Mines Bulletin 675, 1985.

Jewelers’ Circular-Keystone, monthly.

Mining Journal, biweekly.

The Mining Record, weekly.

The Northern Miner, weekly.

Platt’s Metals Week, weekly.

Randol Mining Directory 1999.

World gold—A minerals availability appraisal, U.S. Bureau

of Mines Special Publication SP 24-94, 1994.
TABLE 1

SALIENT GOLD STATISTICS 1/

1994 1995 1996 1997 1998

United States:

 Mine production kilograms 327,000 317,000 326,000 362,000 r/ 366,000

 Value thousands $4,050,000 $3,950,000 $4,090,000 $3,870,000 $3,480,000

 Gold recovered by cyanidation:

 Extracted in vats, tanks, and closed containers 2/ kilograms 169,000 157,000 170,000 r/ 201,000 r/ 238,000

 Leached in open heaps or dumps 3/ do. 119,000 121,000 124,000 r/ 132,000 r/ 103,000

 Refinery production:

 Ores, concentrates and dore do. 241,000 NA NA 270,000 277,000

 Recycled materials (new and old scrap) do. 148,000 NA NA 100,000 163,000

 Imports for consumption, refined do. 96,400 111,000 143,000 194,000 257,000

 Exports, refined do. 334,000 277,000 406,000 391,000 430,000

 Net deliveries from foreign stocks in Federal Reserve Bank 

 of New York do. 217,000 244,000 373,000 143,000 310,000

 Stocks, December 31:

 Industry 4/ do. 32,700 NA NA (5/) (5/)

 Commodity Exchange (Comex) 6/ do. 49,100 45,400 20,700 15,200 25,200

 Department of the Treasury 7/ metric tons 8,140 8,140 8,140 8,140 8,130

 Volume of U.S. Gold Futures Trading 8/ do. 26,400 24,200 14,300 29,700 28,600

 Department of the Treasury: 9/

 American Eagle gold coin kilograms 10,900 13,900 10,700 20,000 49,200

 Other Numismatic gold coins do. 852 1,150 1,190 500 86

 Consumption in industry and the arts do. 76,100 NA NA 137,000 219,000

 Apparent demand, refined 10/ do. 294,000 NA NA 265,000 667,000

 Price: Average per troy ounce 11/ $385.42 r/ $385.50 r/ $389.09 r/ $332.39 r/ $295.24

 Employment, mine and mill only 12/ 14,100 14,700 16,900 16,300 13,400

 World:

 Production, mine kilograms 2,250,000 r/ 2,220,000 r/ 2,280,000 r/ 2,420,000 r/ 2,480,000 e/

 Official bullion reserves 13/ metric tons 34,800 34,600 34,400 34,000 33,600

e/ Estimated. r/ Revised. NA Not available.

1/ Data are rounded to three significant digits, except prices.

2/ May include small quantities recovered by gravity methods.

3/ May include tailings, waste-ore dumps, and previously mined ore at some inactive mines.

4/ Unfabricated refined gold held by refiners, fabricators, dealers, and the U.S. Department of Defense.

5/ Data under review.

6/ Commodity Exchange (Comex) Division of the New York Mercantile Exchange.

7/ Includes gold in Exchange Stabilization Fund.

8/ Comex only.

9/ Fiscal year bullion disbursements to U.S. Mint coin programs. Fiscal year begins October 1, of year prior to year indicated.

10/ Defined as refinery production from primary materials plus refinery production from old scrap plus net bullion flow to market from foreign stocks at the 

New York Federal Reserve Bank plus net imports of bullion. Assumed to include gold held for investment purposes. Excludes gold contained in fabricated items, 

imported coins, and official monetary gold.

11/ Engelhard Incorporate Industries quotation.

12/ Data from Mine Safety and Health Administration.

13/ Held by central banks, governments, and international monetary organizations. Data from International Monetary Fund.
TABLE 2 

MINE PRODUCTION OF GOLD IN THE UNITED STATES, BY STATE 1/ 

(Kilograms) 

 State 1997 1998 

Alaska 2/ 18,400 r/ 18,300

Arizona 2,140 1,840

California 24,200 r/ 18,700

Idaho 7,490 W

Montana 10,200 8,200

Nevada 243,000 273,000

South Dakota 16,400 12,100

Washington 4,040 3,540

Other States 3/ 36,200 30,600

 Total 362,000 r/ 366,000

r/ Revised. W Withheld to avoid disclosing company proprietary data, included with "Other States."

1/ Data may not add to totals shown because of independent rounding.

2/ Production data collected by the State.

3/ Includes Colorado (1997 and 1998), Idaho (1997), New Mexico (1997 and 1998), South Carolina (1997 and 1998), Utah (1997 and

1998), and Wisconsin (1997).

TABLE 3 

LEADING GOLD-PRODUCING MINES IN THE UNITED STATES IN 1998, IN ORDER OF OUTPUT 1/

Kilograms

Rank Mine County and State Operator produced

1 Carlin Mines Complex 2/ Eureka, Elko, etc., NV Newmont Gold Company 82,100

2 Betze-Post/Goldstrike Eureka, NV Barrick Gold Corp. 46,600

3 Cortez Lander, NV Placer Dome Inc. 35,400

4 Meikle/Goldstrike Eureka, NV Barrick Gold Corp. 26,400

5 Round Mountain Nye, NV Round Mountain Gold Corp. 15,900

6 Bingham Canyon Salt Lake, UT Kennecott Utah Copper Corp. 11,400

7 Fort Knox Fairbanks, AK Fairbanks Gold Mining Inc. 11,400

8 Jerritt Canyon Elko, NV Independence Mining Company, Inc. 10,700

9 Homestake Lawrence, SD Homestake Mining Company 8,630

10 Cresson Teller, CO Cripple Creek & Victor Gold Mining Co. 7,170

11 Bullfrog Nye, NV Barrick Gold Corp. 6,470

12 McCoy/Cove Lander, NV Echo Bay Minerals Co. 5,210

13 Getchell Humboldt, NV FirstMiss Gold Inc. 4,960

14 Golden Sunlight Jefferson, MT Placer Dome Inc. 4,930

15 Mesquite Imperial, CA Newmont Gold Company 4,790

16 Florida Canyon Lander, NV Pegasus Gold Corporation 4,760 3/

17 Rosebud Pershing, NV The Rosebud Mining Co. 4,070

18 Bald Mountain White Pine, NV Placer Dome Inc. 4,050

19 McLaughlin Napa, CA Homestake Mining Company 4,000

20 Denton-Rawhide Mineral, NV Kennecott Rawhide Mining Co. 3,890

21 Ruby Hill Eureka, NV Homestake Mining Company 3,620

22 Kettle River Ferry, WA Echo Bay Minerals Co. 3,540

23 Hycroft Humboldt, NV Vista Gold Corp. 3,510

24 Beartrack Lemhi, ID Meridian Gold Inc. 3,430

25 Wharf Lawrence, SD Goldcorp Inc. 3,430

26 Ridgeway Fairfield, SC Kennecott Ridgeway Mining Co. 3,080

27 Castle Mountain San Bernardino, CA Viceroy Resource Corporation 2,770

28 Rochester Pershing, NV Coeur Rochester Inc. 2,760

29 Rand Kern, CA Glamis Rand Mining Company 2,710

30 Barney's Canyon Salt Lake, UT Kennecott Barney's Canyon Mining Co. 2,580

1/ Data are rounded to three significant digits; these mines accounted for more than 91% of the U.S. gold production in 1998.

2/ Includes production for the Lone Tree, Twin Creeks, and all other Newmont gold mines in Nevada.

3/ Estimated; fourth quarter production assumed to be approximately equal to the average of the production for the prior three quarters.

Sources: Company annual reports, Securities and Exchange Commission's 10-K and 6-K reports, and company new releases.
TABLE 4

U.S. EXPORTS OF GOLD, BY COUNTRY 1/

Ores and concentrates 2/ Dore and precipitates Refined bullion 3/ Ash and residues Total Waste and scrap Metal powder Gold compounds

Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value

 Year and country (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands)

1997 427 $4,600 85,300 $738,000 391,000 $4,270,000 -- -- 476,000 $5,010,000 r/ 60,500 $538,000 164 $1,640 123,000 $12,900

1998:

 Australia -- -- -- -- 47,000 460,000 -- -- 47,000 460,000 -- -- -- -- -- --

 Bahrain -- -- 12 99 26 188 -- -- 38 287 -- -- -- -- 3 4

 Belgium -- -- -- -- -- -- -- -- -- -- 1,290 13,000 -- -- -- --

 Bolivia -- -- 15 152 1,490 14,400 -- -- 1,500 14,600 -- -- -- -- -- --

 Canada 190 1,490 6,990 55,700 46,700 433,000 -- -- 53,900 490,000 32,000 174,000 5 42 724,000 5,780

 China 1 15 -- -- 508 4,770 -- -- 509 4,780 2 20 5 33 17 49

 Colombia -- -- -- -- -- -- -- -- -- -- -- -- 6 77 13,100 311

 Ecuador -- -- -- -- 38 347 -- -- 38 347 -- -- -- -- --

 France -- -- 26 141 1,140 11,200 -- -- 1,170 11,300 392 3,590 -- -- -- --

 Germany 50 620 7 48 543 5,100 -- -- 600 5,770 1,960 18,400 5 39 248 61

 Hong Kong -- -- 571 3,280 3,410 31,700 -- -- 3,980 34,900 2 39 -- -- 42 233

 India -- -- -- -- 23 240 -- -- 23 240 2 20 -- -- 17 34

 Indonesia -- -- -- -- 15 106 -- -- 15 106 -- -- -- -- -- --

 Israel -- -- 4 45 115 1,080 -- -- 119 1,120 10 95 4 31 35,800 911

 Italy -- -- -- -- 56 541 -- -- 56 541 3,540 17,200 -- -- -- --

 Japan 3 34 3 45 64 700 -- -- 70 779 4 42 18 257 61 39

 Korea, Republic of -- -- -- -- 5,770 53,700 -- -- 5,770 53,700 1 5 9 70 61 14

 Malaysia 5 50 -- -- 79 585 -- -- 84 635 -- -- -- -- -- --

 Mexico 2 25 86 1,510 25,500 231,000 -- -- 25,600 232,000 3 51 33 353 9 7

 Netherlands -- -- (4/) 5 1,400 12,800 -- -- 1,400 12,900 -- -- -- -- -- --

 Pakistan -- -- -- -- 160 1,450 -- -- 160 1,450 -- -- 13 145 -- --

 Peru 90 632 107 522 3,910 36,000 -- -- 4,100 37,100 -- -- -- -- -- --

 Philippines -- -- 4 40 25 279 -- -- 29 319 -- -- -- -- 2 11

 Romania -- -- -- -- 18 115 -- -- 18 115 -- -- -- -- -- --

 Singapore 4 36 61 496 93 1,010 -- -- 158 1,540 -- -- 2 18 5,170 1,760

 Slovenia -- -- -- -- 33 333 -- -- 33 333 -- -- -- -- -- --

 Sweden -- -- -- -- 1 7 -- -- 1 7 1,800 17,100 3 22 -- --

 Switzerland 3 20 69,600 641,000 79,600 756,000 -- -- 149,000 1,400,000 -- -- 3 13 -- --

 Taiwan -- -- 5 61 1,500 14,300 -- -- 1,510 14,400 57 206 2 18 269 41

 Turkey -- -- -- -- 863 8,060 -- -- 863 8,060 -- -- -- -- -- --

 United Arab Emirates -- -- -- -- 358 3,400 -- -- 358 3,400 1 13 -- -- -- --

 United Kingdom 51 532 14,000 107,000 209,000 1,950,000 -- -- 223,000 2,060,000 17,800 130,000 67 785 1,560 67

 Uruguay -- -- -- -- 18 210 -- -- 18 210 -- -- -- -- -- --

 Venezuela -- -- -- -- -- -- -- -- -- -- -- -- 5 53 1 7

 Yugoslavia -- -- -- -- 13 123 -- -- 13 123 -- -- -- -- -- --

 Other 1 10 2 14 21 202 -- -- 24 226 -- -- 17 107 3 9

 Total 401 3,460 91,600 810,000 430,000 4,030,000 -- -- 522,000 4,850,000 58,900 374,000 196 2,060 781,000 9,340

r/ Revised.

1/ Data are rounded to three significant digits; may not add to totals shown.

2/ Includes base metal ores, concentrates, and matte destined for refining.

3/ Bullion also moves in both directions between U.S. markets and foreign stocks on deposit in the Federal Reserve Bank. Monetary gold excluded.

4/ Less than 1/2 unit.

Source: Bureau of the Census.
TABLE 5

U.S. IMPORTS FOR CONSUMPTION OF GOLD, BY COUNTRY 1/ 

Ores and concentrates 2/ Dore and precipitates Refined bullion 3/ Ash and residues Total Waste and scrap Metal powder Gold compounds

Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value

 Year and country (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands)

1997 1,710 $18,400 13,700 $118,000 194,000 $2,110,000 115 $1,750 209,000 $2,250,000 14,100 $78,600 6,050 $61,500 15,700 $72,800

1998:

 Argentina -- -- 1,300 10,100 -- -- -- -- 1,300 10,100 -- -- -- -- -- --

 Aruba -- -- -- -- 125 1,150 -- -- 125 1,150 -- -- -- -- -- --

 Australia 10 117 422 1,770 62,400 480,000 15 197 62,800 482,000 5 13 502 4,940 -- --

 Austria -- -- -- -- 924 9,220 -- -- 924 9,220 -- -- -- -- -- --

 Belgium -- -- 6 57 226 2,540 1 5 232 2,600 -- -- -- -- 12 2

 Bolivia -- -- -- -- 2,220 29,000 -- -- 2,220 29,000 3 16 -- -- -- --

 Brazil -- -- -- -- 32,700 312,000 -- -- 32,700 312,000 -- -- -- -- -- --

 Canada 716 5,080 2,570 22,000 96,500 928,000 172 1,180 99,900 956,000 2,260 15,900 8,590 80,100 -- --

 Chile 29 288 369 2,890 4,510 42,700 -- -- 4,910 45,900 44 445 -- -- -- --

 China -- -- -- -- 2 20 -- -- 2 20 84 616 -- -- -- --

 Colombia -- -- -- -- 2,740 20,800 -- -- 2,740 20,800 1,520 13,000 -- -- 5,970 48,100

 Costa Rica -- -- -- -- 154 1,420 -- -- 154 1,420 624 3,920 66 204 -- --

 Dominican Republic -- -- -- -- 223 2,100 -- -- 223 2,100 5,330 25,000 -- -- -- --

 Ecuador -- -- 17 133 71 689 -- -- 87 822 467 1,940 -- -- -- --

 El Salvador -- -- -- 107 907 -- -- 107 907 6 9 (4/) 4 -- --

 France -- -- 4 37 145 1,450 -- -- 149 1,490 31 209 76 761 -- --

 Germany -- -- 1 6 7 70 2 15 9 91 50 172 87 815 1,050 371

 Ghana -- -- -- -- 97 1,040 -- -- 97 1,040 -- -- 30 105 -- --

 Guyana -- -- -- -- 218 2,130 -- -- 218 2,130 54 602 1 6 -- --

 Hong Kong -- -- -- -- -- -- -- -- -- -- 127 1,100 -- -- -- --

 Indonesia 306 2,860 -- -- -- -- -- -- 306 2,860 2 15 -- -- -- --

 Ireland -- -- -- -- -- -- -- -- -- -- 39 373 -- -- 48 883

 Italy -- -- -- -- 1,110 8,680 4,450 3,090 5,560 11,800 3 39 2 17 1 2

 Japan -- -- -- -- -- -- -- -- -- -- 42 129 1 9 2,700 519

 Korea, Republic of -- -- -- -- 9 111 -- -- 9 111 870 4,730 (4/) 2 -- --

 Malaysia -- -- -- -- -- -- -- -- -- -- 851 6,340 -- -- -- --

 Mexico 1,160 10,900 6,750 63,800 2,360 21,900 10 125 10,300 96,700 3,170 22,800 83 791 1 5

 Netherlands -- -- -- -- -- -- 1 13 1 13 296 433 -- -- 26 27

 Netherlands Antilles -- -- -- -- 393 3,290 -- -- 393 3,290 145 1,180 -- -- -- --

 Nicaragua -- -- -- -- 3,530 33,100 19 296 3,550 33,300 -- -- -- -- -- --

 Norway -- -- -- -- 572 5,310 -- -- 572 5,310 -- -- -- -- -- --

 Panama -- -- 6 53 177 1,770 -- -- 182 1,820 46 252 -- -- -- --

 Papua New Guines 313 2,970 -- -- 420 3,780 -- -- 733 6,760 -- -- 3,050 29,200 -- --

 Peru 5 50 2,610 18,900 23,100 223,000 -- -- 25,700 242,000 42 360 217 2,160 -- --

 Philippines -- -- -- -- -- -- -- -- -- -- 117 381 -- -- -- --

 Singapore -- -- -- -- 996 12,700 -- -- 996 12,700 60 338 -- -- -- --

 South Africa -- -- -- -- 106 950 -- -- 106 950 11 101 -- -- -- --

 Suriname -- -- -- -- 51 527 -- -- 51 527 32 300 -- -- -- --

 Switzerland -- -- -- -- 6,270 60,600 1 9 6,270 60,600 -- -- 15 117 -- --

 Taiwan -- -- -- -- -- -- -- -- -- -- 89 311 -- -- -- --

 Trinidad and Tobago -- -- -- -- -- -- -- -- -- -- 15 162 -- -- -- --

 United Arab Emirates -- -- -- -- 50 515 -- -- 50 515 -- -- -- -- -- --

 United Kingdom -- -- -- -- 8,380 79,800 -- -- 8,380 79,800 1 7 8 79 -- --

 Uruguay -- -- -- -- 5,620 54,700 -- -- 5,620 54,700 -- -- -- -- -- --

 Venezuela -- -- -- -- 144 1,370 -- -- 144 1,370 -- -- -- -- -- --

 Other -- -- 14 137 23 287 -- -- 37 424 238 605 24 262 7 11

 Total 2,540 22,300 14,100 120,000 257,000 2,350,000 4,670 4,930 278,000 2,490,000 16,700 102,000 12,800 120,000 9,820 50,000

1/ Data are rounded to three significant digits; may not add to totals shown.

2/ Includes base metal ores, concentrates, and matte destined for refining.

3/ Bullion also moves in both directions between U.S. markets and foreign stocks on deposit in the Federal Reserve Bank. Monetary gold excluded.

4/ Less than 1/2 unit.

Source: Bureau of the Census.
TABLE 6

GOLD: WORLD MINE PRODUCTION, BY COUNTRY 1/ 2/ 

(Kilograms)

Country 1994 1995 1996 1997 1998 e/

Argentina 937 837 723 2,289 r/ 19,459 p/

Armenia e/ 100 300 244 3/ 500 350

Australia 256,188 253,504 289,530 314,500 r/ 312,000 3/

Belize e/ 5 5 5 5 6

Bolivia 12,838 14,405 12,634 13,292 r/ 13,500

Botswana 234 86 5 28 r/ 10

Brazil 4/ 72,397 r/ 64,424 60,011 58,488 r/ 58,500

Bulgaria e/ 2,000 3,100 3,390 3,400 3,000

Burkina Faso e/ 4,000 5/ 3,000 5/ 4,000 5/ 1,450 r/ 1,500

Burundi e/ 1,000 2,000 2,200 1,500 1,500

Burma 164 r/ 101 r/ 172 r/ 150 r/ 100

Cameroon e/ 800 r/ 800 r/ 1,000 1,000 1,000

Canada 146,428 152,032 166,378 171,479 r/ 166,089 p/

Central African Republic 138 97 r/ 90 e/ 90 e/ 100

Chile 38,786 44,585 53,174 49,459 r/ 44,980 p/

China e/ 132,000 140,000 145,000 175,000 178,000

Colombia 20,762 21,136 r/ 22,073 18,811 r/ 18,813 3/

Congo (Brazzaville) e/ 12 12 10 10 10

Congo (Kinshasa) 6/ 11,100 e/ 1,180 r/ 1,252 r/ 394 r/ 100

Costa Rica e/ 358 3/ 400 510 r/ 550 r/ 550

Cote d'Ivoire 1,860 1,983 1,883 r/ 5/ 2,419 r/ 5/ 2,500

Cuba 45 184 250 e/ 250 e/ 1,000

Czech Republic 75 -- -- -- --

Dominican Republic 1,538 3,281 3,659 2,349 1,424 3/

Ecuador e/ 5/ 13,000 7,410 r/ 7,208 r/ 3/ 3,070 r/ 5,000

Eritrea 78 59 98 350 r/ 50

Ethiopia 7/ 2,370 4,500 2,500 5/ 3,000 r/ e/ 3,000

Fiji 3,535 r/ 3,496 r/ 4,452 r/ 4,500 r/ e/ 4,000

Finland 1,372 2,061 3,070 3,000 e/ 3,000

France 5,078 4,615 5,651 4,350 r/ 4,500

French Guiana (Guyane) e/ 2,270 3,000 3/ 3,000 3,000 3,000 3/

Gabon e/ 8/ 72 3/ 70 70 70 70

Georgia e/ 600 500 500 700 700

Ghana 43,478 53,087 49,211 54,446 r/ 73,300 3/

Guatemala e/ 30 30 30 100 r/ 100

Guinea 5,617 7,863 6,838 7,000 e/ 14,000

Guyana 11,710 r/ 9,005 r/ 12,006 r/ 13,521 r/ 13,500

Honduras 106 110 e/ 142 150 e/ 150

India 9/ 2,244 2,203 2,449 2,500 e/ 2,400

Indonesia 10/ 42,600 62,909 69,000 r/ 73,000 r/ 105,000 3/

Iran 723 370 630 r/ 640 r/ 600

Japan 9,551 9,185 8,627 8,384 r/ 8,601 3/

Kazakhstan e/ 14,483 3/ 18,200 12,500 r/ 12,000 12,500

Kenya e/ 155 170 300 300 300

Korea, North e/ 5,000 5,000 5,000 5,000 5,000

Korea, Republic of 9/ 12,332 13,418 14,096 14,852 r/ 22,822 3/

Kyrgyzstan e/ 838 850 1,500 17,400 3/ 22,000

Liberia e/ 700 800 700 500 r/ 500

Madagascar e/ 500 38 3/ 50 50 50

Malaysia 4,085 3,161 2,830 4,528 r/ 3,500

Mali e/ 6,200 7,800 8,400 19,000 r/ e/ 23,000

Mauritania 1,738 1,196 189 r/ -- r/ --

Mexico 13,888 20,292 24,477 26,001 25,427 3/

Mongolia 1,790 r/ 4,504 r/ 6,976 r/ 8,008 r/ 9,990 3/

Morocco 565 580 482 r/ 450 r/ e/ 450

Mozambique 6,804 6,800 67 r/ 100 r/ 150

Namibia 2,445 2,394 2,145 2,433 2,200

New Zealand 10,118 12,132 11,571 11,500 e/ 8,800

Nicaragua 1,241 1,316 1,200 r/ 1,200 r/ 1,200 3/

Niger e/ 1,000 r/ 1,000 r/ 1,000 r/ 1,000 r/ 1,000

See footnotes at end of table.
TABLE 6--Continued

GOLD: WORLD MINE PRODUCTION, BY COUNTRY 1/ 2/ 

(Kilograms)

Country 1994 1995 1996 1997 1998 e/

Nigeria e/ 5 3/ 5 6 6 10

Norway 200 -- -- -- --

Oman 137 591 576 575 575

Panama 245 e/ 1,100 e/ 834 r/ 1,202 r/ 1,000

Papua New Guinea 59,286 53,405 51,119 49,900 r/ e/ 58,500

Peru 11/ 47,799 57,744 64,788 76,361 r/ 89,000 3/

Philippines 27,059 27,144 31,800 33,800 25,000

Poland 628 510 598 600 600

Romania e/ 4,000 4,000 4,000 4,000 4,000

Russia 146,600 132,170 123,000 115,000 e/ 103,700 3/

Rwanda e/ 100 26 25 25 20

Saudi Arabia 7,630 8,080 8,302 7,530 r/ 7,260 3/

Senegal e/ 550 550 600 550 600

Serbia and Montenegro 2,504 3,040 3,000 e/ 3,000 e/ 3,000

Sierra Leone 12/ 125 4 16 10 r/ e/ 5

Slovakia 372 518 540 458 500

Solomon Islands 31 25 25 e/ 25 e/ 1,500

South Africa 580,201 523,809 496,846 r/ 491,680 r/ 473,771 3/

Spain 5,852 4,131 2,763 r/ 1,824 r/ 2,000

Sudan e/ 3,000 3,700 4,500 5,000 5,000

Suriname e/ 300 300 300 300 300

Sweden 6,364 6,528 6,500 e/ 6,100 r/ e/ 6,000

Taiwan 9/ 5 11 11 9 r/ 10

Tajikistan e/ 1,000 1,000 1,100 2,550 3/ 3,000 3/

Tanzania 2,861 320 318 300 1,500

Turkey e/ 13/ 996 1,200 1,200 1,000 r/ 1,000

Uganda 1,627 1,506 2,954 3,000 e/ 2,500

United States 327,000 317,000 326,000 362,000 r/ 366,000 3/

Uruguay e/ 300 900 1,000 2,000 2,000

Uzbekistan e/ 65,000 r/ 65,000 r/ 72,000 81,700 r/ 80,000 3/

Venezuela 10,094 7,110 11,719 22,322 r/ 7,248 3/

Vietnam 54 r/ 72 r/ 1,000 r/ 1,000 r/ 1,000

Zambia 14/ 124 91 119 r/ 290 r/ 730

Zimbabwe 20,512 23,959 24,772 24,156 r/ 25,175 3/

 Total 2,250,000 r/ 2,220,000 r/ 2,280,000 r/ 2,420,000 2,480,000

e/ Estimated. p/ Preliminary. r/ Revised.

1/ World totals, U.S. data, and estimated data are rounded to three significant digits; may not add to totals shown.

2/ Table includes data available through July 15, 1999.

3/ Reported figure.

4/ Officially reported figures are as follows, in kilograms: Major companies: 1994--40,188; 1995--40,951; 1996--41,142; 1997--41,062 (revised); and

1998--41,000 (estimated). Garimpos 1994--32,209 (revised); 1995--23,473; 1996--18,869; 1997--17,426 (revised); and 1998--17,500 (estimated).

5/ Includes undocumented artisanal production.

6/ Formerly Zaire.

7/ Year ending July 7 of that stated.

8/ Undocumented artisanal production.

9/ Refinery output.

10/ Excludes production from so-called people's mines, which may be as much as 18,000 kilograms per year, but includes gold recovered as byproduct

of copper mining.

11/ Includes documented production from placer artisanal production.

12/ Data are based on official exports and do not reflect gold moved through undocumented channels.

13/ Indicates byproduct of base metals.

14/ Year beginning April 1 of that stated. Byproduct of copper production by Zambia Consolidated Copper Mines Ltd. only. Some additional artisanal

production was reported, but data are insufficient to make reliable estimates.