GOLD—1999 33.1

GOLD

By Earle B. Amey

Domestic survey data and tables were prepared by Mahbood Mahdavi and Mary E. Ewell, statistical assistants, and the

world production table was prepared by Ronald L. Hatch, lead international data coordinator.

Domestic gold mine production in 1999 was nearly 7% below

the all-time high reached in 1998. Primarily, this decline was

the result of plummeting gold prices and greater volatility in

gold markets. The United States has been the second largest

gold producer (behind South Africa) since 1991, when U.S.

production surpassed that of the Soviet Union for the first time

in five decades. Nevada produced three-fourths of domestic

production; the remaining output came from 11 other States.

Gold was produced at 77 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. Thirty mines

yielded 92% of the gold produced in the United States. The

value of U.S. gold mine production in 1999 was less than $3.1

billion.

Domestic gold exploration activity dropped considerably on a

total dollar basis for the second consecutive year; however, the

percentage of the total world gold budget going to the United

States continued to increase because U.S. companies spent

proportionately more on gold as worldwide gold exploration

expenditures dropped by 31% from 1998, following a 40%

decrease in 1997 (diGesu and others, 1999b).

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 1999, estimated end uses of gold were

jewelry and arts, 85%; electrical and electronics, 7%; dental,

3%; and other industrial, 5%.

According to the World Gold Council (2000, p. 2), 1999 was

the eight consecutive year of unit sales increases for gold

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

reached $14.7 billion, up by 8% from sales in 1998.

Trade in refined bullion comprised 89% of U.S. gold imports

and 83% of exports; net exports of bullion rose to 239,000

kilograms (kg), up by more than 38% from that of 1998. As

shown in tables 4 and 5, Canada provided more than 40% of

the bullion imported, and Switzerland was the destination for

about one-half of the bullion exported.

The dollar price for gold was very volatile in 1999, but prices

by yearend were little changed from gold prices at the

beginning of the year. The Engelhard Corporation’s daily price

of gold ranged from a low of nearly $254 per troy ounce1 on

July 20 to a high of about $327 on October 5. The average for

the year was, to the nearest dollar, $280. The previous year's

prices ranged from about $275 to $314 and averaged $295.

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

rose from about 1.5% in January to 4.1% in October before

dropping to about 2% in December. Short-term lease rates

increased from historic lows of 0.7% in January to more than

4.3% in September before dropping back to 1.5% in December

(CRU International Ltd., 2000, p. S-11).

Total world mine production of gold increased about 1%

from the record level reached in 1998. Despite a fifth

successive decline in annual output, South Africa remained the

largest producer of more than 80 gold-mining nations, followed

by the United States, Australia, Canada, and China. Identified

world gold resources at yearend 1998 were estimated to be 100

million kilograms (Mkg), of which 15% to 20% was byproduct

resources; the world reserve base was estimated to be 77 Mkg,

and reserves, 49 Mkg (R.P. Ashley, U.S. Geological Survey,

oral commun., 1999). Resource and reserve terminology used

by the U.S. Geological Survey (USGS) are published in USGS

Circular 831 (U.S. Bureau of Mines and U.S. Geological

Survey, 1980) and are printed annually as an appendix to the

USGS Mineral Commodity Summaries. South Africa had

about 40% of the resources, 50% of the reserve base, and 38%

of the reserves. The United States had about 10% of world

resources, 8% of the reserve base, and 12% of the reserves.

About 15% of all gold mined is estimated to have been used

in dissipative industrial uses, or is either unaccounted for or

unrecoverable (Thomas and Boyle, 1986, p. 6). Therefore, of

an estimated 128 Mkg of gold mined in historical times

through 1999, 108 Mkg of gold remain, with about 34 Mkg

held by central banks as official stocks and about 74 Mkg held

privately as bullion, coin, and jewelry.

Production

Domestic mine production data for gold were derived by the

USGS 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

types of data from companies that responded annually. Of the

87 lode gold producers in operation to which a survey 

request was sent, 82 responded. Five of the 82 responses

reported that their mines either were closed or remained on

1Elsewhere in this report, ounce by itself refers to troy ounce; 1 kilogram is

equivalent to 32.1507 troy ounces.
33.2 U.S. GEOLOGICAL SURVEY MINERALS YEARBOOK—1999

care-and-maintenance status in 1999. The individual company

production and performance data in table 3 and cited elsewhere

in this report were obtained from published sources, such as

company annual reports.

Of the total domestic gold produced during 1999, more than

94% was extracted from gold ore, and the remaining 6% 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 15,700 kg

(504,000 ounces) worth $141 million in 1999 from an

estimated 18,300 kg (588,000 ounces) worth $173 million in

1998, or an approximate decrease in production of 14% and a

decrease in associated value of more than 18% (Szumigala and

Swainbank, 2000). Placer production dropped to 1,700 kg

(55,900 ounces) from 3,000 kg (95,000 ounces) of gold.

The underground Fort Knox gold mine near Fairbanks began

to produce gold in 1997. Kinross Gold Corporation reported

that the mine produced about 10,900 kg (351,000 ounces) of

gold in 1999, making it the country’s ninth largest gold

producer (Kinross Gold Corporation, 2000, p. 12).

The Greens Creek Mine on Admiralty Island, off Juneau,

completed its third year at full production levels. Ore from the

underground trackless mine was milled at the mine site. The

mill produced gold and silver doré, lead, zinc, and bulk

concentrates. Hecla Mining Company reported (2000, p. 37)

that the mine produced almost 2,500 kg (81,000 ounces) of

gold. Greens Creek was a joint venture between Kennecott

Greens Creek Mining Company (70.3%) and Hecla Mining

(29.7%).

USMX Inc.’s Illinois Creek gold mine in west-central Alaska

was placed on care and maintenance, but produced about 200

kg (6,600 ounces) of gold as the existing heaps were rinsed

(Szumigala and Swainbank, 2000).

Continued drilling at the Pogo joint venture between Teck

Corporation and Sumitomo Metal Mining Co., Ltd. defined

additional gold resources in the eastern interior region

(Wilburn, 2000, p. 46).

California.—Gold production in California declined by 6%

from that of 1998, as shown in table 2. California’s largest

gold mine, Newmont Gold Company’s Mesquite Mine, near

Brawley, yielded more than 5,100 kg (165,000 ounces) of gold

from oxide and sulfide ores that were mined by open pit

methods (Newmont Gold Company, 2000, p. 17). 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 200 kg (6,700 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 two more years, after which reclamation will begin.

Glamis Gold, through its wholly owned Glamis Rand Mining

Company, also produced 2,200 kg (71,000 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, 2000, p. 1).

Near the Nevada-California State line, in San Bernardino

County, the Castle Mountain Mine produced an estimated

3,000 kg (95,000 ounces) of gold (Viceroy Resource Corp.,

2000, p. 4). Castle Mountain was a joint venture between

Viceroy Resource Corporation (75%) and MK Gold Company

(25%).

Colorado.—Gold production in the State was 2% lower

despite a slight 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

reported (2000, p. 4) that this open pit mining operation

produced 7,200 kg (230,000 ounces) of gold in 1999.

Idaho.—Despite a 20% increase in production from

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

production for Idaho slipped by almost 20% (Meridian Gold

Inc., 2000, p. 20). Beartrack produced more than 4,100 kg

(133,000 ounces) of gold in 1999. Pegasus Gold Corporation’s

Black Pine Mine in Cassia County was mined out during the

fourth quarter of 1997; it produced from stockpiled ore in 1998;

and was closed in 1999.

The Grouse Creek gold mine near Challis was placed on a

care-and-maintenance status at the end of the second quarter of

1997 following completion of mining in the Sunbeam Pit. A

closure plan developed in the third quarter of 1999 included

increased dewatering requirements (Hecla Mining Company,

1999, p. 43).

Montana.—Exploration for gold was severely subdued

because few companies had funds available for investment

given the low gold prices during the year. Small-to-mediumsized companies were unable to fund exploration programs

during the summer (McCulloch, 2000).

Placer Dome Inc.'s wholly owned Golden Sunlight Mine near

Whitehall was Montana’s largest gold-producing mine with

4,500 kg (144,800 ounces) of gold in 1999, about 9% less than

in 1998 (Placer Dome Inc., 2000, p. 29).

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 257,000 kg (8.3 million

ounces).

Newmont Gold, the largest gold mining company in North

America, produced 77,800 kg (2.5 million ounces) of gold from

9 open pit operations, 4 underground mines, and 18 processing

facilities located in Elko, Eureka, Humboldt, and Pershing

Counties. In May, Newmont Gold marked 35 years of

production on the Carlin Trend, which it discovered in the

mid-1960's. Gold production began in the fourth quarter from

the high-grade Deep Post Deposit on the north end of the

Carlin Trend. With reserves of 93,000 kg (3 million ounces) of

gold, Deep Post consists of both a surface zone, currently being

mined within the Betze-Post Pit, and a deeper zone being

developed as an underground mine. In May, an asset swap

with Barrick Gold Corporation was completed that provided

access to the Deep Post underground deposit zone through a

decline at the bottom of the Betze-Post Pit. The asset swap also

provided the opportunity to begin a mile-long exploration drift

from the Deep Star Mine to the Deep Post Deposit, called the
GOLD—1999 33.3

Gold Margin Corridor. The exploration drift is 1,800 feet

below the surface (Newmont Gold Company, 2000, p. 8).

Barrick Gold Corporation was the Nation's second largest

gold mining company in 1999 and reportedly recovered 35,100

kg (1.1 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

30,400 kg (977,000 ounces) of gold; it was the Nation's largest

underground gold mine. The mine had an underground

cooling system to keep temperatures around 80EF even though

the temperature of the surrounding rock can be 140EF (Gold

News, 1998). These Barrick operations on the Carlin Trend

were developed within a 2,800-hectare landholding known as

the Goldstrike Property (Barrick Gold Corporation, 2000, p. 4).

Northwest of Elko, Independence Mining Company, Inc. and

Meridian Gold produced about 11,300 kg (362,000 ounces) of

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

gold mine (Meridian Gold Inc., 2000, p. 20). At the Getchell

Mine in Humboldt County, Getchell Gold Corporation

produced 3,450 kg (110,000 ounces) of gold from its

underground operations. Gold mining was suspended in July at

Turquoise Ridge, and the mill was shut down in order to focus

on exploration and development (Placer Dome, 2000, p. 30).

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 was placed on care and

maintenance on January 1 (Battle Mountain Gold Company,

2000, p. 7); the McCoy/Cove gold and silver mine, which

produced 3,900 kg (125,000 ounces) (Echo Bay Mines Limited,

2000, p. 6); and the country’s second largest gold mine, the

Cortez Mine, owned by Placer Dome (60%) and Kennecott

Corporation (40%), which produced 41,300 kg (1.3 million

ounces) (Placer Dome Inc., 2000, p. 29). New mineralization

at the Pediment Deposit across the valley from the Pipeline

project yielded a new gold resource that is amenable to open pit

mining and is currently open in three directions (Placer Dome

Inc., 2000, p. 11).

At Round Mountain, about 95 kilometers north of Tonopah,

the Round Mountain Gold Corporation mine of Echo Bay

Mines Limited produced about 16,900 kg (542,000 ounces) of

gold during the year (Echo Bay Mines Limited, 2000, p. 4).

The property is the sixth largest U.S. gold mine.

Battle Mountain Gold Company continued its exploration

project by extending the Phoenix Zone at the Battle Mountain

Complex, thereby adding about 31,000 kg (1 million ounces) of

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

develop the Rossi-Storm Deposit at the Ken Snyder Mine

(Franco-Nevada Mining Corporation Limited), which poured

its first gold on December 9, 1998. Ken Snyder’s first full year

of commercial production was 5,400 kg (174,000 ounces) of

gold making it the country’s 13th largest gold mine in 1999.

Exploration was at a much lower level than previous years.

Activity was concentrated along the major “trends,” Battle

Mountain, Carlin, Getchell, and Midas. A number of gold

projects were pursued in Mineral, Esmeralda, and western Nye

counties, in the Humboldt Range of Pershing County, and in

the Snowstorm Mountains along the Humboldt-Elko County

line (Tingley and LaPointe, 2000).

South Dakota.—Gold production decreased by more than

18% compared with that of 1998. Homestake Mining

Company’s 120-year-old Homestake Mine at Lead was again

the largest gold-producing mine in South Dakota and the 11th

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 6,600 kg (213,000 ounces) of

gold at a reported cash production cost of $261 per ounce

(Homestake Mining Company, 2000, p. 6).

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

Wharf Mine, which produced about 3,300 kg (107,000 ounces)

of gold (Goldcorp Inc., 2000, p. 4).

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

was operated by Kennecott Utah Copper Corp., produced about

11,400 kg (367,000 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 7th largest gold producer in 1999. Kennecott also

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

heap-leaching operation that produced 3,500 kg (112,000

ounces) of gold (Rio Tinto Limited, 2000, p. 37).

Washington.—Echo Bay Mines’s Kettle River underground

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

3,200 kg (104,000 ounces) of gold in its ninth year of

production (Echo Bay Mines Limited, 2000, p. 8).

The Crown Jewel project, with projected annual production

of 5,400 kg (175,000 ounces) of gold, received an unfavorable

ruling on a water quality permit. The ruling, made by

Washington State’s Pollution Control Hearings Board, delayed

the project’s start-up date (American Metal Market, 2000).

World Review

World gold mine production rose in 1999 for the fourth

consecutive year. Increased production from mines in

Indonesia, Peru, and Russia was enough to help offset a

continuing 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 1999 was 4.11 Mkg (132

million ounces) compared with the previous year's total supply

of 4.13 Mkg (133 million ounces) (Klapwijk and others, 2000,

p. 7). Gold Fields Mineral Services reported increases in mine

production (1%), official sector sales (14%), and net producer

hedging (400%) at pre-Asian crisis levels (Klapwijk and others,

2000, p. 7).

On the demand side, Gold Fields Mineral Services reported

no dramatic increases. Bar hoarding surged by 47% largely as

a result of a phenomenal 53,000 kg (1.7 million ounces) of

hoarding in Japan. In 1999, there were only a handful of

countries where fabrication grew substantially. In these

instances, economic recovery and lower currency gold prices

were the main driving forces (Klapwijk and others, 2000, p.
33.4 U.S. GEOLOGICAL SURVEY MINERALS YEARBOOK—1999

10).

With regard to gold exploration, the Metals Economics

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

worldwide exploration budgets for 132 companies (diGesu and

others, 1999a) that $1.08 billion (50%) of the 1999 world

exploration budget total for nonferrous metals was directed to

gold, with 100 companies reporting active gold programs. The

expenditures for gold were $480 million less than the $1.6

billion (55% of the total) reported for gold exploration in 1998.

As in the preceding 5 years, Latin America received the highest

expenditure for gold—$290.6 million (27%) of the reported

1999 world total exploration dollars (diGesu and others,

1999b).

Australia.—Australian gold mine production dropped by

about 2% from 1998. However, Australia retained its position

as the world's third largest gold-producing nation. Of the

302,600 kg (9.7 million ounces) of gold mined in 1999,

Western Australia, Queensland, and New South Wales

accounted for about 70%, 11%, and 7%, respectively

(Australian Bureau of Agricultural and Resource Economics,

2000, 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.

The Chalice and Kidston mines, both approaching depletion

of their gold reserves, were among the highest cost Australian

gold mines, at $358 per troy ounce and $294 per troy ounce,

respectively. Almost one-half of Australia’s gold output in

1999 was mined at operations with cash costs below $200 per

ounce (Klapwijk and others, 2000, p. 45).

In Western Australia, at least 17 gold-processing plants were

closed down as ore supplies diminished. An estimated 1,800

geologists were out of work and hundreds of drill rigs were

idle. People abandoned Western Australian mining towns to

seek work elsewhere; in the key mining center of Kalgoorlie,

retail sales slumped by 15% and the price of residential

property fell by 10% (Mining Journal, 1999).

On December 13, the Australian Gold Council (AGC) and

the Australian Stock Exchange launched an expanded gold

share index, which is called the AGC Gold Index. This new

index includes 35 gold companies and officially replaces the

old 14-member Gold Index on April 3, 2000 (Platt’s Metals

Week, 1999a).

Brazil.—During 1999, gold production declined 17% to

about the 41 ton (1.3-million-ounce) level. Output from the

informal, noncorporate mining sector, the garimpeiros, was

estimated to have dropped to as low as 14,000 kg (450,000

ounces) of gold. Low gold prices had a devastating effect on

junior exploration companies and small producers; most of the

formal mining sector, however, performed well, 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 4% to

158,000 kg. Gold was produced at about 33 lode gold mines,

which accounted for 88% of the total gold output. Base-metal

mines and placer mines accounted for 10% and 2%,

respectively. During the year, 3 gold mines began operation

and 13 mines shut down. Canada's principal gold-producing

Provinces were Ontario (48%), Quebec (24%), British

Columbia (16%), and Manitoba (5%). Gold was also produced

in Alberta, New Brunswick, Newfoundland, Saskatchewan, the

Northwest Territories, and Yukon Territory (John Keating,

Natural Resources Canada, written commun., 2000).

Chile.—Gold output in Chile increased marginally to 45,700

kg (1.5 million ounces) despite much lower gold production at

La Copia, Chile’s premier gold mine. Strong performances

were achieved at Barrick Gold’s two mines, El Indio and El

Tambo, both of which have been slated for closure due to high

costs and depletion of economic reserves (Klapwijk and others,

2000, p. 38).

China.—China has set its new gold production target for

2000 at 175,000 kg. The Chinese produced 170,000 kg of gold

in 1999 and 178,000 kg of gold in 1998 (Platt’s Metals Week,

1999c).

China prepared plans to reform its gold products pricing

system to keep pace with changes in the world gold market. 

China’s gold decorated ornaments were priced $2.50 to $4.50

per troy ounce higher than those in Hong Kong, Taiwan,

Thailand, and Singapore. In addition, taxes paid by China’s

enterprises are higher than those in other southeast Asian

countries, with a value-added tax rate and consumption tax rate

at 17% and 15%, respectively. The Republic of Korea and

Thailand have a value-added tax levy of 10%, and Singapore

charges only a 3% consumer tax. China consumed about

192,000 kg in 1998, making it the fourth largest gold market in

the world as well as the top consumer in Asia (Platt’s Metals

Week, 1999b). 

India.—The Indian Government took steps to remove duties

on reexports in order to implement the Forward Contracts Act,

which allows commercial banks to forward trading contracts

for the sale and purchase of gold within the country. This

much-awaited gold deposit action, designed to get idle gold into

circulation, took place after the nation’s elections. Five publicsector banks collected about 50,000 kg of gold that was sent

overseas to be refined into gold bullion bars and brought back

into the country (American Metal Market, 1999). 

Indonesia.—Gold output was estimated to have risen by 5%

in 1999 to 30,000 kg. The Grasberg Mine, which produced

93,000 kg of gold, generated as a byproduct 62% of the

country’s gold output. Also, the Minahasa Mine raised its gold

production by 3,000 kg, as Newmont Mining Company began

operating Indonesia’s first heap-leach pad operation at the

mine. The Gosowong gold-silver project and the Batu Hijau

operation started producing gold in 1999 (Klapwijk and others,

2000, p. 40).

Mexico.—Gold production declined by 12% to about 22,500

kg in 1999 (Klapwijk and others, 1999, p. 38).

Papua New Guinea.—Gold production in Papua New

Guinea declined 4% to 61,000 kg. Lihir Gold Limited’s Lihir

Mine on Lihir Island in the Bismark Archipelago improved its

gold production with all three autoclaves functioning and a new

oxygen plant installed. Porgera and Misima Mines also

showed small increases in gold production, but gold output at

the Ok Tedi Mine was reduced as it continued to have
GOLD—1999 33.5

environmental problems (Klapwijk and others, 2000, p. 40).

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

Peru exceeded that in Brazil, making it the largest gold

producer in Latin America at more than 128,000 kg of gold,

which was 36% more than that of 1998. The main impetus for

this increase came from the large-scale, low-cost, open pit,

heap-leach Yanacocha Mine in northern Peru, where owners

Newmont Gold and Cia. de Minas Buenaventura extracted

almost 52,000 kg of gold in 1999. The Yanacocha Mine,

which was the largest gold mining operation in Latin America

for the fifth consecutive year, yielded gold at cash costs of $103

per ounce, making it one of the lowest-cost gold mines in the

world in 1999. Even lower cash costs were reported at Barrick

Gold Corporation’s Pierina Gold Mine, where full design

capacity was achieved in 1999 and output reached 26,000 kg of

gold (Klapwijk and others, 2000, 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. Most of Russia's production was

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 grew by 10%, to 126,000 kg of gold,

which ended four consecutive years of declining production.

This number includes an estimate for unofficial gold. The

Magadan, Krasnoyarsk, and Irkutsk regions reported higher

gold production, as producers benefited from the devaluation of

the rouble and higher gold prices during the last months of

1999 (Klapwijk and others, 2000, p. 40).

 Effective October 1, the Central Bank increased the discount

rate for gold and platinum from 2% to 5%. Because Russia

also has a 5% export duty on precious metals, commercial

Russian banks are more likely to export gold than sell to the

Central Bank, leaving Russian gold producers with fewer sales

options and uncertain financing opportunities. The Central

Bank had been expected to buy between 60,000 kg and 80,000

kg of gold (Platt’s Metals Week, 1999d).

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

source of 82% of the world’s gold output, but with the increase

in production in Australia and North America, Africa’s share

had declined to about 18% in 1999. Gold production in South

Africa, the world's largest gold-producing nation, declined for

the sixth consecutive year, to 450,000 kg of gold, 3% less than

that of 1998, and left gold production at its lowest level in 45

years. Gold production was affected by a high incidence of

seismic events and accidents, as well as a number of strikes

associated with the annual wage negotiations and a growing

sense of worker dissatisfaction about ongoing retrenchments

(Klapwijk and others, 2000, p. 33).

The tonnage and grade of ore milled during 1999 by the

mines comprising the membership of the Chamber of Mines of

South Africa amounted to almost 87 billion kg at a grade of

4.62 grams per ton of gold ore; this compares with a lower total

tonnage of 83 billion kg at a higher grade of 5.09 grams per ton

that was milled by Chamber members in 1998.

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

1999, 5 were South African. AngloGold Limited, listed on the

Australian Stock Exchange in November, remained the leading

gold-producing company in the world. Gold Fields Limited

was third in the world. The other three companies were

Harmony Gold Mining Company Limited (11th), Durban

Roodepoort Deep Limited (13th), and Randfontein Estates

(15th). Durban Roodepoort Deep was listed on the Australian

Stock Exchange in March (Klapwijk and others, 2000, p. 31).

Uzbekistan.—Gold production in Uzbekistan increased by

6% to about 85,000 kg. This modest increase was a result of

higher output from Newmont Gold’s efforts at Zarafshan,

which processes high-grade tailings from the state-owned

Muruntau Mine. It produced 17,000 kg of gold in 1999, up

more than 45% from 1998 and the highest level recorded since

startup in 1995 (Klapwijk and others, 2000, p. 41).

Outlook

Several events in 1999 influenced gold industry trends.

Central bank sales of gold reserves kept the gold price below

$300 per troy ounce during most of 1999. The price of gold fell

to a 20-year-low trading range on July 26th. The gold industry

reacted by closing gold mines, 10 in the United States, and by

merging operations. This trend of consolidation to maintain

gold reserves is expected to continue; thus, forecasts of a future

gold industry comprised of less than 10 major companies can

not be easily dismissed.

In addition, less world gold exploration funding was

available in 1999, the second consecutive year of lower

spending. As mentioned previously, 31% less was spent on 

gold exploration in 1999 than in 1998, after five consecutive

years of significant increases. Moreover, less gold exploration

expenditures are expected to continue with the prediction of

low prices for gold. Such cutbacks have serious implications.

As less gold is discovered and old gold mines are closed, a gap

may be created between global gold supply and demand,

thereby creating future gold shortages.

References Cited

American Metal Market, 1999, India elections delay plan: American Metal

Market, v. 107, no. 173, September 8, p. 9.

———2000, Crown Jewel mine stalled: American Metal Market, v. 108, no. 15,

January 25, p. 6.

Australian Bureau of Agricultural and Resource Economics, 2000, Australian

mineral statistics, fourth quarter 1999: Canberra, Australian Bureau of

Agricultural and Resource Economics, 32 p.

Barrick Gold Corporation, 2000, Barrick achieves record year—Earnings rise

10%, cash flow 30%: Toronto, Canada, Barrick Gold Corporation press release,

February 29, 8 p.

Battle Mountain Gold Company, 2000, Form 10-K405: Washington, DC, U.S.

Securities and Exchange Commission, 97 p.

CRU International Ltd., 2000, Gold quarterly industry and market outlook:

London, CRU International Ltd., March, 122 p.

diGesu, Dominique, Bearmish, Marilyn, Angelucci, Josee, Burgess, Sindy, Cox,

David, Goulden, Jason, Lowery, Jim, Slaunwhite, Janice, and Selva, Sandra,

1999a, Overview of worldwide exploration budgets (part I): Halifax, Canada,

Metals Economics Group Strategic Report, v. 12, no. 5, September-October, p.

1-5.

———1999b, Overview of worldwide exploration budgets (part II): Halifax,

Canada, Metals Economics Group Strategic Report, v. 12, no. 6, NovemberDecember, p. 1-7.

Echo Bay Mines Limited, 2000, Echo Bay Mines annual report 1999: Englewood,
33.6 U.S. GEOLOGICAL SURVEY MINERALS YEARBOOK—1999

CO, Echo Bay Mines Limited, 48 p.

Glamis Gold Limited, 2000, Glamis Gold annual report 1999: Reno, NV, Glamis

Gold Limited, 36 p.

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

News, November-December, p. 2.

Golden Cycle Gold Corporation, 2000, Form 10-K405: Washington, DC, U.S.

Securities and Exchange Commission, 23 p.

Goldcorp Inc., 2000, Goldcorp annual report 2000: Toronto, Canada, Goldcorp

Inc., 21 p.

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

Exchange Commission, 43 p.

———2000, Form 10-K405: Washington, DC, U.S. Securities and Exchange

Commission, 106 p.

Homestake Mining Company, 2000, Form 10-K: Washington, DC, U.S. Securities

and Exchange Commission, 134 p.

Kinross Gold Corporation, 2000, Kinross annual report 1999: Toronto, Canada,

Kinross Gold Corporation, 77 p.

Klapwijk, Philip, le Roux, Hester, Walker, Paul, and Newman, Paul, 2000, Gold

2000: Gold Fields Mineral Services Limited, 113 p.

McCulloch, R.B., 2000, Montana: Mining Engineering, v. 52, no. 5, May, p. 72-

75.

Meridian Gold Inc., 2000, Meridian annual report 1999: Reno, NV, Meridian

Gold Inc., 42 p.

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

8338, December 24, p. 7.

Mining Journal, 1999, Australians dig in: Mining Journal, v. 333, no. 8542, July

30, p. 77.

Newmont Gold Company, 2000, Newmont Gold Company annual report 1999: 

Denver, CO, Newmont Gold Company, 22 p.

Placer Dome Inc., 2000, Placer Dome annual report 1999: Vancouver, B.C.,

Canada, Placer Dome Inc., 72 p.

Platt’s Metals Week, 1999a, AGC expands gold share index: Platt’s Metals Week,

v. 70, no. 51, December 20, p. 1.

———1999b, China plans gold price reform: Platt’s Metals Week, v. 70, no. 24,

June 14, p. 4.

———1999c, China targets 175 mt gold: Platt’s Metals Week, v. 70, no. 52,

December 27, p. 4.

———1999d, Russian gold producers fear fewer sales options: Platt’s Metals

Week, v. 70, no. 42, October 18, p. 9.

Rio Tinto Limited, 2000, Rio Tinto Limited 1999 annual report and accounts: 

London, England, Rio Tinto Limited, 144 p.

Szumigala, D.J., and Swainbank, R.C., 2000, Alaska’s mineral industry 1999: 

Alaska Division of Geology and Geophysics Surveys Information Circular 46,

January, 12 p.

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

Bureau of Mines Information Circular 9070, 87 p.

Tingley, J.V., and LaPointe, D.D., 2000, Nevada: Mining Engineering, v. 52, no.

5, May, p. 75-83.

U.S. Bureau of Mines and U.S. Geological Survey, 1980, Principles of a resource/

reserve classification for minerals: U.S. Geological Survey Circular 831, 5 p.

[Definitions reprinted annually in USGS Mineral Commodity Summaries.]

Viceroy Resource Corporation, 2000, Viceroy Resource annual report 1999:

Vancouver, Canada, Viceroy Resource Corporation, 32 p.

Wilburn, D.R., 2000, Exploration: Mining Engineering, v. 52, no. 5, May, p. 38-

48.

World Gold Council, 2000, U.S. gold jewelry retail sales annual report for 1999: 

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

GENERAL SOURCES OF INFORMATION

U.S. Geological Survey Publications

Contributions to the gold metallogeny of northern Nevada: 

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

338, 1999.

Geologic and grade-tonnage information on tertiary epithermal

precious- and base-metal vein districts associated with

volcanic rocks, Bulletin 1666, 1986.

Geologic characteristics of sediment- and volcanic-hosted

disseminated gold deposits—Search for an occurrence model,

Bulletin 1646, 1985.

Geology and resources of gold in the United States, Bulletin

1857, 1998.

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

Gold. Ch. in Minerals Yearbook, annual.2

Gold. Ch. in United States Mineral Resources, Professional

Paper 820, 1973.

Precious metals. Mineral Industry Surveys, monthly.2

Principal gold-producing districts of the United States,

Professional Paper 610, 1968.

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, 1994This page has been

generated to show the new footer.

2Prior to January 1996, published by the U.S. Bureau of Mines.
TABLE 1 

SALIENT GOLD STATISTICS 1/ 

1995 1996 1997 1998 1999

United States:

 Mine production kilograms 317,000 326,000 362,000 366,000 341,000

 Value thousands $3,950,000 $4,090,000 $3,870,000 $3,480,000 $3,070,000

 Gold recovered by cyanidation:

 Extracted in vats, tanks, and closed containers 2/ kilograms 157,000 170,000 201,000 238,000 196,000

 Leached in open heaps or dumps 3/ do. 121,000 124,000 132,000 103,000 131,000

 Refinery production:

 Ores, concentrates and dore do. NA NA 270,000 277,000 265,000

 Recycled materials (new and old scrap) do. NA NA 100,000 163,000 143,000

 Imports for consumption, refined do. 111,000 143,000 194,000 257,000 196,000

 Exports, refined do. 277,000 406,000 391,000 430,000 435,000

 Net deliveries from foreign stocks in Federal Reserve

 Bank of New York do. 244,000 373,000 143,000 310,000 380,000

 Stocks, December 31:

 Industry 4/ do. NA NA 17,300 16,600 14,700

 Commodity Exchange (Comex) 5/ do. 45,400 20,700 15,200 25,200 37,900

 Department of the Treasury 6/ metric tons 8,140 8,140 8,140 8,130 8,170

 Volume of U.S. Gold Futures Trading 7/ do. 24,200 14,300 29,700 28,600 29,800

 Department of the Treasury: 8/

 American Eagle gold coin kilograms 13,900 10,700 20,000 49,200 78,200

 Other numismatic gold coins do. 1,150 1,190 500 86 430

 Consumption in industry and the arts do. NA NA 137,000 219,000 245,000

 Apparent demand, refined 9/ do. NA NA 265,000 667,000 283,000

 Price, average per troy ounce 10/ $385.50 $389.09 $332.39 $295.24 $279.91

 Employment, mine and mill only 11/ 14,700 16,900 16,300 13,400 10,300

 World:

 Production, mine kilograms 2,230,000 r/ 2,300,000 r/ 2,450,000 r/ 2,520,000 r/ 2,540,000

 Official bullion reserves 12/ metric tons 34,600 34,400 34,000 33,600 33,300

r/ Revised. NA Not available.

1/ Data are rounded to no more than 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/ Commodity Exchange (Comex) Division of the New York Mercantile Exchange.

6/ Includes gold in Exchange Stabilization Fund.

7/ Comex only.

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

9/ 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.

10/ Engelhard Corporation industries quotation.

11/ Data from Mine Safety and Health Administration.

12/ 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 1998 1999

Alaska 2/ 18,300 15,700

Arizona 1,840 786

California 18,700 17,500

Idaho W W

Montana 8,200 7,570

Nevada 273,000 257,000

South Dakota 12,100 9,940

Washington 3,540 3,250

Other States 3/ 30,600 29,800

 Total 366,000 341,000

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

1/ Data are rounded to no more than three significant digits; may not add to totals shown.

2/ Production data collected by the State.

3/ Includes Colorado, New Mexico, South Carolina, Wisconsin, and States indicated by symbol W. 
TABLE 3 

LEADING GOLD-PRODUCING MINES IN THE UNITED STATES IN 1999, IN ORDER OF OUTPUT 1/ 

Rank Mine County and State Operator Kilograms

1 Carlin Mines Complex Eureka, Elko, etc., NV Newmont Gold Company 42,600

2 Cortez Lander, NV Placer Dome Inc. 41,300

3 Betze-Post/Goldstrike Eureka, NV Barrick Gold Corporation 35,100

4 Meikle/Goldstrike do. do. 30,400

5 Twin Creeks Humboldt, NV Newmont Gold Company 27,300

6 Round Mountain Nye, NV Round Mountain Gold Corporation 16,900

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

8 Jerritt Canyon Elko, NV Independence Mining Company, Inc. 11,300

9 Fort Knox Fairbanks, AK Fairbanks Gold Mining Inc. 10,900

10 Cresson Teller, CO Cripple Creek & Victor Gold Mining Co. 7,200

11 Homestake Lawrence, SD Homestake Mining Company 6,600

12 Lone Tree Humboldt, NV Newmont Gold Corp. 6,000

13 Ken Snyder Elko, NV Euro-Nevada Mining Co. 5,400

14 Mesquite Imperial, CA Newmont Gold Company 5,100

15 Golden Sunlight Jefferson, MT Placer Dome Inc. 4,500

16 Beartrack Lemhi, ID Meridian Gold Inc. 4,100

17 McCoy/Cove Lander, NV Echo Bay Mines Limited 3,900

18 Ruby Hill Eureka, NV Homestake Mining Company 3,850

19 McLaughlin Napa, CA do. 3,800

20 Denton-Rawhide Mineral, NV Kennecott Rawhide Mining Co. 3,600

21 Rosebud Pershing, NV Hecla Mining Company 3,500

22 Barney's Canyon Salt Lake, UT Kennecott Barney's Canyon Mining Co. 3,500

23 Getchell Humboldt, NV Getchell Gold Corporation 3,450

24 Wharf Lawrence, SD Wharf Resources, Ltd. 3,300

25 Bald Mountain White Pine, NV Placer Dome Inc. 3,300

26 Kettle River Ferry, WA Echo Bay Mines Limited 3,200

27 Castle Mountain San Bernardino, CA Viceroy Resources Corporation 3,000

28 Briggs Inyo, CA Canyon Resources Corp. 2,700

29 Ridgeway Fairfield, SC Kennecott Ridgeway Mining Co. 2,500

(2/) Florida Canyon Pershing, NV Florida Canyon Mining, Inc. W

W Withheld to avoid disclosing company proprietary data.

1/ Data are rounded to no more than three significant digits; these mines accounted for more than 92% of the U.S. gold production in 1999.

2/ Production at Florida Canyon is withheld; mine is among the top 30 gold-producing mines in the United States, but is not shown in rank

order to avoid disclosing company propriety data.

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

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

Ores and concentrates 2/ Doré and precipitates Refined bullion 3/ Ash and residues Total

Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value

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

1998 401 $3,460 91,600 $810,000 430,000 $4,030,000 -- -- 522,000 $4,850,000

1999:

 Argentina -- -- -- -- 220 2,060 -- -- 220 2,060

 Armenia -- -- -- -- 33 317 -- -- 33 317

 Australia -- -- -- -- 22,400 199,000 -- -- 22,400 199,000

 Belgium -- -- -- -- -- -- -- -- -- --

 Bolivia -- -- -- -- 1,310 12,200 -- -- 1,310 12,200

 Canada -- -- 5,160 41,800 13,300 119,000 -- -- 18,400 161,000

 Colombia -- -- -- -- 11 90 -- -- 11 90

 France -- -- -- -- 5 59 -- -- 5 59

 Germany 114 1,150 12 91 33 289 -- -- 159 1,530

 Hong Kong -- -- 503 4,110 710 7,370 -- -- 1,210 11,500

 Hungary -- -- -- -- -- -- -- -- -- --

 India -- -- -- -- 201 1,670 -- -- 201 1,670

 Ireland 1 8 -- -- 54 558 -- -- 55 566

 Israel (4/) 4 5 33 50 471 -- -- 55 508

 Italy -- -- -- -- 3 40 -- -- 3 40

 Japan -- -- 12 95 1,000 8,250 -- -- 1,020 8,340

 Korea, Republic of -- -- 520 4,090 4,450 40,700 -- -- 4,970 44,800

 Mexico -- -- 223 5,470 28,000 248,000 -- -- 28,200 253,000

 Netherlands -- -- -- -- 492 4,510 -- -- 492 4,510

 Peru -- -- -- -- 7,420 65,600 -- -- 7,420 65,600

 Saudi Arabia -- -- -- -- 3,400 28,700 -- -- 3,400 28,700

 Singapore -- -- 17 164 1,380 11,300 -- -- 1,400 11,500

 Sweden -- -- -- -- 1 9 -- -- 1 9

 Switzerland -- -- 80,100 719,000 205,000 1,830,000 -- -- 285,000 2,550,000

 Taiwan -- -- 1 7 1,070 8,650 -- -- 1,080 8,660

 Turkey -- -- -- -- 629 5,570 -- -- 629 5,570

 United Arab Emirates -- -- -- -- 1,910 18,800 -- -- 1,910 18,800

 United Kingdom 1 12 759 3,330 142,000 1,250,000 -- -- 142,000 1,260,000

 Other (4/) 4 10 50 523 4,640 -- -- 533 4,700

 Total 117 1,180 87,300 778,000 435,000 3,880,000 -- -- 523,000 4,660,000

See footnotes at end of table.
TABLE 4--Continued

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

Waste and scrap Metal powder Gold compounds

Quantity Value Quantity Value Quantity Value

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

1998 58,900 $374,000 196 $2,060 781,000 $9,340

1999:

 Argentina -- -- -- -- -- --

 Armenia -- -- -- -- 35,700 170

 Australia 2 22 -- -- 61 6

 Belgium 2,330 21,700 1 17 -- --

 Bolivia -- -- -- -- -- --

 Canada 22,000 142,000 37 248 431,000 8,270

 Colombia -- -- 10 142 -- --

 France -- -- 2 25 47 31

 Germany 756 10,100 5 72 63 64

 Hong Kong 2 22 -- -- 302 221

 Hungary -- -- -- -- 402 6

 India 3 12 8 54 1 8

 Ireland -- -- 11 161 54 8

 Israel -- -- 13 177 81,400 1,460

 Italy 1,470 12,900 3 31 22 43

 Japan 327 3,270 11 130 108 32

 Korea, Republic of 3 29 7 72 -- --

 Mexico -- -- 6 63 113 762

 Netherlands -- -- (4/) 6 32 169

 Peru -- -- -- -- -- --

 Saudi Arabia -- -- -- -- -- --

 Singapore 3 9 1 18 1,800 1,170

 Sweden 1,650 14,900 3 17 -- --

 Switzerland -- -- 5 49 104 1,030

 Taiwan 3 33 -- -- 5 16

 Turkey -- -- 25 219 -- --

 United Arab Emirates -- -- -- -- -- --

 United Kingdom 11,300 95,900 108 1,130 455 462

 Other 106 1,060 12 166 9,360 152

 Total 40,000 302,000 270 2,800 561,000 14,100

-- Zero.

1/ Data are rounded to no more than 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: U.S. Census Bureau.
TABLE 5

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

Ores and concentrates 2/ Doré and precipitates Refined bullion 3/ Ash and residues Total

Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value

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

1998 2,540 $22,300 14,100 $19,900 257,000 $2,350,000 4,670 $4,930 278,000 $2,490,000

1999:

 Algeria -- -- -- -- 4,970 42,000 -- -- 4,970 42,000

 Argentina -- -- 2,580 18,300 222 1,670 -- -- 2,800 20,000

 Australia 41 439 3,130 24,600 2,380 19,700 -- -- 5,550 44,800

 Austria -- -- -- -- 2,360 21,900 -- -- 2,360 21,900

 Belgium -- -- -- -- 81 781 -- -- 81 781

 Bolivia -- -- 99 902 5,330 46,000 -- -- 5,430 46,900

 Brazil -- -- -- -- 31,700 287,000 -- -- 31,700 287,000

 Canada 8 58 705 5,380 85,200 804,000 64 671 86,000 810,000

 Chile -- -- 1,630 16,100 5,800 52,200 40 402 7,480 68,700

 China -- -- -- -- -- -- -- -- -- --

 Colombia -- -- 24 256 8,280 68,100 -- -- 8,300 68,300

 Costa Rica -- -- 18 165 105 913 -- -- 124 1,080

 Dominican Republic -- -- -- -- 132 1,160 -- -- 132 1,160

 Ecuador -- -- 137 1,220 365 3,600 -- -- 502 4,820

 France -- -- -- -- 5 55 -- -- 5 55

 Germany -- -- 3 30 15 134 -- -- 18 163

 Honduras -- -- 423 3,450 278 2,170 -- -- 701 5,610

 Japan -- -- -- -- -- -- -- -- -- --

 Korea, Republic of -- -- -- -- -- -- -- -- -- --

 Malaysia -- -- -- -- -- -- -- -- -- --

 Mexico 65 607 5,510 50,600 1,780 15,800 13 152 7,370 67,200

 Netherlands Antilles -- -- -- -- 209 1,720 -- -- 209 1,720

 Nicaragua -- -- 329 2,160 3,700 33,000 14 519 4,040 35,700

 Norway -- -- 12 112 467 4,170 -- -- 479 4,280

 Panama -- -- -- -- 173 1,490 -- -- 173 1,490

 Peru 2 15 6,810 54,200 19,400 177,000 -- -- 26,200 231,000

 South Africa -- -- 5 38 5,420 48,900 -- -- 5,420 48,900

 St. Vincent and the

 Grenadines -- -- -- -- -- -- -- -- -- --

 Switzerland -- -- -- -- 5,120 42,500 -- -- 5,120 42,500

 Taiwan -- -- -- -- -- -- -- -- -- --

 Ukraine -- -- -- -- 407 3,360 -- -- 407 3,360

 United Kingdom -- -- 3,120 30,600 10,900 102,000 -- -- 14,100 132,000

 Other 1 13 190 1,760 827 8,040 2 15 1,020 9,840

 Total 117 1,130 24,700 210,000 196,000 1,790,000 133 1,760 221,000 2,000,000

See footnotes at end of table.
TABLE 5--Continued

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

Waste and scrap Metal powder Gold compounds

Quantity Value Quantity Value Quantity Value

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

1998 16,700 $102,000 12,800 $120,000 9,820 $50,000

1999:

 Algeria -- -- -- -- -- --

 Argentina -- -- -- -- -- --

 Australia 18 166 6 48 -- --

 Austria -- -- -- -- -- --

 Belgium 319 3,650 -- -- -- --

 Bolivia 71 405 -- -- -- --

 Brazil 2 17 -- -- -- --

 Canada 5,420 16,700 5,150 45,800 -- --

 Chile 2 17 -- -- -- --

 China 251 2,340 -- -- -- --

 Colombia 2,020 13,700 -- -- 7,020 56,600

 Costa Rica 2,200 4,920 -- -- -- --

 Dominican Republic 12,100 28,700 (4/) 5 -- --

 Ecuador 241 989 -- -- -- --

 France 76 619 -- -- -- --

 Germany 69 129 61 626 1,170 265

 Honduras 4 10 -- -- -- --

 Japan 84 57 1 12 724 384

 Korea, Republic of 1,490 967 -- -- -- --

 Malaysia 422 3,950 -- -- -- --

 Mexico 4,540 11,500 139 1,180 -- --

 Netherlands Antilles -- -- -- -- -- --

 Nicaragua -- -- -- -- -- --

 Norway -- -- 71 541 -- --

 Panama 266 1,460 -- -- -- --

 Peru 144 1,460 -- -- -- --

 South Africa 15 200 -- -- 348 1,770

 St. Vincent and the

 Grenadines 317 208 -- -- -- --

 Switzerland 2 23 22 215 13 103

 Taiwan 63 142 -- -- 1 8

 Ukraine -- -- -- -- -- --

 United Kingdom 10 86 3 34 52 93

 Other 281 1,630 55 210 82 472

 Total 30,500 94,100 5,500 48,700 9,400 59,700

-- Zero.

1/ Data are rounded to no more than 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: U.S. Census Bureau.
TABLE 6

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

(Kilograms)

Country 1995 1996 1997 1998 1999 e/

Argentina 837 723 2,289 20,400 r/ 38,515 3/

Armenia e/ 300 244 3/ 500 350 400

Australia 253,504 289,530 314,500 310,070 r/ 302,580 3/

Belize e/ 5 5 5 6 6

Benin e/ 300 300 500 500 500

Bolivia 14,405 12,634 13,292 14,444 r/ 11,787 3/

Botswana 86 5 28 1 r/ 1

Brazil 4/ 64,424 60,011 58,488 49,567 r/ 40,900 3/

Bulgaria 3,100 e/ 3,390 e/ 1,020 r/ 1,213 r/ 1,500

Burkina Faso e/ 3,000 5/ 4,000 5/ 1,450 1,100 r/ 2,700

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

Burma 369 r/ 241 r/ 388 r/ 410 r/ 382 3/

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

Canada 152,032 166,378 171,479 165,599 r/ 158,275 p/

Central African Republic e/ 97 3/ 90 90 100 100

Chile 44,585 53,174 49,459 44,980 45,663 3/

China e/ 140,000 145,000 175,000 178,000 170,000

Colombia 21,136 22,073 18,811 18,813 19,000

Congo (Brazzaville) e/ 12 10 10 10 10

Congo (Kinshasa) e/ 6/ 10,000 r/ 8,200 r/ 9,600 r/ 4,800 r/ 4,000

Costa Rica 400 e/ 510 e/ 502 r/ 483 r/ 300

Cote d'Ivoire 1,983 1,883 5/ 2,419 5/ 3,400 r/ 3,200

Cuba e/ 184 3/ 250 250 1,000 1,000

Dominican Republic 3,281 3,659 2,349 1,424 651 3/

Ecuador e/ 5/ 7,410 7,208 3/ 3,070 3,500 r/ 4,000

El Salvador -- -- 110 98 100

Eritrea 59 98 350 573 r/ 500

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

Fiji 3,496 4,452 4,671 r/ 3,690 r/ 4,500

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

France 4,615 5,651 4,350 4,500 e/ 5,000

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

Gabon e/ 8/ 70 70 70 70 70

Georgia e/ 500 500 700 700 2,000

Ghana 53,087 49,211 54,662 r/ 72,540 r/ 81,000

Guatemala e/ 30 30 100 100 50

Guinea 7,863 6,838 7,100 r/ 11,700 r/ 13,300

Guyana 9,005 12,006 13,521 13,500 e/ 13,500

Honduras e/ 110 142 3/ 150 150 150

India 9/ 2,203 2,449 2,750 r/ 2,383 r/ 2,400

Indonesia 10/ 64,031 r/ 83,564 r/ 86,927 r/ 124,018 r/ 130,000

Iran 630 r/ 640 r/ 684 r/ 822 r/ 800

Japan 9,185 8,627 8,384 8,601 9,405 3/

Kazakhstan e/ 18,200 12,500 18,700 r/ 18,000 r/ 22,000

Kenya 170 e/ 300 e/ 440 r/ 388 r/ 400

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

Korea, Republic of 9/ 13,418 14,096 14,852 22,822 25,730 3/

Kyrgyzstan e/ 850 1,500 17,400 3/ 22,000 20,000

Liberia e/ 800 700 500 800 r/ 1,000

Madagascar e/ 38 3/ 50 50 50 50

Malaysia 3,162 r/ 2,830 4,487 r/ 3,394 r/ 3,449 3/

Mali e/ 7,800 8,400 18,400 r/ 22,800 r/ 25,700

Mauritania 1,196 189 -- -- --

Mexico 20,292 24,477 26,001 25,427 22,477 p/

Mongolia 4,504 6,976 8,451 r/ 10,040 r/ 10,038 3/

Morocco 580 482 450 e/ 450 e/ 450

Mozambique 6,800 67 6 r/ 17 r/ 20

Namibia 2,394 2,145 2,417 r/ 1,882 r/ 2,100

New Zealand 12,132 11,879 r/ 11,359 r/ 7,700 r/ e/ 7,100

Nicaragua 1,316 1,500 r/ 2,562 r/ 3,834 r/ 2,700

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

Nigeria e/ 5 6 6 10 10

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

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

(Kilograms)

Country 1995 1996 1997 1998 1999 e/

Oman 591 576 575 575 e/ 575

Panama 1,100 e/ 834 1,202 1,500 r/ e/ 1,500

Papua New Guinea 53,405 51,119 45,418 r/ 64,106 r/ 61,293 3/

Peru 11/ 57,744 64,788 76,361 94,215 r/ 128,088 3/

Philippines 27,144 31,800 33,800 e/ 34,038 r/ 31,027 3/

Poland 510 598 435 r/ 600 e/ 600

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

Russia 132,170 123,000 115,000 e/ 114,000 r/ 125,870 3/

Rwanda e/ 26 25 25 20 20

Saudi Arabia 8,080 7,530 r/ 7,260 r/ 9,000 r/ 9,000

Senegal e/ 550 600 550 600 400

Serbia and Montenegro e/ 3,040 3/ 3,000 3,000 2,684 r/ 1,260

Sierra Leone 12/ 4 16 10 e/ 15 r/ 30

Slovakia 518 540 458 340 r/ 300

Solomon Islands 25 25 e/ 25 e/ 1,035 r/ 3,000

South Africa 523,809 496,846 491,680 464,391 r/ 449,472 3/

Spain 4,131 2,763 1,824 3,295 r/ 3,600

Sudan e/ 3,700 4,500 5,000 5,000 6,000

Suriname e/ 300 300 300 300 300

Sweden 6,528 6,145 r/ 6,777 r/ 5,944 r/ 4,400 3/

Taiwan 9/ 11 11 9 10 e/ 9

Tajikistan 1,000 e/ 1,100 e/ 2,550 3,000 2,700

Tanzania 320 318 300 720 r/ 6,100

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

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

United States 317,000 326,000 362,000 366,000 341,000 3/

Uruguay e/ 900 1,000 2,800 r/ 1,985 r/ 3/ 2,000

Uzbekistan e/ 65,000 72,000 81,700 80,000 3/ 85,000

Venezuela 7,110 11,719 22,322 7,248 10,000

Vietnam 72 1,000 1,000 1,000 e/ 1,000

Zambia 14/ 91 119 290 765 r/ 740

Zimbabwe 23,959 24,772 24,156 25,175 29,700

 Total 2,230,000 r/ 2,300,000 r/ 2,450,000 r/ 2,520,000 r/ 2,540,000

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

1/ World totals, U.S. data, and estimated data are rounded to no more than three significant digits; may not add to totals shown.

2/ Table includes data available through August 11, 2000.

3/ Reported figure.

4/ Officially reported figures are as follows, in kilograms: Major companies: 1995--40,951; 1996--41,142; 1997--41,062; 1998--37,307 

(revised); and 1999--37,800. Garimpos 1995--23,473; 1996--18,869; 1997--17,426; 1998--11,780 (revised); and 1999--3,100.

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.