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GOLD

By Errol D. Sehnke

Total world gold mine production remained essentially electrical/electronics circuitry, accounted for another one-fifth

unchanged in 1995 and well within 1% of the all-time high, to one-fourth, and the remainder--between 5% and 10%--was

reached in 1993. Despite a moderate decline in production, used in dental work. Nearly all U.S. jewelry manufacturing was

South Africa remained the world's largest gold-producing centered in the New York, NY, and Providence, RI, areas; other

nation, followed by the United States, which has been the concentrations of these businesses were in California, Florida,

second largest producer since 1991 when its production, for the and Texas. 

first time in nearly five decades, surpassed that of the former According to the World Gold Council, 1995 marked the

Soviet Union. Nevada alone produced two-thirds of domestic fourth consecutive year of sales increases for gold jewelry in the

production; the other one-third came from 13 other States. United States. Total U.S. gold jewelry sales reached $11.8

Although most domestic gold mines were surface or open pit billion, up 4.4% from that of 1994. Dollar and unit sales

operations, conversion to underground methods continued to reportedly exceeded 1994 levels in every month of 1995.

advance as more near-surface deposits reached depletion. Some Trade in refined bullion comprised 80% of U.S. gold imports

of the deeper deposits, accessible only by underground methods, and 65% of exports; net exports of bullion fell to 166,000 tons,

contain higher grade sulfide ores that require more extensive down 30% from the 1994 level. Canada provided more than

processing than the oxidized ores encountered in most one-half of the bullion imported, and Switzerland was the

near-surface operations. Along with this shift in ore types and destination for nearly one-half of the bullion exported.

the related maturing of the U.S. gold mining industry, there has The dollar price for gold remained listless throughout the

also been a trend toward a smaller total number of operating year. The Engelhard Industries’ daily price of gold ranged from

gold mines, but with an associated shift to larger capacity a low of about $373 per troy ounce on January 9 to a high of

mining operations; i.e., fewer but larger gold mines. Although nearly $397 on April 19, 1995. The average for the year, to the

the majority of the Nation's gold mines were in Western States, nearest dollar, was $386. The previous year's prices ranged

several were in operation in two States east of the Mississippi from about $370 to $398 and averaged $385.

River. Gold also was produced at a dozen or more large placer In November, a shortage of physical gold on financial

mines, nearly all in Alaska, and numerous small placer mines, markets developed that doubled the cost of borrowing the metal,

mostly in Alaska and Western States. A minor amount of temporarily sending the short-term lease rate for gold to an

domestic gold also was produced as a byproduct of processing alltime high of 6%. Typically, lease rates are well below 1%,

the ores of base metals, principally copper. Twenty-five mines but in mid-November 1995 they had crept slowly but steadily

yielded 80% of the gold produced in the United States. The higher to end the month at the new historical high. It appeared

value of U.S. gold mine production in 1995 was nearly $4 traders had perceived that the supply of gold immediately

billion. available to financial markets was severely restricted, at a time

Domestic gold exploration activity, which peaked during the when demand for hedging had reached unusually high levels.

late 1980's, continued to decline as mining companies pursued Identified world gold resources at yearend 1995 were

opportunities in other countries. In several Latin American estimated by the U.S. Geological Survey (USGS) at 75,000

nations, for example, favorable geology, combined with tons, of which 15% to 20% was byproduct resources. The

liberalized mining regulations, continued to attract U. S. and world reserve base was estimated at 61,000 tons and reserves at

other foreign gold exploration and development investment. 44,000 tons. South Africa had approximately one-half of the

This focus on overseas exploration and development targets by resources and reserve base and 41% of the reserves. The

U.S. companies was also directed toward various areas in the United States had about 12% of world resources, 10% of the

southwestern Pacific, Western Africa, and the newly reserve base, and 12% of the reserves.

independent republics of the former Soviet Union. Of an estimated 119,000 tons of gold mined in historical

In addition to newly mined gold, an estimated 150,000 metric times through 1995, about 15% is thought to have been lost,

tons of secondary gold was reclaimed from new (manufacturing) used in dissipative industrial uses, or otherwise unaccounted for

and old (postconsumer) scrap and waste. or unrecoverable. Of the remaining 102,000 tons, about 35,000

Commercial-grade refined gold was produced by tons is official stocks held by central banks and about 67,000

approximately two dozen domestic producers. A few dozen tons is privately held as bullion, coin, and jewelry.

companies, out of several thousand companies and artisans,

dominated the fabrication of gold into marketable products.

Jewelry accounted for between two-thirds and three-fourths of

gold fabricated domestically. Industrial uses, mainly in Domestic mine production data for gold are developed by the

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Production
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USGS from two separate, voluntary surveys of U.S. operations. million senior term loan to be used for Fort Knox development

One of these surveys is the production survey of copper, gold, and retirement of certain existing company debt.

lead, silver, and zinc lode mines. Of the lode gold producers in In southeastern Alaska, substantial work continued on

operation to which a survey request was sent, 116 responded, permitting two major gold projects, Coeur-Alaska's Kensington

representing 94% of the total gold shown in tables 1 and 2. The development property and Echo Bay Mines Alaska Inc.'s

individual company production and performance data cited in Alaska-Juneau Mine, both located near Juneau. Echo Bay sold

this report were derived from published sources, such as its 50% interest in the Kensington project to Coeur d'Alene

company annual reports. Mines Corp. during 1995, making Coeur the sole owner of the

Of the total gold produced during 1995, 92% was extracted project. In addition, Greens Creek Mining Co., a Kennecott

from gold ore while the remainder was derived from base-metal Corp. subsidiary, announced in November that it would invest

and other precious-metal ores and from placer deposits. By $87 million to bring the Greens Creek polymetallic

comparison, similar data assembled for 1980 indicated that gold (zinc-silver-gold-lead) mine on Admiralty Island, which was

ores provided 63% of the total gold produced and the remainder, mothballed in 1993, back into production by January 1997.

37%, was derived from base-metal and other precious-metal

ores and placers. In both years, 1980 and 1995, the contribution

from placer mines amounted to less than 2% of the total gold

produced.

Alaska.—Gold developments in Alaska during 1995 were FMC Gold's Royal Mountain King Mine in Calaveras County.

summarized in a report on Alaskan mining activity prepared by Both mines were located in the State's Mother Lode Belt in the

Alaska's State Division of Geology and Geophysical Surveys western foothills of the Sierra Nevada. California's largest gold

(DGGS), in cooperation with the Alaska Department of mine, the McLaughlin Mine of Homestake Mining Co.,

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Commerce and Economic Development. The DGGS reported processed oxide and sulfide ore mined by open pit methods to

that gold output declined from an estimated 5.7 tons (182,000 recover nearly 7.5 tons (242,000 ounces) of gold in 1995. The

ounces) worth $70.3 million in 1994 to 4.4 tons (142,000 State's second largest gold mine, Santa Fe Pacific Gold Corp.'s

ounces) worth $56.0 million in 1995, or an approximate Mesquite Mine, produced 6.0 tons (193,000 ounces) of gold

decrease in production of 22% and a decline in associated value from open pit operations near Brawley in Imperial County. In

of 20%. The loss of gold production from several large placer eastern Imperial County, Glamis Gold Ltd. continued to produce

mines and the continuing reduction in the number of placer gold by heap- leaching methods at its Picacho Mine and

mining operations Statewide contributed to this decline. conducted further exploration work at its nearby Imperial

Cambior Alaska Inc.'s Valdez Creek Mine, the State's largest Project. An in-house feasibility report for the mine development

gold mine for 12 years, was permanently shut down in project estimated ore reserves, confirmed by an independent

September 1995. According to the DGGS, there were third party, at approximately 46.9 tons (1.5 million ounces) of

approximately 36 fewer placer mines in operation during the contained gold. Glamis, through its wholly owned Rand Mining

year compared with 1994. However, in 1995, the new Co., also produced gold at its Baltic and Yellow Aster Mines

underground Nixon Fork copper-gold mine near McGrath began near Randsburg in Kern County. Other major mines producing

to produce gold during the fourth quarter of the year. Nixon gold in Imperial and Kern Counties during the year included the

Fork Mining Co., the operating subsidiary for Consolidated American Girl Mine and the Cactus Mine.

Nevada Goldfields Co., reported that the project's mill began In eastern San Bernardino County near the

operations on October 1 and the first doré bar was poured at the Nevada-California State line, about 95 kilometers southwest of

mine site on October 22. Las Vegas, NV, the Castle Mountain Mine of Viceroy Resource

Gold exploration, plus the related development and Corp. and MK Gold Co. produced an estimated 5.2 tons

permitting of new gold mines, continued throughout the year at (168,000 ounces) of gold in 1995.

a steady pace. USMX Inc. pursued further development of its Siskon Gold Corp. reportedly commenced gold production

heap-leach gold project at Illinois Creek, about 240 kilometers fromits newly developed San Juan Mine, north of Grass Valley,

southwest of Galena. The company drilled several water wells in Nevada County, in January 1995. The new mine is an

for hydrological baseline studies and constructed a new access underground placer mine employing mechanized loaders to

road linking the planned open pit area with the project's airfield transport blasted gold-bearing gravels to an underground

and campsite. In addition, construction work began in March processing plant that then produces a gold concentrate. Gold is

1995 at Amax Gold's Fort Knox gold project, near Fairbanks, recovered from the raw concentrate by gravity-concentration

with commercial production expected in late 1996. Reserves at methods at a new surface-level processing plant.

the property reportedly exceed 124 tons (4 million ounces) of

contained gold with added potential both laterally and at depth.

Projected annual gold output reportedly will average more than

10.9 tons (350,000 ounces) for the first 5 years and more than

9.3 tons (300,000 ounces) annually for the life of the mine. In

November 1995, Amax Gold announced completion of a $250

California.—Gold production in California reportedly

experienced about a 2% drop in output from the level attained

in 1994. This was apparently due in part to the 1994 closures

of Sonora Mining's Jamestown Mine in Tuolumne County and

Colorado.—In February 1995, Pikes Peak Mining Co.

opened the Cresson Mine in the Cripple Creek District of Teller

County. The new open pit mining operation reportedly had

proven and probable reserves of 70.3 tons (2.3 million ounces)

of contained gold. The company also reported that it had

depleted minable gold and silver reserves at its Globe Hill and
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Ironclad Mines. Both mines were closed and undergoing Mountain deposit had been completed by the end of 1995. The

reclamation in 1995. Mineral Hill Mine reportedly produced nearly 1.1 tons (34,900

Battle Mountain Gold Co., the operator of the San Luis Mine, ounces) of gold for the year. Also in Park County, about 80

Costilla County, reported that the mine produced approximately kilometers east of Mineral Hill, Crown Butte Resources Ltd.

2.2 tons (72,000 ounces) of gold in 1995. The San Luis ore continued to seek permits for its New World project near Cooke

reserves reportedly are expected to be exhausted in the second City. Current plans for the controversial gold, copper, and

quarter of 1997. silver project north of Yellowstone National Park call for

Idaho.—In July 1995, Dakota Mining Corp. received

approval to resume mining operations at the company's wholly

owned Sibnite Mine, located in Valley County. This enabled

Dakota Mining to nearly double its gold production to 1.5 tons

(49,000 ounces) from 0.8 ton (26,000 ounces) in 1994. The

mine reopened following a 2-year shutdown based on

environmental concerns related to the listing of Chinook salmon

as an endangered species under the Endangered Species Act in

1993.

In another development, FMC Gold Co.'s Beartrack project,

near Salmon, in Lemhi County, came on-stream in late summer Nevada.—Nevada continued in its longstanding position as

after cyanide was first applied to the stacked ore at its the Nation's dominant gold-producing State. Fifteen of the

heap-leach pads. Two open pits were being mined at the central Nation's top 25 gold-producing mines during 1995 were in the

Idaho mine site. Silver State.

In late 1995, mining operations at the Grouse Creek gold Barrick Gold Corp. was once again the Nation's largest gold

mine, near Challis, reportedly encountered shortfalls in both ore mining company and reportedly recovered 63.2 tons (2.03

tonnage and grade at the mine's Sunbeam pit. As a result, Hecla million ounces) of gold at its Betze-Post Mine in Eureka County.

began reevaluating the ore body and started to develop a revised Nearby in Elko County, Barrick continued development of its

mine plan to optimize the joint-venture project with its partner, Meikle Mine, a new underground operation scheduled to begin

Great Lakes Minerals. production during the second half of 1996. These Barrick

Montana.—According to an annual review of mining and

mineral developments in the State, prepared by the Montana

Bureau of Mines and Geology, exploration activity remained at 4

high levels throughout the year. Of the mines producing gold in

Montana during the year, three were owned and operated by

Pegasus Gold Inc. They were the Beal Mountain Mine in Silver

Bow County; the Montana Tunnels Mine,a gold, lead, silver, and

zinc mine in Jefferson County; and the Zortman Mine in Phillips

County, the State's largest gold mine in 1995. Their total gold

production during the year amounted to about 8.1 tons (260,000

ounces).

In early February 1995, full production was resumed at

Placer Dome's wholly owned Golden Sunlight Mine near

Whitehall in Jefferson County following the suspension of

milling operations in 1994 because of unstable ground

conditions. Production for 1995 amounted to nearly 2.8 tons

(89,800 ounces) of gold. The company indicated that 1996

would be the last year in the project's mine plan for processing

lower grade ore on the fringe of the Golden Sunlight ore body,

and that higher grade ore would be processed from 1997

onward.

In Park County, TVX Gold Inc. continued production at its

underground Mineral Hill Mine near Jardine and exploration

work at its nearby Crevice Mountain project. In addition,

exploration of the newly discovered Ski Slope zone,

approximately 500 meters downdip from the Mineral Hill ore

zone, added approximately 1.6 tons (50,000 ounces) of gold to

the mine's reserves. About 30% of a 4.3-kilometer access

tunnel being driven from the Mineral Hill Mine to the Crevice

underground mining and ore processing without the use of heapleaching or cyanide recovery methods.

Mining operations were discontinued at Canyon Resource's

Kendall Mine, near Lewistown, when the last tons of new ore

were crushed and placed on the leach pad in January 1995.

The company's Merrill-Crowe zinc-precipitation gold plant at

the mine site was replaced by a carbon-recovery plant during the

year to facilitate continued recovery of gold at lower

concentrations during the rinse-down phase of gold recovery

over the next 2 years.

operations on the Carlin Trend are developed within a

2,800-hectare land holding designated collectively as the

Goldstrike Property. In addition, Barrick's wholly owned

Bullfrog Mine near Beatty, NV, produced nearly 5.5 tons

(176,000 ounces) of gold during the year.

In 1995, Newmont Gold Co. produced 50.8 tons (1.6 million

ounces) of gold from its operations centered in Eureka and Elko

Counties. It was the seventh straight year that Newmont had

produced 46.7 tons (1.5 million ounces) or more from the Carlin

Trend in northeastern Nevada. In May, Newmont marked 30

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

the mid-1960's, with the pouring of its [498th ton] 16 millionth

ounce of gold. The company's extensive operations along the

Carlin Trend include seven open pit mines from which nearly

215 million tons of ore and waste was mined during the year,

accounting for the bulk of Newmont's Carlin Trend production.

The Gold Quarry Mine generated 67% of Newmont's Carlin

area production, up from 62% in 1994. Mining reportedly

began at two new open pit mines in 1995-Lantern and North

Star. In 1996, open pit operations will commence commercial

production at three additional deposits-Beast, Bootstrap, and

Tara. In addition, four underground mines produced 3.8 tons

(123,000 ounces) of gold in 1995, compared with output of just

0.54 ton (17,400 ounces) from two underground mines in 1994.

 To recover gold from the widely varying grades and many types

of ore it is currently mining along the Carlin Trend, Newmont

employs an array of processing methods. In fact, 1995 was the

first full year of operation of the company's $350 million

refractory (sulfidic and carbonaceous) ore treatment plant, or
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roaster, which is reported to be the largest facility of its kind in written down, owing to uncertainties surrounding the possible

the world. It produced 11.0 tons (354,000 ounces) of gold mining of these reserves because of their close proximity to

during the year, up from its 1994 output of 1.4 tons (145,000 sensitive artificial developments. Based on planned production

ounces). All refractory ore from Newmont's underground rates, the remaining permitted reserves at the Golden Reward

operations was processed by the new roaster, and this ore Mine will be depleted by the end of 1996, after which the mine

accounted for approximately 29% of the facility's feed. Another will be kept on a care and maintenance basis until new resources

48% of the company's roaster feed came from the Gold Quarry are permitted.

pit, with the remaining 23% coming from the Post pit. Dakota Mining Corp. continued exploration and permitting

 Northwest of Elko, in Elko County, Independence Mining work at its Anchor Hill oxide deposit on the Gilt Edge property,

Co. and FMC Gold Co. produced about 10.2 tons (328,000 near Deadwood. While permitting was under way, the mine

ounces) of gold at their Jerritt Canyon Mine. To the west, in began processing stockpiled sulfide ore in July to offset standby

Humboldt County, Santa Fe Pacific Gold Corp. recovered 13.2 costs. A total of about 519,000 tons of sulfide material was

tons (424,000 ounces) of gold at its Twin Creeks Mine and crushed and leached, recovering nearly 0.3 ton (10,000 ounces)

about 7.1 tons (228,000 ounces) at its Lone Tree Mine to the of gold. Leaching of gold from this ore continued into 1996.

south, near Valmy. Both operations are open pit mines where

gold was recovered by milling and heap-leaching methods. At

the nearby Getchell Mine, FirstMiss Gold Inc. commenced

underground production on May 1, as production from the open

pit operations ended in July. By yearend, the FirstMiss

underground mining operation had reached an average

production rate of about 910 tons per day of ore. Other gold

mines in Humboldt County include the Hycroft (formerly the

Crofoot/Lewis), Marigold , Pinson , and Sleeper Mines.

Production from the Sleeper gold mine decreased during the

year, with completion of mining scheduled to occur in 1996.

South of and parallel to the Carlin Trend, the Battle

Mountain/Eureka Trend runs from southeastern Humboldt

County southeast through Eureka in Eureka County. Gold

mining operations along this trend include the Battle Mountain

Complex of Battle Mountain Gold Co. in Lander County, the

McCoy/Cove gold and silver property of Echo Bay Mines Ltd.,

the Cortez Gold Mine Joint Venture's Cortez Mine, and Alta

Gold Co.'s Easy Junior Mine in White Pine County.

Considerable exploration activity continued to be focused on the

Pipeline, Ruby Hill, and several other recent discoveries along

the Battle Mountain/Eureka Trend in Lander and Eureka

Counties.

At Round Mountain, approximately 95 kilometers north of

Tonopah in north-central Nye County, the Smokey Valley

Common Operation at the Round Mountain Mine produced

approximately 10.7 tons (344,000 ounces) of gold during the

year. 

South Dakota.—Homestake Mining Co. 119-year-old demand, Gold Fields Mineral Services Ltd. (GFMS) calculated

Homestake Mine was again the Nation's largest underground that the total global supply of gold in 1995 was 3,620 tons (116

gold mine, the largest gold-producing mine in South Dakota, million ounces) compared with the previous year's total supply

and the fifth largest gold-producing mine in the country. During of 3,360 tons (108 million ounces). The two principal

the year, the mine at Lead, a nearly 2.5-kilometer-deep components of gold supply, mine production and old gold scrap,

operation with associated surface mining, yielded about 12.5 recorded only minor changes in 1995. However, beyond these

tons (403,000 ounces) of gold at a reported cash production cost areas of slight change were several significant developments

of $292 per ounce. within individual components of the supply-demand balance for

Wharf Resources Ltd. continued to operate two open pit gold the year. The most consequential of these developments was

mines near Lead (the 100%-owned Wharf Mine and the the record increase in producer hedging, and forward selling in

60%-owned Golden Reward Mine) in 1995. The Wharf Mine particular, that occurred in 1995. Australian and North

produced approximately 3.0 tons (97,000 ounces) of gold and American gold producers were the principal users of these

the Golden Reward Mine about 1.5 tons (48,000 ounces). In forward sales instruments, but later in the year several South

December, all of Golden Reward's unpermitted reserves were African companies also started using hedging transactions. In

Utah.—KennecottCorp.'s Bingham Canyon Mine produced

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 third largest

gold producer in 1995. Kennecott also operated the nearby

Barney's Canyon Mine, an open pit and heap-leaching operation.

Barrick Gold Corp.'s open pit Mercur Mine in Tooele

County, Utah's largest primary gold producer, recovered

approximately 3.2 tons (102,000 ounces) of gold during 1995.

Mercur currently has a 4-year life remaining and is expected to

commence closure activities in 1999 following depletion of all

open pit reserves and reclamation of tailings from earlier mining

operations.

USMX Inc. reported that its Goldstrike Mine in Washington

County produced about 0.2 ton (6,270 ounces) of gold. Actual

mining at this southwest Utah gold property had been

terminated in late 1994. Reclamation of remaining mining

disturbances and residual gold production from ore in place on

Goldstrike heaps was continued in 1995.

World Review

After 15 consecutive years of growth through 1993, world

gold mine production in 1994 and 1995 remained essentially

unchanged from 1993's record-high level. Increasing

production from mines in developing countries was just enough

to offset a continuing sharp decline in gold output from South

Africa. According to its annual review of world gold supply and

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addition, it was the associated demand for borrowed gold that yearend 1995 should result in a continuation of this gradual

drove the gold leasing rate up to record levels in late November recovery of production to levels seen prior to the decline,

1995. With mine and scrap supply essentially static, it was according to a review of Canadian gold developments prepared

once again, as in 1994, the mobilization of official reserves that by Natural Resources Canada. Canada retained its position as

provided the growth in supply throughout 1995. the world's fourth largest gold producer. In 1995, gold was

On the demand side, Gold Fields reported that the total produced at about 50 primary gold mines; these accounted for

amount of gold used in the fabrication of marketable products 88.3% of the total gold output. Base metal mines and placer

rose by 6% to a record 3,260 tons (105 million ounces) in 1995. mines accounted for 8.1% and 3.6%, respectively, of the

Strong demand reportedly occurred in all fabrication markets, remainder. A total of seven gold mines commenced operation

with the main increases coming from jewelry, official coins, and in 1995, while one mine shut down during the year. Canada's

electronic products. The total worldwide demand for gold used principal gold-producing regions, in descending order of output,

in the fabrication of jewelry products rose by 5.6%, to 2,750 were the Provinces of Ontario, Quebec, British Columbia, and

tons (88 million ounces), in 1995. The second largest the Northwest Territories. Gold was also produced in Alberta,

fabrication sector, electronic products, rose even more strongly, Manitoba, New Brunswick, Newfoundland, Saskatchewan, and

with a jump of approximately 8% to 209 tons (about 7 million Yukon Territory.

ounces). Worldwide, the use of gold in other demand sectors

such as dentistry, medals and imitation coins, and other

industrial and decorative applications also recorded gains. The

use of gold in the minting of official coins rose by more than

27% on a worldwide basis from the 1994 level. GFMS's data

on various facets of the gold investment sector indicated that

purchases of physical gold outweighed sales in 1995. This was

in contrast to 1994, when investors and speculators disposed of

about 181 tons of gold that they had built up in 1993. 

With regard to gold exploration, the Metals Economics

Group, of Halifax, Nova Scotia, determined from its annual

survey of worldwide exploration budgets for 154 companies that

the percentage of overall exploration expenditures directed to

gold targets rose to 58.5% in 1995, the highest level devoted to

gold since 1989.6

Australia.—Australian gold production declined slightly in these factors were an unstable economy, conflicts with

1995; however, Australia managed to retain its position as the small-scale miners, uncertain mining laws, and Government

world's third largest gold-producing nation. Of the approx- restrictions on gold sales. 

imately 254 tons (8.15 million ounces) of gold produced in Gold production in Brazil, still Latin America's largest

1995, Western Australia, Queensland, and the Northern gold-producing nation, increased slightly despite a decline in the

Territory accounted for about 75%, 11%, and 7%, respectively. informal sector output, as easily worked surface and placer

Western Australia's production was derived principally from deposits were being mined out by independent gold miners or

mining operations located near Kalgoorlie. Other Australian "garimpeiros." In the formal sector, after 161 years, Mineraçao

gold-producing States, in descending order of output, were New Morro Velho suspended gold production at its 2,300-meter deep

South Wales, Victoria, South Australia, and Tasmania. Mina Grande Mine, near Nova Lima in the State of Minas

A number of gold mines were under development or Gerais. During 1995, production by the State-owned

expanding capacity and several new mines began production Companhia Vale Rio Doce , Brazil's largest gold producer,

during the year. In Western Australia, for example, the Resolute reached 16.3 tons (524,000 ounces) of gold. Presently, the

Samantha Group and its partners commenced production at the Igarapé Bahia Mine, located in the Carajás Mineral District,

Chalice Mine, and Eagle Mining NL and its associates poured State of Pará, is the company's largest gold mine, with an annual

the first gold in late December at the Nimary Mine, near Wiluna production rate of 10 tons (322,000 ounces) of gold.

in the Yandal greenstone belt. In addition, Great Central Mines The second half of 1995 saw the startup of several significant

NL started operations during late 1995 at its Jundee Mine in precious metals mines in Chile, including Dayton Mining's

Western Australia. Andacollo gold mine, the gold-silver Fachinal mining operation

Australian exploration expenditures continued to increase in managed by Coeur d'Alene, and Barrick Gold's Tambo gold

1995, confirming the opinion that the Native Title Act had not mine.

and would not force the mining industry to abandon Australia, Total gold output dropped in Guyana owing to the temporary

as some financial analysts had previously predicted. closure of the Omai gold mine in August 1995 after the failure

Canada.—In 1995, Canada's gold production managed to

rebound slightly, reversing the downward trend of the previous

three consecutive years. New mines under development at

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Latin America.—Gold production in this part of the world

rose by 10%, to about 270 tons (8.67 million ounces), in 1995.

Interest continued to increase throughout the year in gold

exploration opportunities, new mine development projects, and

expanded production at existing mines across Latin America.

Much of the region's exploration activity was focused in Brazil,

Chile, Mexico, Peru, and to a lesser extent Argentina, Ecuador,

and Venezuela. A change in Brazil's Constitution relaxing the

restrictive rules on foreign ownership within the mining sector

contributed to the country's rapid rise in favor as an attractive

gold exploration target. In 1995, French Guiana and Venezuela

were two countries in the region where gold exploration did not

reach the levels of previous years. In the case of Venezuela, a

number of unfavorable elements combined to lower the

country's appeal with international investors. Central among

of a tailings pond wall, which resulted in the release of several

million cubic meters of cyanide-bearing effluent into the nearby

Omai and Essequibo Rivers. The mine remained closed
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throughout the entire second half of the year and reopened again near the Muruntau Mine in the remote Kyzylkum Desert of

in February 1996. Uzbekistan, and by yearend the facility had produced 1.15 tons

In 1995, gold production in Mexico surged more than 5 tons (37,000 ounces) of gold. The project employs a four-stage

(160,000 ounces) compared to that of 1994. During the year, crushing plant, a conveyor stacking system to place finely

both Mexican and foreign mining companies increased the pace crushed ore on a heap-leach pad, and a Merrill-Crowe plant for

of exploration for gold in the States of Baja California, final gold recovery. Feed for the facility is supplied from

Chihuahua, Durango, Guanajuato, Sinaloa, and Sonora. approximately 218 million tons of low-grade ore stockpiled over

The dramatic growth in gold output in Peru that has occurred the past 26 years by the Muruntau Mine, the largest open pit

since 1991 continued at a high level in 1995, based primarily on gold mine in the world.

production from the low-cost, heap-leach Yanacocha Mine in

northern Peru. Yanacocha's expansion continued, with

production exceeding 17 tons (550,000 ounces), making it the

largest gold mining operation in Latin America. There was also

increased production from Peru's informal sector, particularly

from the main gold-producing areas of Madre de Dios and

Juliaca-Puno.

Oceania.—Gold production in Papua New Guinea declined down to 524 tons (16.8 million ounces), the lowest level since

for the third consecutive year, reflecting to some extent the 1956, when only 494 tons (15.9 million ounces) was produced

mining of lower grade ores at two of that nation's larger gold by South African mines.

mines, Placer Pacific Ltd.'s Porgera and Misima Mines. The tonnage and grade of ore milled during 1995 by the

Exploration continued at a number of gold prospects, and in nearly three dozen mines comprising the membership of the

March the Government granted a Special Mining Lease to RTZ Chamber of Mines of South Africa amounted to nearly 99

that opened the way for construction of the Lihir Island Project million tons bearing a gold grade of 4.87 grams per ton (0.142

off the east coast of New Ireland. ounce per short ton); this compares with a similar total tonnage

In Indonesia, gold output was estimated to have risen by of 99 million tons milled by Chamber members in 1994, which

nearly one-half in 1995 and has nearly quadrupled since 1991. was at the higher grade of 5.40 grams per ton (0.158 ounce per

Freeport Indonesia Inc. recovered slightly more than 40 tons short ton).

(1.31 million ounces) of byproduct gold at its Grasberg/Ertsberg The six major corporate groups or "houses" that continued to

copper-gold mine in West Irian, and PT Kelian Equatorial dominate the South African gold-mining industry were as

Mining produced nearly 13.6 tons (437,000 ounces) of gold at follows: The Anglo American Corp. of South Africa Ltd.

the Kelian Mine in East Kalimantan. Gold exploration activities (AAC), Gold Fields of South Africa Ltd., Gencor Ltd.,

continued to increase, especially in Kalimantan, where Canada's Johannesburg Consolidated Investment Co. Ltd., Anglovaal

Bre-X Minerals Ltd., of Calgary, reported a major discovery at Ltd., and Randgold and Exploration Co. Ltd. As in prior years,

its Busang Project that could possibly host several hundred the two largest gold mines in terms of production during 1995

metric tons of gold. were the Freegold and Vaal Reefs, both owned by AAC. The

Gold output in New Zealand rose in 1995 due to production two next largest mines were the Driefontein and Kloof, both

increases from both the Golden Cross and Macraes gold mines. owned by Gold Fields.

On Fiji's Island of Viti Levu, gold production was derived

entirely from the Emperor gold mine, located at Vatukoula. 

Russia and the former Soviet Union.—Of the independent

gold-producing countries resulting from the dissolution of the

U.S.S.R. in late 1991, Russia is by far the largest producer, both

in terms of output and number of operations as well as areal

distribution. The majority of Russia's production derives from

formerly state-owned enterprises and worker's cooperatives,

known as artels, which principally exploit placer deposits

scattered throughout Siberia and the Russian Far East.

Foreign business participation in gold exploration,

development, and mining activity throughout the former Soviet

Union continued to evolve during the year, but at a much slower

pace than previously projected by industry analysts. Numerous

North American, Australian, and European mining companies

continued to pursue joint-venture opportunities in Kazakstan,

Kyrgyzstan, Russia, and elsewhere throughout the former Soviet

Union. On May 25, 1995, the Zarafshan-Newmont Joint

Venture commissioned its $230 million gold recovery project

South Africa.—During the 35 years prior to 1995, gold

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

nation, had ranged from a high of 1,000 tons (32 million ounces)

in 1970 to a low of 580 tons (18.6 million ounces) in 1994. In

1995, problems related to repeated labor disruptions, escalating

costs, and declining ore grades continued to plague South

Africa's gold-mining industry and combined to drive gold output

Outlook

 Gold remains an internationally traded metal but, unlike

most commodities bound by the traditional laws of market

supply and demand, gold also serves as a trusted repository of

wealth, a storehouse of value, held by investors and

Governments alike. In recent years, average annual gold prices

have remained in a rather tight range, and for the short term this

situation is expected to continue. The directionless nature of

recent gold prices and their listless performance has resulted in

a general lack of commitment on the part of Western investors

to physically hold gold. It is expected that the extensive use of

hedging transactions by major gold producers will continue to

temper significant increases in gold prices for the near term.

U.S. Gold Jewelry Retail Sales Annual Report for 1995. World

1

Gold Council, 1995, 20 pp.
7

Where used by itself elsewhere in this report, ounce refers to troy 2

ounce. One kilogram of gold is equivalent to 32.1507 troy ounces.

Bundtzen, T. K., R. C. Swainbank, A. H. Clough, M. W. Henning, 3

and K. M. Charlie. Alaska's Mineral Industry 1995. AK Div. Geol. and

Geophys. Surv. Spec. Rep. 50, Sept. 1996, 72 pp.

McCulloch,R. Annual Review 1995—State Activities: Montana. 4

Min. Eng., v. 48, No. 5, May 1996, pp. 61-63.

Murray, S., P. Klapwijk, T. Sutton-Pratt, P. Walker, and others.

5

Gold 1996. Gold Fields Mineral Services Ltd. (London), May 1996, 64

pp. Gold Bulletin, World Gold Council, New York, Geneva,

Analysis of Worldwide Exploration Expenditures. Strategic Report. 6

Metals Economics Group, Halifax, NS, v. 8, No. 5, Sept.-Oct. 1996,

pp. 1-5.

Couturier, G. Gold. Advance copy of Ch. from Canadian Minerals 7

Yearbook—1995. 18 pp.

OTHER SOURCES OF INFORMATION

U.S. Geological Survey Publications

Gold Ch. in Mineral Commodity Summaries, annual.

Precious Metals. Mineral Industry Surveys, monthly.

Principal Gold-Producing Districts of the United States. U.S.

Geol. Surv. Prof. Paper 610, 1968, 283 pp.

Simons, F.S., and Prins, W.C., 1973; Gold. in Brobst. D.A., and

Pratt, W.P., United States Mineral Resources. U.S. Geol.

Surv. Prof. Paper 820, pp. 263-275.

U.S. Bureau of Mines Publications

World Gold, A Minerals Availability Appraisal. USBM Special

Pub. SP 24-94, 1994. 197 pp.

Mineral Facts and Problems. USBM Bull. 675, 1985, pp.

323-338.

Other Sources

American Metal Market, New York.

Canadian Mines Handbook 1995-96, Southam Inc., Don Mills,

ON.

Engineering and Mining Journal, Chicago.

quarterly.

Gold Notes & Quotes, World Gold Council, New York,

Geneva, monthly.

Gold Technology, World Gold Council, New York, Geneva, 

quarterly.

Jewelers' Circular-Keystone, Radnor, PA.

Mining Journal, London.

Platt's Metals Week, New York.

Randol Mining Directory 1994-95, Randol Intl. Ltd., Golden,

CO.

Strategic Report, Metals Economics Group, Halifax, NS,

bimonthly.

The Mining Record, Englewood, CO.

The Northern Miner, Toronto
TABLE 1

SALIENT GOLD STATISTICS 1/

1991 1992 1993 1994 1995

United States:

 Mine production kilograms 294,000 330,000 331,000 327,000 r/ 320,000

 Value thousands $3,430,000 $3,660,000 $3,840,000 $4,050,000 r/ $396,000

 Gold recovered by cyanidation:

 Extracted in vats, tanks, and closed containers 2/ kilograms 160,000 178,000 177,000 169,000 155,000

 Leached in open heaps or dumps 3/ do. 104,000 120,000 128,000 119,000 124,000

 Refinery production:

 Ores, concentrates and dore do. 225,000 284,000 243,000 241,000 4/ (4/)

 Recycled materials (new and old scrap) do. 153,000 163,000 152,000 148,000 4/ (4/)

 Imports for consumption:

 Refined do. 147,000 141,000 130,000 96,400 111,000

 Exports

 Refined do. 174,000 257,000 658,000 334,000 277,000

 Net deliveries from foreign stocks in

 Federal Reserve Bank of New York do. 61,600 136,000 582,000 217,000 244,000

 Stocks, Dec. 31:

 Industry 5/ do. 39,400 36,700 34,400 32,700 4/ (4/)

 Commodity Exchange (Comex) 6/ do. 49,900 46,500 78,500 49,100 45,400

 Department of the Treasury 7/ metric tons 8,150 8,150 8,140 8,140 8,140

 Volume of U.S. Gold Futures Trading 8/ do. 21,200 18,700 25,500 26,400 24,200

 Department of the Treasury: 9/

 American Eagle gold coin kilograms 13,700 11,100 21,800 10,900 13,900

 Other Numismatic gold coins do. 952 965 2,250 852 1,150

 Consumption in industry and the arts do. 114,000 110,000 91,400 76,100 4/ (4/)

 Apparent demand, refined 10/ do. 307,000 357,000 363,000 294,000 4/ (4/)

 Price: Average per troy ounce 11/ $363.29 $344.97 $360.91 $385.41 $385.50

 Employment, mine and mill only 12/ 15,100 14,800 14,700 14,100 r/ 14,700

World:

 Production, mine kilograms 2,160,000 r/ 2,250,000 r/ 2,270,000 r/ 2,260,000 r/ 2,250,000 e/

 Official bullion reserves 13/ metric tons 35,500 35,100 r/ 34,900 r/ 34,800 r/ 34,600

e/ Estimated. r/ Revised. 

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/ Data under review.

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

6/ Comex division of New York Mercantile Exchange.

7/ Includes gold in Exchange Stabilization Fund.

8/ Comex only.

9/ Sales to market in fiscal year 1990; thereafter, bullion disbursements to U.S. Mint coin programs. Fiscal year begins Oct. 1, of year prior to year indicated.

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

Reserve Bank + 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 Industries quotation.

12/ Data from Mine Safety and Health Administration.

13/ Held by central banks and 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 1994 1995

Alaska 2/ 5,660 r/ 4,410

Arizona 2,050 r/ 1,920

California 30,100 26,200

Colorado 4,420 W

Idaho W 8,850

Montana 12,600 12,400

Nevada 214,000 213,000

Washington 7,410 W

Other States 3/ 50,600 r/ 53,700

 Total 327,000 r/ 320,000

r/ Revised. W Withheld to avoid disclosing company proprietary data; included

with "Other States."

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

2/ Production data collected by the State. 

3/ Includes New Mexico, Oregon (1994), South Carolina, South Dakota, Utah,

Wisconsin, and States indicated by symbol "W."

TABLE 3

TWENTY-FIVE LEADING GOLD-PRODUCING MINES IN THE UNITED STATES IN 1995, IN ORDER OF OUTPUT

 Rank Mine County and State Operator Source of gold

1 Goldstrike Eureka, NV Barrick Gold Corp. Gold ore.

2 Carlin Mines Complex do. Newmont Gold Co. Do.

3 Bingham Canyon Salt Lake, UT Kennecott-Utah Copper Corp. Copper ore.

4 Twin Creeks Humboldt, NV Santa Fe Pacific Gold Corp. Gold ore.

5 Homestake Lawrence, SD Homestake Mining Co. Do.

6 Smokey Valley Common Operation Nye, NV Round Mountain Gold Corp. Do.

7 Jerritt Canyon (Enfield Bell) Elko, NV Independence Mining Co. Do.

8 McCoy and Cove Lander, NV Echo Bay Mines Do.

9 McLaughlin Napa, CA Homestake Mining Co. Do.

10 Lone Tree Humboldt, NV Santa Fe Pacific Gold Corp. Do.

11 Mesquite Imperial, CA do. Do.

12 Getchell Humboldt, NV FirstMiss Gold Do.

13 Bullfrog Nye, NV Barrick Gold Corp. Do.

14 Castle Mountain San Bernardino, CA Viceroy Gold Corp. Do.

15 Denton-Rawhide Mineral, NV Kennecott Rawhide Mining Co. Do.

16 Battle Mountain Complex Lander, NV Battle Mountain Gold Co. Do.

17 Kinsley Elko, NV Alta Gold Co. Do.

18 Florida Canyon Lander, NV Pegasus Gold Inc. Do.

19 Ridgeway Fairfield, SC Kennecott Ridgeway Mining Co. Do.

20 Cortez Lander, NV Placer Dome (U.S.) Inc. Do.

21 Zortman-Landusky Phillips, MT Pegasus Gold Inc. Do.

22 Black Pine Cassia, ID do. Do.

23 Mercur Tooele, UT Barrick Gold Corp. Do.

24 Kettle River Ferry, WA Echo Bay Mines Do.

25 Hycroft Humboldt, NV Granges Inc. Do.
TABLE 4

U.S. EXPORTS OF GOLD, BY COUNTRY 1/ 2/

Ores and concentrates 3/ Dore and precipitates Refined bullion Total Waste and scrap

Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value

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

1994 462 $3,780 60,600 $677,000 334,000 $4,060,000 395,000 $4,740,000 76,300 4/ $745,000

1995:

 Argentina -- -- -- -- 598 7,610 598 7,610 -- --

 Belgium -- -- -- -- -- -- -- -- 1,630 20,400

 Canada 342 3,430 8,340 83,700 2,120 25,400 10,800 113,000 38,700 272,000

 China -- -- -- -- 289 3,730 289 3,730 -- --

 France -- -- 20,500 254,000 -- -- 20,500 254,000 14,200 187,000

 Germany -- -- 513 7,030 9,150 118,000 9,670 125,000 5,760 70,700

 Hong Kong -- -- -- -- 36,900 456,000 36,900 456,000 13 122

 Israel -- -- -- -- 178 1,880 178 1,880 25 293

 Italy -- -- -- -- 123 888 123 888 369 4,630

 Japan -- -- 50 564 17,500 215,000 17,500 215,000 74 862

 Korea, Republic of -- -- -- -- 8,570 106,000 8,570 106,000 61 756

 Mexico -- -- 151 1,890 3,630 40,000 3,780 41,900 2 15

 Netherlands -- -- 1 5 848 10,100 849 10,200 3 30

 Peru -- -- 8 99 692 8,620 700 8,720 -- --

 Singapore -- -- -- -- 331 3,640 331 3,640 8 99

 Sweden -- -- -- -- 2 11 2 11 2,740 41,600

 Switzerland -- -- 19,300 239,000 133,000 1,590,000 153,000 1,830,000 8,360 58,400

 Taiwan 9 49 -- -- 17,000 210,000 17,000 210,000 1 5

 Turkey -- -- -- -- 338 4,020 338 4,020 -- --

 United Arab Emirates -- -- -- -- 129 1,540 129 1,540 2 21

 United Kingdom -- -- 20,700 254,000 45,500 559,000 66,200 813,000 10,400 104,000

 Other 1 3 47 385 182 2,110 230 2,500 54 530

 Total 352 3,480 69,700 841,000 277,000 3,360,000 347,000 4,210,000 82,400 762,000

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

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

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

4/ Verification of Bureau of the Census export quantities was not possible for some months of 1994. Quantities shown are rounded estimates derived by dividing dollar values, which are believed to be

accurate, by an estimated value for waste and scrap of $9,400 per kilogram. 

Source: Bureau of the Census.
TABLE 5

U.S. IMPORTS FOR CONSUMPTION OF GOLD, BY COUNTRY 1/ 2/

Ores and concentrates 3/ Dore and precipitates Refined bullion Total Waste and scrap

 Year and country Quantity Value Quantity Value Quantity Value Quantity Value Quantity Value

(kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands) (kilograms) (thousands)

1994 2,250 27,300 15,100 174,000 96,400 1,180,000 114,000 1,380,000 21,800 111,000

1995:

 Argentina -- -- -- -- 1,850 23,300 1,850 23,300 330 5,650

 Bolivia -- -- -- -- 831 10,700 831 10,700 93 949

 Brazil -- -- -- -- 11,400 142,000 11,400 142,000 1 9

 Canada 32 308 3,940 40,800 58,500 719,000 62,500 760,000 1,360 15,600

 Chile 448 5,440 926 9,240 8,870 110,000 10,200 125,000 122 1,940

 China -- -- -- -- -- -- -- -- 102 1,330

 Colombia -- -- 104 1,090 12,000 143,000 12,100 144,000 -- --

 Costa Rica -- -- -- -- 42 333 42 333 892 4,730

 Dominican Republic -- -- 1,440 1,550 242 1,770 1,680 3,320 4,100 27,300

 Ecuador -- -- -- -- 759 8,420 759 8,420 143 939

 Estonia -- -- -- -- -- -- -- -- 90 1,100

 Guyana -- -- 70 795 589 7,700 659 8,500 179 2,020

 Malaysia -- -- -- -- -- -- -- -- 625 3,070

 Mexico 4,370 46,200 2,850 36,000 3,720 45,800 10,900 128,000 2,120 13,400

 Nicaragua -- -- -- -- 430 5,310 430 5,310 78 194

 Panama -- -- 468 2,820 261 2,640 729 5,460 176 1,290

 Peru 170 1,860 4 53 158 1,910 332 3,830 689 7,550

 Russia 2 13 20 235 96 1,040 118 1,290 140 1,790

 South Africa -- -- -- -- 1,070 13,300 1,070 13,300 53 43

 Suriname -- -- -- -- 925 11,700 925 11,700 1,750 22,300

 Switzerland -- -- -- -- 3,180 38,100 3,180 38,100 1 15

 Taiwan -- -- -- -- -- -- -- -- 256 2,930

 Trinidad and Tobago -- -- -- -- -- -- -- -- 253 3,410

 United Kingdom -- -- -- -- 4,410 55,600 4,410 55,600 24 245

 Venezuela -- -- -- -- 1,300 15,600 1,300 15,600 91 918

 Other -- -- 1 10 406 4,900 407 4,910 778 3,810

 Total 5,020 53,900 9,820 92,600 111,000 1,360,000 126,000 1,510,000 14,400 123,000

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

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

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

Source: Bureau of the Census.
TABLE 6

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

(Kilograms)

Country 1991 1992 1993 1994 1995 e/

Argentina 1,725 1,106 937 1,000 e/ 1,100

Armenia e/ XX 500 200 r/ 100 r/ 100

Australia 234,218 243,000 e/ 247,196 256,188 253,504 3/

Belize e/ 5 5 2 5 r/ 5

Bolivia 3,501 4,688 10,423 12,838 14,405 3/

Botswana 20 165 192 248 r/ 86 3/

Brazil 4/ 89,578 85,862 74,219 70,535 r/ 72,000

Bulgaria e/ 2,000 2,000 2,000 2,000 2,000

Burkina Faso e/ 5,600 5,400 5,000 6,000 6,000

Burundi e/ 25 32 20 20 10

Cameroon e/ 10 10 10 560 r/ 3/ 560 3/

Canada 176,552 161,402 152,929 146,428 r/ 150,273 3/

Central African Republic 176 155 700 r/ e/ 700 r/ e/ 700

Chile 28,879 33,774 33,638 38,786 r/ 39,180 3/

China e/ 120,000 125,000 r/ 130,000 r/ 132,000 r/ 140,000

Colombia 34,844 32,118 27,472 r/ 20,762 r/ 21,160 3/

Congo 12 5 5 e/ 5 e/ 5

Costa Rica e/ 550 550 600 358 r/ 3/ 500

Cote d'Ivoire 1,800 r/ 2,800 r/ 3,100 r/ 2,900 r/ 3,200

Dominican Republic 3,082 r/ 3,813 r/ 366 r/ 595 r/ 3,288 3/

Ecuador 5/ 12,200 12,300 r/ 12,500 r/ 13,000 r/ 15,500

Eritrea XX XX XX 78 59

Ethiopia 6/ 3,038 2,224 3,387 2,370 r/ 4,500 3/

Fiji 2,743 3,701 3,784 3,440 3,775 3/

Finland 2,240 r/ 1,595 1,385 r/ 1,372 r/ 1,400

France 4,612 2,910 r/ 3,735 r/ 4,009 r/ 4,000

French Guiana (Guyane) 1,417 2,140 2,500 e/ 2,500 e/ 2,500

Gabon 5/ 50 70 120 72 e/ 70

Georgia e/ XX 1,500 1,000 600 500

Germany 10 e/ -- -- -- --

Ghana 26,311 31,032 39,235 44,505 52,200

Guatemala 31 32 30 e/ 30 e/ 30

Guinea 7/ 4,453 2,113 2,100 e/ 5,617 r/ 7,863 3/

Guyana 1,844 2,475 9,614 11,811 11,800

Honduras 180 163 111 106 110

Hungary e/ -- r/ -- r/ -- r/ -- r/ --

India 8/ 1,973 1,762 2,003 2,244 r/ 2,300

Indonesia 9/ 16,879 37,983 42,097 42,600 r/ 62,800

Iran 500 e/ 500 e/ 417 723 650 3/

Japan 8,299 8,893 9,352 9,551 9,185 3/

Kazakstan e/ 10/ XX 24,000 25,000 26,000 26,000

Kenya e/ 20 20 154 r/ 3/ 155 r/ 170

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

Korea, Republic of 8/ 20,809 23,263 25,000 e/ 12,332 r/ 13,000

Kyrgystan e/ XX 1,000 r/ 1,000 r/ 1,100 r/ 1,200

Liberia e/ 11/ 600 700 700 500 r/ 500

Madagascar e/ 500 r/ 500 r/ 500 r/ 500 r/ 500

Malaysia 2,777 3,513 4,462 4,085 r/ 3,161 3/

Mali e/ 4,900 5,700 5,500 5,500 7,800

Mexico 10,142 9,891 11,100 13,888 r/ 20,292 3/

Mongolia e/ 800 900 1,200 2,000 4,800

Mozambique 394 296 149 336 900

Nambia 1,857 2,025 1,954 2,394 r/ 2,099 3/

New Zealand 6,758 10,531 11,161 10,600 r/ e/ 13,000

Nicaragua 1,154 1,322 1,240 1,073 1,600

Panama 194 250 255 e/ 245 e/ 1,100

Papua New Guinea 60,780 71,190 60,587 60,287 r/ 52,635 3/

Peru 5/ 9,934 20,582 23,650 r/ 46,000 r/ 56,500 3/

Philippines 25,916 25,609 r/ 21,155 r/ 27,059 r/ 27,144 3/

Poland e/ -- r/ -- r/ -- r/ -- r/ --

Portugal e/ 160 89 -- -- --

Romania e/ 3,000 3,700 4,000 r/ 3/ 4,000 4,000

Russia XX 146,000 149,500 146,600 132,170 3/

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

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

(Kilograms)

Country 1991 1992 1993 1994 1995 e/

Rwanda e/ 1,000 1,000 1,000 100 100

Saudi Arabia 4,780 6,150 7,519 7,630 r/ 8,080 3/

Serbia and Montenegro 12/ XX 7,330 3,325 4,000 e/ 4,000

Sierra Leone 13/ 26 92 157 125 r/ 50

Solomon Islands e/ 30 25 20 5 1

South Africa 601,110 614,071 619,201 580,201 r/ 523,820 3/

Spain 7,402 6,582 6,083 5,852 r/ 6,000

Sudan e/ 50 1,000 1,600 2,500 3,000

Suriname e/ 30 300 300 300 300

Sweden 6,247 6,164 6,548 6,364 r/ 6,400

Taiwan 8/ -- 2 r/ 2 r/ 5 r/ 4

Tajikistan e/ XX 1,700 1,600 1,500 1,500

Tanzania 3,851 r/ 3,200 r/ 3,364 r/ 2,549 r/ 44 3/

Turkey 14/ 970 e/ 1,250 r/ 1,110 r/ 996 r/ e/ 1,000

U.S.S.R. 15/ 260,000 XX XX XX XX

United States 294,000 330,000 331,000 327,000 r/ 320,000 3/

Uruguay e/ -- 300 r/ 300 300 900

Uzbekistan e/ XX 70,000 r/ 70,000 r/ 70,000 r/ 75,000

Venezuela 4,215 7,553 8,899 r/ 10,094 r/ 7,259 3/

Yugoslavia 12/ 16/ 6,920 XX XX XX XX

Zaire e/ 8,800 9,000 r/ 8,700 r/ 10,500 r/ 9,500

Zambia 17/ 136 271 235 124 r/ 79

Zimbabwe 17,820 18,278 18,916 20,512 24,344 3/

 Total 2,160,000 r/ 2,250,000 r/ 2,270,000 r/ 2,260,000 r/ 2,250,000

e/ Estimated. r/ Revised. XX Not applicable.

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 Aug. 15, 1996.

3/ Reported figure.

4/ Officially reported figures are as follows, in kilograms: Major companies: 1991--34,053; 1992--39,044; 1993--39,894; 1994--40,188 (revised); and

1995--42,000 (estimated). Garimpos 1991--55,525; 1992--46,818; 1993--34,325; 1994--30,034; and 1995--30,000 (estimated).

5/ Does not include undocumented production from small artisanal production.

6/ Year ending July 7 of that stated.

7/ Figures include reported Société Aurìfere de Guinea (SAG) mine production as follows, in kilograms: 1991--1,450; 1992--1,110; and 1993--500

(estimated). Remainder represents approximate reported sales to Government, of artisanal production. Figures do not include artisanal production

smuggled out of the country. In 1994, the SAG mine was closed.

8/ Refinery output.

9/ 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.

10/ Includes byproduct gold production. Primary gold production, in kilograms: 1994--14,483 and 1995--15,000 (estimated).

11/ These figures are based on gold taxed for export and include gold entering Liberia undocumented from Guinea and Sierra Leone.

12/ All production for Yugoslovia in 1991 came from Serbia and Montenegro.

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

14/ Indicates byproduct of base metals.

15/ Dissolved in Dec. 1991.

16/ Dissolved in Apr. 1992.

17/ Year beginning Apr. 1 of that stated. Byproduct of copper production by Zambia Consolidated Ltd. only. Some additional artisanal production was

reported, but data are insufficient to make reliable estimates.