With good reason. Since the cold war ended and the Soviet Union disintegrated, dozens of countries long closed to foreigners have begun welcoming miners. Most of that money is pouring into a great global gold rush. Intrepid geologists are looking for gold from the jungles of South America to the mountains of Central Asia. Spending on exploration has quadrupled in Latin America, tripled in Asia, and quintupled in Africa in the past five years.
Many countries are desperate for the investment and jobs created by new mines.
Toronto-based Yorkton Securities Inc. All are looking for payoffs such as that from Arequipa Resources Ltd., which discovered Pierina last year. Just four years ago, Denver-based Newmont Mining Corp. was focused mainly on its U.S. mines. Today, it's the world's second-largest producer, active from Ecuador to Uzbekistan. Munk is a gold bull, of course. But with the demand for gold surging, his optimism seems well founded.