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mid-August. Between late August and late September the gold price increased substantially to US$743 per ounce, in response to the weak US dollar and news that the US Federal Reserves would cut interest rates. During the final quarter of 2007 the gold price accelerated upwards, reaching US$789 at the end of October, driven by escalating oil prices and the weakening US dollar. In early November as the oil price approached US$100 per barrel, the gold price hit a 28-year high, of US$841. The fluctuating strength of the dollar during the second half of November ensured price volatility around the US$800 per ounce mark. Having ended November at around US$780 the gold price fluctuated during December, finishing the year at US$833 per ounce, a 30 per cent increase during 2007. Industry events in 2007 Dehedging, a process whereby producers settle forward sales obligations, was a prominent feature of the gold market in 2007. Since 2000 the increasing difference between lower forward selling prices and rising spot gold prices has led to producers reducing their volume of forward sales (Berg, 2007; Pieterse, 2007). Dehedging, impacts on the spot market by effectively reducing the amount of global mine production available (Berg, 2007). Dehedging reached record levels in 2007 as mining companies sought to reduce their hedge books (Kruger, 2007). European central bank gold sales approached the maximum, self-imposed limit of 500 tonnes per annum during 2007, with major contributions by the central banks of Spain, France and Switzerland (O’Connell, 2007b). In 2007 concerns were raised about the quality of the Bank of England’s gold stocks. The Bank holds around 320 tonnes in reserve but not all of this metal appears to conform with standards defined by the London Bullion Market Association (Lawlor, 2007; Nikkhah, 2007). A number of new mines came on stream or moved to full production in 2007. Newmont’s newly opened Ahafo mine in Ghana and Phoenix and Leeville mines in Nevada entered their first year of full production in 2007 (Rumley, 2007). Barrick’s Ruby Hill mine, Nevada, recommenced production in early 2007 (Barrick, 2007). Gold production commenced at Sino Gold’s Jinfeng mine, in China, in mid-2007 (Sino Gold, 36 US$/troy Oz 900 850 800 750 700 650 600 550 500 Jan-2006 Feb-2006 Mar-2006 Apr-2006 May-2006 London afternoon daily gold price. Source: Metal Bulletin, 2008 Jun-2006 Jul-2006 Aug-2006 Sep-2006 Gold Price Trend Oct-2006 Nov-2006 Dec-2006 Jan-2007 Feb-2007 Mar-2007 Apr-2007 May-2007 Jun-2007 2007). In 2007, China announced the discovery of what is claimed to be one of Asia’s largest gold deposits in the northeast of the country (Mining Journal, 2007b). BHP Billiton has announced an increase of 77 per cent by tonnage in the total resource estimate for its Olympic Dam mine, the largest gold resource in Australia and a US$6 billion expansion is planned (BHP Billiton, 2007; Mercer, 2007). Buoyant prices during 2007 ensured that gold dominated mineral exploration expenditure, accounting for 41 per cent of worldwide exploration budgets (MEG, 2007). Selected bibliography Jul-2007 Aug-2007 BARRICK. 2007. Global Operations North America [online]. Barrick [cited 15 January 2008]. Available from http://www.barrick.com/GlobalOperations/ NorthAmerica/RubyHill/default.aspx BERG, G. 2007. Gold Market Outlook – June 2007 [online]. National Australia Bank [cited 15 January 2008]. Available from http://www.nab.com.au/vgnmedia/downld/ GoldJune07.pdf BHP BILLITON. 2007. Annual Report 2007 [online]. BHP Billiton [cited 15 January 2008]. Available from http://www.bhpbilliton.com/bbContentRepository/ 20071114140799/bhbpannualreport07.pdf FREI, E. 2007. Gold, silver sees gains in New York [online]. Metal Markets, July 24 2007 [cited 15 January 2008]. Available from http://www.metalmarkets.org.uk/ 2007/08/16/investors-sell-precious-metals-prices-drop/ KRUGER, T 2007. Record gold dehedging to slow [online]. Mineweb, 2 August 2007 [cited 15 January 2008]. Available from http://www.mineweb.com/mineweb/view/ mineweb/en/page33?oid=24485&sn=Detail LAWLOR, C. 2007. Why the Bank of England’s gold has lost its shine. Metal Bulletin, 24 September 2007, 8. MEG. 2007. Record-Setting Exploration Continues in 2007 [online]. Metal Economics Group Press Release, 13 November 2007 [cited 15 January 2008]. Available from http://www.metalseconomics.com/default.htm Sep-2007 Oct-2007 Nov-2007 Dec-2007
MERCER, D. 2007. BHP Billiton boosts Olympic Dam resource 77%. Mining Journal, 28 September 2007, p3. METAL BULLETIN. 2008. MB Prices Non Ferrous [online]. Metal Bulletin. [cited January 2008] Available from www1.metalbulletin.com MINING JOURNAL. 2007a. China in control as global mining force takes shape. Mining Journal, 18 May 2007, p24. MINING JOURNAL. 2007b. China discovers ‘huge’ gold deposit. Mining Journal, 21 September 2007b, p11. NIKKHAH, R. 2007. Fears over cracks in Britain’s gold stock [online]. Telegraph, 1 October 2007 [cited 15 January 2008]. Available from http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007 /09/30/ngold130.xml O’CONNEL, R. 2007a. Gold mine production costs up by 17% in 2006 while output fell [online]. Mineweb, 13 April 2007 [cited 15 January 2008]. Available from http://www.mineweb.net/mineweb/view/mineweb/en/page33? oid=19485&sn=Detail O’CONNEL, R. 2007b. Spain’s Central Bank sells another 25 tonnes of gold; what next? [online]. Mineweb, 7 August 2007 [cited 15 January 2008]. Available from http://www.mineweb.com/mineweb/view/mineweb/en/page33 ?oid=24838&sn=Detail PIETERSE, M G. 2007. Goldletter International July 2007 [online]. Goldletter International, July 2007 [cited 15 January 2008]. Available from http://www.goldletterint.com/documents/pdf/Goldletter_July0 7.pdf RUMLEY, C. 2007. Australian commodities June Quarter 07.2 [online]. Australian Bureau of Agricultural and Resource Economics (ABARE) [cited 15 January 2008]. Available from http://www.abareconomics.com/publications_html/ac/ac_07/ ac_june07.pdf SINO GOLD. 2007 Our Projects Jinfeng Overview [online]. Sino Gold [cited 15 January 2008]. Available from http://www.sinogold.com.au/newsite/our-projects/jinfengoperations.htm WORLD GOLD COUNCIL. 2006a. Jewellery [online]. <strong>World</strong> Gold Council. Last update on 13 April 2006 [cited 15 January 2008]. Available from http://www.gold.org/value/markets/supply_demand/jewellery. html WORLD GOLD COUNCIL. 2006b. Mine production [online]. <strong>World</strong> Gold Council. Last update on 13 April 2006 [cited 15 January 2008]. Available from http://www.gold.org/value/markets/supply_demand/mine_pro duction.html Mine production of gold kilograms (metal content) Country 2002 2003 2004 2005 2006 Armenia 3 200 1 800 1 881 1 550 *1 500 Bulgaria 2 612 2 270 2 431 3 868 3 818 Finland 1 300 *1 200 *1 300 *1 300 *1 300 France 1 724 1 470 — — — Georgia 2 876 2 386 1 377 1 620 *1 600 Greenland — — 1 560 1 828 2 800 Italy 631 *100 — — — Poland (d) 296 356 527 713 *1 700 Romania 1 137 1 878 1 430 *500 *500 Russia 168 393 170 068 169 297 163 186 159 340 Serbia — — — — *330 Serbia and Montenegro (d) 858 363 328 *330 — Slovakia 77 79 107 109 84 Spain 5 559 5 417 5 248 2 145 1 565 Sweden 5 757 5 900 6 564 6 564 6 848 Turkey *4 500 5 370 3 260 — 2 205 Algeria 369 365 597 641 377 Botswana 8 9 162 2 709 3 020 Burkina Faso 209 780 1 008 1 397 1 571 Burundi 483 2 855 3 229 3 905 4 313 Cameroon 700 700 600 600 *600 Congo 10 75 160 120 100 Ethiopia (b) 3 670 3 875 3 490 3 726 3 828 Gabon *70 *70 300 *300 *300 Ghana 69 575 70 756 63 140 66 530 66 205 Guinea 16 666 16 631 15 236 17 474 16 336 Ivory Coast 3 570 1 313 1 219 1 638 *1 600 Kenya (e) 1 477 1 543 567 616 432 Madagascar 2 802 10 0 — — Mali 56 019 45 529 37 916 44 156 50 773 Morocco (d) 2 747 1 863 1 493 *1 500 *1 500 Namibia 2 947 2 508 2 205 2 649 2 790 Niger 28 30 1 531 4 922 *5 500 Senegal *600 *600 *600 *600 *600 South Africa 398 258 372 766 337 223 294 803 272 128 37
Page 1: World Mineral Production 2002-2006
Page 4 and 5: © NERC 2008 all rights reserved Fi
Page 6 and 7: CONTENTS Commodity Index Alumina 2
Page 9 and 10: STATISTICAL TABLES
Page 11 and 12: US$/tonne US$/tonne 700 600 500 400
Page 13 and 14: Production of bauxite tonnes Countr
Page 15 and 16: Production of primary aluminium ton
Page 17 and 18: Production of asbestos tonnes Count
Page 19 and 20: Production of bentonite and fuller'
Page 21 and 22: Production of bentonite and fuller'
Page 23 and 24: Production of bromine kilograms Cou
Page 25 and 26: COAL Characteristics Coal is a comb
Page 27 and 28: to government approvals, would incr
Page 29 and 30: Production of coal tonnes Country 2
Page 31 and 32: Mine production of cobalt tonnes (m
Page 33 and 34: US$/tonne 10000 9000 8000 7000 6000
Page 35 and 36: Mine production of copper tonnes (m
Page 37 and 38: Production of refined copper tonnes
Page 39 and 40: Production of diatomite tonnes Coun
Page 41 and 42: FLUORSPAR Characteristics Fluorspar
Page 43: GOLD Characteristics Gold is a soft
Page 47 and 48: Production of graphite tonnes Count
Page 49 and 50: Production of gypsum tonnes Country
Page 51 and 52: Cents per tonne Fe unit f.o.b 90 80
Page 53 and 54: Production of pig iron tonnes Count
Page 55 and 56: Production of crude steel tonnes Co
Page 57 and 58: Production of ferro-alloys tonnes C
Page 59 and 60: Production of kaolin tonnes Country
Page 61 and 62: LEAD Characteristics Lead is a dens
Page 63 and 64: America has not been without contro
Page 65 and 66: Production of refined lead tonnes C
Page 67 and 68: Production of magnesite tonnes Coun
Page 69 and 70: Production of mercury kilograms Cou
Page 71 and 72: Mine production of molybdenum tonne
Page 73 and 74: US$/tonne 60000 50000 40000 30000 2
Page 75 and 76: RIO TINTO. 2007. Rio Tinto to enter
Page 77 and 78: Production of perlite tonnes Countr
Page 79 and 80: Production of crude petroleum tonne
Page 81 and 82: Production of natural gas million m
Page 83 and 84: Mine production of platinum group m
Page 85 and 86: Production of salt tonnes Country 2
Page 87 and 88: Production of salt tonnes Country 2
Page 89 and 90: Mine production of silver kilograms
Page 91 and 92: Production of sulphur and pyrites t
Page 93 and 94: Production of sulphur and pyrites t
Page 95 and 96:
Production of talc tonnes Country 2
Page 97 and 98:
Mine production of tin tonnes (meta
Page 99 and 100:
(TG100; 12 x 120 mm) Metal Bulletin
Page 101 and 102:
Production of titanium minerals ton
Page 103 and 104:
US$/lb 160 140 120 100 80 60 40 20
Page 105 and 106:
Mine production of uranium tonnes (
Page 107 and 108:
ZINC Characteristics Zinc is the 23
Page 109 and 110:
five per cent. The tax refund on zi
Page 111 and 112:
Mine production of zinc tonnes (met
Page 114:
Price £30
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