Tuesday, 8th June 2004 (2660 views)

A mini gold rush is occurring in the US, with mining companies all planning to up production by the end of 2004.

Mining companies are returning to old mines and looking for new prospects to meet demand, with gold price a key factor in the sudden rush.

John Mansanti, general manager of Turquoise Ridge, which reopened last year after closing in 2001 told the Philadelphia Inquirer: "The gold price has helped us a lot. The $350 to $400 has been a real blessing."

Among the mining companies all working extensively to meet demand are Glamis Gold, which is hoping to expand its Marigold mine operations and Newmont Mining Corp hoping to boost its Phoenix deposits and operations at Gold Quarry.

Demand has also led to an increase in spending on exploration, with costs up by around 10 per cent in the US.

The majority of gold mining for the US takes place in Nevada, where 7.5 million ounces are produced each year, worth 85 per cent of the nation's total.

 

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