Wednesday, 4th August 2004 (2476 views)

New figures from the Gold Fields Mineral Services (GFMS) have shown that mine output in the top ten gold producing countries in the world has grown by over one per cent year on year.

According to the 'Precious Metals Quarterly' report for the third quarter of 2003, global mine output reached a 1.8 per cent increase and cash costs were measured at $218 an ounce.

The report explains: "This was the seventh consecutive quarter that producers added to gold demand through their hedging activity."

Mining Weekly reports that a handful of the biggest mines considerably contributed the rise in production.

It is predicted that a more moderate increase of less than one per cent will occur for full year production.

 

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