The first section of the table below shows the amount of gold above ground, and the lower section shows the stock of gold underground. The cube next to the table explains this situation.
The demand for gold has increased in every field from 2010 to 2024 but when we look at their proportional distribution, we see that the share in the jewelry sector decreased from 50% to 45%, while the share in the investment sector increased from 18.5% to 22.5%.
Pay attention to the lower section. The gold source referred as reserves and resource are stated separately.
Reserves indicate that the mines related to the detected ore are being operated or their feasibility is completed and they are ready to be operated. In this respect, gold reserves is around 55,000 tons.
Resource, on the other hand, is a sum of the total amount of the reserves and the estimated amount of gold in mining areas where the feasibility is not yet completed or is very difficult to extract under today's conditions or where extraction will cause high costs. This amount is totally around 132,000 tons at the end of 2024.
Just as the reserves increased from 51,000 to 55,000 despite all the gold mined from 2010 to 2024, both reserves and mineral resources may continue to increase in the coming years with new discoveries and the openings of new mining areas. However, when we evaluate today's amounts, we can say that there is 15 to 35 years of gold left underground.
This gold will also eventually be mined but with higher costs. This fact will be another reason for supporting the rise of the gold price.
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