Chart: Which countries are falling behind in gold mine production
India tops the global ranking with demand nearly 50 times that of its mined supply.
Canada’s gold output will increase in the next five years to more than 300 tonnes annually, an 80% growth from current levels, research firm Wood Mackenzie said Wednesday.
The rise in production would make the nation the world’s second-largest bullion producing country, behind China, Vince Madden-Scott, manager of gold cost services at UK-based research firm said.
Speaking at the 2018 Prospectors & Developers Association of Canada (PDAC) convention, Madden-Scott noted the country had embraced its domestic potential as money flows into the exploration sector.
“Canada is truly blessed,” Madden-Scott said according to Kitco News. “It has a lot of untouched territories yet to be explored,” he noted, adding that costs are relatively low when compared to other countries, such as Australia.
According to the expert, global markets face the challenge of a lack of quality gold deposits in the production pipeline, from which Canada has a few, particularly in the Yukon Territory.
The Maple Leaf country is currently the world’s fifth largest producer behind, Australia, Russia, and the US.
