Visualizing the New Era of Gold Mining
Visualizing the New Era of Gold Mining
Between 2011 and 2020, the number of major gold discoveries fell by 70% relative to 2001-2010.
The lack of discoveries, alongside stagnating gold production, has cast a shadow of doubt on the future of gold supply.
This infographic sponsored by Novagold highlights the need for new gold mining projects with a focus on the company’s Donlin Gold project in Alaska.
The Current State of Gold Production
Between 2010 and 2021, gold production increased steadily until 2018, before leveling and falling.
|Year||Gold Production, tonnes||YoY % Change|
Along with a small decrease in gold production from 2020 levels, there were no new major gold discoveries in 2021. Meanwhile, annual demand for the yellow metal increased by 10%, up from 3,651 tonnes to 4,020 tonnes.
The fall in production and long-term lack of gold discoveries point towards a possible imbalance in gold supply and demand. This calls for the introduction of new gold development projects that can fill the supply-demand gap in the future.
Sustaining Supply: Gold For the Future
Jurisdictions play an important role when looking for projects that could sustain gold production well into the future.
From political stability to trustworthy legal systems, the characteristics of a jurisdiction can make or break mining projects. Amid ongoing market uncertainty, political turmoil, and resource nationalism, projects in safe jurisdictions offer a better investment opportunity for investors and mining companies.
As of 2021, seven of the top 10 mining jurisdictions for investment were located in North America, according to the Fraser Institute. Here’s a look at the top five gold-focused development projects in the region, based on measured and indicated (M&I) gold resources:
|Project||M&I Gold Resource, million ounces*||Grade (grams/tonne)||Location|
|KSM||88.4Moz||0.51g/t||British Columbia 🇨🇦|
|Donlin Gold**||39.0Moz||2.24g/t||Alaska 🇺🇸|
|Côté Gold||13.6Moz||0.96g/t||Ontario 🇨🇦|
|Blackwater||11.7Moz||0.61g/t||British Columbia 🇨🇦|
*Inclusive of mineral reserves. **See cautionary statement regarding Donlin Gold’s mineral reserves and resources.
Located in Alaska, one of the world’s safest mining jurisdictions, Novagold’s Donlin Gold project has the highest average grade of gold among these major projects. For every tonne of ore, Donlin Gold offers 2.24 grams of gold, which is more than twice the global average grade of 1.03g/t.
Additionally, Donlin Gold is the second-largest gold-focused development project in the Americas, with over 39 million ounces of gold in M&I resources inclusive of reserves.
Novagold is focused on the Donlin Gold project in equal partnership with Barrick Gold. Click here to learn more now.
You may also like
Mining2 months ago
Charted: America’s Import Reliance of Key Minerals
The U.S. is heavily reliant on imports for many critical minerals. How import-dependent is the U.S. for each one, and on which country?
Batteries2 months ago
Ranked: The World’s Top Cobalt Producing Countries
Cobalt, an essential component for certain types of EV batteries, has seen a significant shift in its global production landscape.
Urbanization4 months ago
Ranked: The World’s Biggest Steel Producers, by Country
China has dominated global steel production the past few decades, but how did the country get here, and is its production growth over?
Mining6 months ago
Charted: 30 Years of Central Bank Gold Demand
Globally, central banks bought a record 1,136 tonnes of gold in 2022. How has central bank gold demand changed over the last three decades?
Energy8 months ago
Visualizing U.S. Consumption of Fuel and Materials per Capita
Wealthy countries consume large amounts of natural resources per capita, and the U.S. is no exception. See how much is used per person.