Kitco News) – Mining investors might want to pay more attention to Canadian projects as the country is expected to have strong production growth in a world that is seeing a decline in the quality of gold deposits, according to one search firm.
In a presentation during the 2018 Prospectors & Developers Association of Canada (PDAC) convention, Vince Madden-Scott, manager of gold cost services at Wood Mackenzie said that his firm sees Canada’s gold production pushing above 300 metric tonnes within the next five years, an increasing 80% from current production levels.
WoodMac’s projections would make Canada the world’s second-largest gold producing nation, behind China. Currently, Canada is the fifth largest producer in the world, Australia, Russia, and the U.S. all recorded higher gold production last year.
Madden-Scott noted that the nation that has the most potential is Chile as its domestic gold production is expected to grow 270% and output pushes to 100 tonnes of gold within the next five years.
WoodMac’s research shows that Australia’s gold sector could see the most significant fall as the firm expects the nation’s gold production to drop 23% over the next five years. The U.S. is expected to see a drop of 16% in its gold production.
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