Chuck Jeannes, the CEO at the world’s largest gold miner, Goldcorp, believes the industry will reach peak gold in 2015. Jeannes told the Wall Street Journal that global gold production is on the cusp of falling as all the easy to mine gold has been discovered.
According to Jeannes, “Only seven gold deposits holding more than 2 million ounces have been discovered this decade versus 22 in 1995 alone.”
In addition, the amount of time it takes mining companies to mine gold from a discovery is expected to increase to an average of 19.5 years.
Goldcorp confirmed last week that output for 2014 could potentially end up near the bottom of their estimates due to production issues at their Mexico mine.