Africa has world’s largest in-situ reserves and resources of gold
Monday, September 26, 2016 at 12:02AM
According to a study by SNL Metals and Mining.
A recent report on exploration trends over the last year has underlined gold’s attraction as the commodity of preference for global exploration dollars and Africa’s huge abundance of the yellow metal.
The study was carried out by SNL Metals and Mining for the period July 2015 to August 2016. Gold’s appeal was underpinned by the fact it commanded 45% of the world’s total exploration spend allocated over this period, at $3.94 billion.
The report also indicated that as at September 8, Africa had the highest in-situ value for reported reserves and resources at primary gold projects, with values totalling a mammoth $1.48 trillion (see figure below). Despite this, it was Latin America that accounted for the largest amount of planned and completed capital spending, with $5.58 billion to be invested in gold projects announced from the beginning of 2015 through the end of June this year.
No rate hikes in the near future should have sent gold higher, it did, but not by much as gold is now drifting lower..
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