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November 24, 2009

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Nevada remains world’s third-largest gold producer

Friday, Sept. 16, 2005 | 11:21 a.m.

CARSON CITY -- Gold production in Nevada slipped in 2004, but the mines made more money.

The Nevada Mining Association released its annual report today showing the state remains the world's third-largest producer of gold behind South Africa and Australia. Nevada accounted for 8.7 percent of the world's total gold production.

The report said Nevada gold production last year fell to 6.94 million ounces from 7.32 million ounces in 2003. But the gold produced was valued at $2.8 billion, up from $2.7 billion in 2003.

Association President Russ Fields said gold prices increased in 2004 to $410 an ounce compared with $363 in 2003 and $310 in 2002.

Field said gold production is down for a variety of reasons, including a move to underground mining from open pit mining.

South Africa produced 11.1 million ounces and Australia reported 7.8 million.

The mining industry, according to the report, is healthy. There were 11,690 jobs in 2004 compared to 8,783 in 2003 and the average salary was $67,650. Fields said the most serious problem facing the industry was rising production costs, mainly in electricity and diesel fuel. Production costs increased to $250 per ounce, up from $215 per ounce in 2003.

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