In 2013, scrap gold or gold sourced from secondary sources is forecast to decrease by 12 per cent relative to 2012, to total 1430 tonnes.
Widespread improvement in economic conditions will reduce global scrap gold sales in this year and 2014 as it may reduce the incentives for holders of gold to sell their stocks.
According to Australia's Bureau of Resources and Energy Economics, gold scrap sales are expected to decrease in response to lower prices.
In 2013, scrap gold or gold sourced from secondary sources is forecast to decrease by 12 per cent relative to 2012, to total 1430 tonnes.
In 2014 the quantity of gold sourced from scrap is forecast to decline by a further 8 per cent to total 1314 tonnes as widespread improvement in economic conditions reduce the incentives for holders of gold to sell their stocks.
In 2013 world gold mine production is expected to increase by 3 per cent, relative to 2012, to total 2747 tonnes and is forecast to increase by 4 per cent, relative to 2013, to total 2835 tonnes in 2014, the Canberra based organization said.
The recent fall in the gold price is not expected to significantly affect production over the course of the year as the cost of production for the majority of global producers in 2012 was less than $1000 an ounce, it said.
Increased production will be supported by a number of large operations commencing production such as Barrick Gold and Goldcorp’s joint venture Pueblo Veijo mine in the Dominican Republic (30 tonnes), Detour Gold’s Detour Lake operation in Canada (20 tonnes), Rio Tinto and Goldcorp’s Cerro Negro mine in Argentina (16 tonnes) and Turquoise Hill’s Oyu Tolgoi mine in Mongolia (13.5 tonnes).
Additional production is expected from Randgold’s Kibali (17 tonnes) mine in the Democratic Republic of Congo, Goldcorp’s Cerro Negro (16 tonnes) mine in Argentina and Kinross’ Dvoinoye (7 tonnes) in the Russian Federation, as well as increased production from mines which commenced operations in 2013.
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