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Exploration proving more difficult and firms have cut capex
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Gold mining CEOs turning to deals to combat dwindling reserves
Gold’s had a roller-coaster year, surging as much as 30 percent before giving up the bulk of those gains. But one trend has been consistent: mining companies are finding it harder to dig up more of the precious metal.
The following charts show why, and what that means for the industry.
Dwindling Discoveries
Even though producers’ exploration budgets surged more than 10-fold to $6 billion a year in the decade to 2012, new finds are in decline. The amount of gold discovered last year was down 85 percent compared with 2006.
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