A recent study by Metals Economics Group (MEG) shows that between 1997 and 2011, a total of 99 new gold discoveries, each containing at least 2 million oz of gold, were made. The report, "Strategies for Gold Reserves Replacement: The Costs of Finding and Acquiring Gold", says that by the end of 2011, these same deposits contained 743 million oz of gold in reserves, resources, and past production. The Americas hold the greatest share of gold in these discoveries, not surprisingly, according to MEG, as the Americas have accounted for more than half the industry's discovery-orientated gold exploration spending during the period. Assuming a 75% resource-conversion rate and a 90% recovery rate during production, these 99 discoveries could potentially replace only 56% of the estimated gold mined during the same period, if they are economical to mine, says MEG.
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