Newmont Mining Corp Ltd, the world's second largest gold producer, says technological breakthroughs are required to arrest the declining rate of large gold discoveries.
Newmont Australia's general manager of Tanami operation Adriaan van Kersen said Wednesday there was an "alarming decreasing trend" in gold discoveries above the one million ounce mark.
He said exploration was becoming tougher, riskier and more expensive, with companies finding it more difficult to find gold in any surface quantity.
Mr van Kersen said the gold sector was facing challenges of replacing its production in the high demand and high price environment unless there were technological breakthroughs.
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