‘Going to see the elephant' is alive and well in Nevada, as the U.S. Geological Survey data revealed the state's gold mines produced 2,761,750 ounces of gold in 1H12.
U.S. gold mining production for the first half of this year declined 3% from the same period of last year, the U.S. Geological Survey has reported.
The USGS also reported a slight decline in June gold output from 20,800 kilograms (662,305 troy ounces) in June 2011 to 20,200 kilograms (649,445 troy ounces).
For the first half of this year, the agency report a total of 113,000 kilograms (3,633,034 ounces)of U.S. gold production, down 3% from the same period of last year. Of that January through June 2012 production, 85,900 kilograms (2,761,750 ounces) were mined in Nevada, while 12,300 kilograms (395,454 ounces) were mined in Alaska, according to the USGS.
Average daily gold production for U.S. mines was 674 kilograms (21,669 ounces) in June, compared with 639 kilograms (20,544 ounces) in May.
The average Engelhard gold price for June was $1,602.13 per ounce, a slight increase compared with the average gold price in May.
Among the noteworthy developments highlighted in the USGS report was Rio Tinto's announcement that it planned to invest $660 million over the next seven years in its Bingham Canyon mine near Salt Lake City to extend the life of the mine by 11 years. Beginning in 2019, Bingham Canyon is expected to have an average annual output of 5,750 kilograms (184,867 ounces) of gold, 180,000 metric tons of copper, and 13,800 metric tons of molybdenum.
The agency also observed that Yukon-Nevada has started construction of earthworks at Starvation Canyon at the Jerritt Canyon mine in Elko, Nevada. Starvation Canyon is planned to start production in 2013.