Big gold deposits 'getting harder to find'

A warning over the future supply of gold from mining activities has been issued by Newmont Mining boss Richard O'Brien.

In an analyst presentation last week, Mr O'Brien said that, barring some new innovation in technology, many gold mining firms are likely to face the prospect of significant struggles in the race to find more gold deposits, Mineweb reports.

The comments come as numerous companies and countries report lower gold output for the last financial period and as experts cite gold bullion supply pressures as one of the main drivers of gold prices in recent times.

Newmont itself reported lower gold reserves and sales for the 2007 financial year last week.

Mr O'Brien stated that it is "more and more unlikely that we are going to find big deposits near the surface that are going to be economical", adding: "Even if you find something, it's tough to get it over the line and it takes longer."

For those investing in gold, a drop in gold mining output could yield positive results in terms of gold bullion values.

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