Survey of metal values in the ground, 1987–2004

"A survey of 925 mineral property transactions worldwide was carried out between 1987 and 2004. These mineral properties with reported Mineral Resources include 457 gold properties, 322 base metal properties, and five platinum group element (PGE) properties. Based on constant Canadian dollars, the results of the survey indicate that:• In general, unit metal values in the ground (e.g. $/oz Au or $/lb Cu) have kept pace with the changes in the respective metal prices during the period of the survey.• A general decrease in unit gold values in the ground has occurred from about $57/oz Au in 1987 to about $11/oz Au in 2002 for Canadian mineral properties, with the exception of a peak of $58/oz Au in 1996.• A similar trend for mineral properties has occurred in the United States, but with lower unit values, in the range from $1/oz Au to $10/oz Au during the last three years of the survey. • Unit metal values in the ground for gold properties in Canada were higher than for those in the rest of the world.• Unit metal values in the ground for copper properties in Canada were in the mid-range compared with other countries in the rest of the world; the United States and Australia were higher and Latin America, Asia, Africa, and Europe were lower than in Canada.• Unit metal values in the ground for zinc properties in Canada were also in the mid-range compared with other countries in the rest of the world; Latin America and Europe were higher and the United States, Australia, and Asia were lower than in Canada.• Unit metal values for nickel properties in Canada were highest compared with other countries in the rest of the world, followed by the United States, Australia, Africa, and Asia.• Gold values in the ground in Canada have ranged from 6% to 14% (with an average of approximately 10%) of the gold price.• The unit values of base metals in the ground have been in the order of 2% of the quoted metal price, during the period of the survey."