Gold Production

Global Gold Production

(US$275 base case)

Source: Beacon Group Advisors, Inc. and GMFS, UBS Warburg Estimates

• Central Bank sales limited to 400 tonnes/year through 2004 (Washington Accord)

• Exploration expenditure at near 20-year lows

• New mine permitting cycle up to 10 years

Annual Change in

Global Gold Production

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