Reuters reported that Newcrest Mining Ltd. (ASX:NCM) plans to spend AU$5 billion in order to increase gold production by 1 million ounces in the next five years. Other major mining companies, such as Barrick Gold Corp. (TSX:ABX), are aiming for similar production increases.
As quoted in the market news:
By 2017, Newcrest could see output of as much as 3.5 million ounces annually versus a target of 2.3 million to 2.5 million ounces for fiscal 2013, according to Managing Director Greg Robinson.
The push comes as gold continues to draw investors seeking more tangible assets amid persistent economic uncertainty in most world markets.