11.   In less than five years, Australia is expected to displace the U.S. as new mines are developed and existing ones expand.

12.   In Spain, new silver mines were opened to meet the increased currency demands.

13.   Investors need to find small exploration companies that have recently discovered, or are just about to find, new mines.

14.   In the West, they say, a legacy of polluting, abandoned mines has turned public opinion against new mines.

15.   Leonard owns several small Canadian companies which he said have been more aggressive in their hunt for new mines.

16.   New mines are being developed.

17.   Other projects depend on recovery of gold prices as new mines will be hard to finance at these levels, he said.

18.   Production was also helped by the start of five new mines.

19.   South African production has been declining for the past decade because of ore depletion and the emergence of new mines in countries where production costs are lower.

20.   South America will be the biggest contributor to expanding production and new mines over the next five years with the Alumbrera, Pierina, Las Cristinas and Pascua mines.