Barrick (TSE:ABX), Gold Fields (NYSE:GFI), Newmont (NYSE:NEM.N) Increasing Brownfield Exploration

At a gold mining summit in Peru this week, heads of Barrick (NYSE:ABX) (TSE:ABX), Gold Fields (NYSE:GFI), Newmont (NYSE:NEM.N) said they're looking to increase exploration close to their existing mines (brownfield exploration) as a way increase gold production at lower costs. There is also much less risk, as they're in a proven find area.

The reason for this, while for the reasons above, is also to quickly take advantage of the soaring demand for gold, which will surely continue on, but when it takes about 10 years to bring a new mine online, it's impossible to project out where gold prices may be at that time, and what the demand will be also.

It's highly probable gold prices will continue to rise for several years out, and could extend longer. That's why the gold miners want to quickly get as much out of the ground as they can in order to tap into this high prices and demand at the peak of the ongoing gold bull market.