Global gold mine life cycle duration, by phase

After a gold deposit is discovered somewhere on Earth, it typically takes between 10 and 20 years before a gold mine is ready for production. Then, the operational timespan of a gold mine is usually between 10 and 30 years. Following the extraction of all of the gold ore that is economically feasible to mine in any given gold mine, a phase of mine closure and decommissioning begins. After that, the gold mining company that managed the mine is often responsible for managing the site and rehabilitating the land.

Only about 10 percent of gold deposits worldwide contain enough gold to justify developing a mine. Indeed, less than 0.1 percent of prospected sites where gold is discovered will lead to a productive gold mine.