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Gold mining most costly in South Africa businesslive. Gold mining most costly in South Africa. The average gold price in the third quarter of 2017 was $1,278 an ounce. The second-most expensive place to mine gold was South America at $866 an ounce. GFMS estimated that the $20 per ounce increase in the global average price to produce gold meant 8% of the world's gold output was unprofitable ...

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