Production costs vary widely, according to the nature of the mine, be it open pit or underground and at what depth, the nature and distribution of the ore-body (and by implication the metallurgy which affects processing techniques) and the grade. Average quoted cash costs for 2005 were estimated by GFMS at US$269/ounce with total cash costs (including depreciation, amortisation, reclamation and mine closure costs) at US$339/ounce.
Note also that these figures do not include greenfield exploration and other ancillary costs and so most mining analysts add a further $30-40/ounce, depending on the mining company concerned, to come to an estimate of true total costs.