Oyu Tolgoi copper gold silver mining complex, Mongolia

[Chronic]

Did you Guys and Gals see the new "Oyu Tolgoi" copper-gold mining complex in Mongolia? This thing is huge and is at 75% complete and will be commissioned later this year (2012). Kinda puts goldrush Alaska to shame.

The Oyu Tolgoi mine is in the South Gobi Desert of Mongolia, 80 kilometres (50 mi) north of Mongolia's border with the People's Republic of China, where the mined copper is expected to be shipped. The Oyu Tolgoi deposits contain (as of 2010) 79 billion pounds (35,833,000 tonnes) of copper, and 45 million ounces (1,275,000,000 grams) of gold. Production is scheduled to begin in 2013 and to reach full capacity in 2018. Over the anticipated life of mine (45 years), Oyu Tolgoi is scheduled to produce 1.2 billion lbs (500,000 short tons) of copper per year. Oyu Tolgoi is also expected to produce 650 million ounces of gold, 3 million ounces of silver annually.

[HomelyClone]

How does 3 million ounces a year compare to the world production supply?

[Chronic]

Best i can tell we're running a little over a billion ounces annually in supply.