Mine supply may fall about a third in the 10 years to 2025, according to Bloomberg calculations based on forecasts from BMO Capital Markets and Randgold Resources Ltd. The number of newly discovered primary gold deposits fell to three in 2014, from a peak of 37 in 1987, according to Melbourne-based industry adviser MinEx Consulting Pty. «What we’ll possibly see is consolidation in the industry as a result, whether that’s a large company taking over smaller ones, a number of smaller ones getting together, or even two or three large companies being merged», Ian Telfer, chairman of Vancouver-based Goldcorp, said in an interview. – «No CEO wants to run a shrinking company». The number of deals in the gold sector this year is the highest since 2011, as the metal’s price surge has spurred producers to trade assets to add production or to improve the quality of their mine portfolios. Goldcorp is reviewing opportunities for acquisitions or partnerships including in new discoveries and existing assets, both in the Americas and further afield, Telfer said. Risky Business A decline in gold mine output may arrive sooner than forecast, though a slowdown in supply will be gradual, Sydney-based Jordan Eliseo, chief economist at gold trader and refiner Australian Bullion Co., said by phone. «It’s not going to plummet overnight», he said. The availability of recycled gold means the impact on prices may also be limited, Eliseo said. In the medium term, output from existing mines will drop about 10 percent in the five years to 2020, according to London-based Metals Focus Ltd. While gold finds are brought into production more quickly than copper or nickel discoveries, it still takes an average of 10 years to commercialize new projects, according to MinEx Consulting. Newcrest expects to strike more deals as it looks to stock its growth pipeline, CEO Biswas told reporters in Melbourne last week. «There will be more», - he said. «Exploration is a very risky business, you have got to have a lot of irons in the fire».