 World gold production in 2008 declined by 50 tonnes despite a strong showing in market price.Total production cash costs were up 4.1% industrywide in the third quarter of 2010 to US$585 per ounce of gold mined.The lower price of gold in 2013 is expected to impact gold production in the coming years; Barrick Gold is slowing construction at one of its largest gold projects Pascua Lama (18m ounces of gold, 676m ounces of silver) while in Australia mines are being shuttered by companies in an attempt to curb costs.