The Financial Post reports in its Monday, Sept. 19, edition that the world's biggest gold miners are taking a cautious approach in their hunt for bullion, spending more money to explore around existing mines rather than new territory in a strategy that may have short-term gains but risks future production growth. A Reuters dispatch to the Posts reports that top producers are relying more than ever on small companies to do the heavy lifting of searching for new deposits and increasingly taking equity interests ranging from 10 per cent to 20 per cent in the junior miners. Exploring close to home is more cost-efficient and improves the odds of discoveries. However, the chances of making major new finds are limited, diminishing global gold output, which is expected to decline by nearly 9 per cent in the next three years. President Kelvin Dushnisky says Barrick Gold looks to near-mine discoveries because plants and equipment are already in place, and the deposit is well known. Finding affordable and reliable deposits became vital in the last three years as miners slashed spending amid a slump in gold prices. Miners have kept a lid on spending this year despite a partial recovery in bullion prices and income.