Major gold miner Gold Fields' (GFI) CEO said in an interview that the industry is not viable at gold prices below $1,500 per ounce. $1,500 is not a magic number, perhaps the real number is $1,400 per ounce, but it's certainly A LOT higher than $1,200 per ounce.
A surprising number of projects are proving to be uneconomic at a gold price of $1,400-$1,500 per ounce. Less surprising, roughly half of ALL production is uneconomic at $1,200 per ounce. Projects put on hold or left for dead this year won't come back anytime soon, if at all. Management focus has switched to looking for safer ways to enhance shareholder value and retain their jobs!
Significant Damage to Future...
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