by Lawrence Williams, MineWeb.com
Based on recent headlines, non-financially-aware observer could be forgiven for thinking mining gold is a sure way to lose money, not to make it. Take the following batch from Mineweb over the past couple of weeks: Barrick cuts reserves 26%; reports $10.34 billion loss. Goldcorp reports $2.71 billion loss; cuts reserves 15%. Newmont Mining reports $2.5 billion loss for 2013. Kinross Gold reports $3B loss: 33% cut in GEO reserves – to name the most recent. Overall, the world’s top 5 gold miners between them made book losses of some $20.8 billion in 2013. The smaller members of the Top 10 gold mining club who have reported to date all also made book losses, but not quite on the same scale, commensurate with their smaller outputs.
Table: World’s top 10 gold miners – 2013 FY losses after impairments.
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