The Phaserl


Many Gold Miners in Dire Straits Despite Costs Cuts

by Lawrence Williams,

The latest detailed report on gold from GFMS in London does not make pretty reading for those either running gold mining operations, or investing in them. According to the specialist precious metals consultancy around 50% of the gold mining sector looks to be lossmaking on its own calculated All-in-Costs basis at a $1,200/ounce gold price (see chart below.)

GFMS’s 2014 All-In-Costs curve for the main global gold mining operations: The GFMS All-in-Costs parameter, which is even more all-encompassing than the All In Sustaining Costs (AISC) metric, which has become the industry norm for most gold mining company reporting, is intended to represent the ‘stay-in-business’ capital cost, or the expenditure necessary to maintain production at current rates.

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