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Gold's price fall seen prompting mines to produce more with high-grading
Gold Mine Output Set to Reach Record, Disappoint Bulls
By Jan Harvey and Clara Ferreira-Marques
Wednesday, November 20, 2013
LONDON -- Output from the world's gold mines is set to hit record highs this year, disappointing bulls who are impatiently waiting for production cuts following this year's 24 percent plunge in prices.
Some gold miners have felt the squeeze of lower prices this year, and a number, including Canada's Kinross and Russia's Polymetal, suspended marginal mines and projects after a dramatic first-half price drop.
But as prices fall, others are actually increasing output to maintain revenue and profit levels. In some cases, they are targeting higher-grade ore to keep marginal mines operating and generating cash, at the expense of future production. ...
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