| We review our metal prices quarterly. We increased our 2012 price by 11% to $1,750/oz. Today, gold is at $1,763/oz., so I would say that that's a reasonable view. For long-term pricing of gold and silver, our team reviews the 36-month trailing average prices. That methodology is endorsed by the Securities and Exchange Commission for mining companies to estimate resources and reserves.
With base metals and iron ore, we review the marketplace for the marginal cost of production for the commodity. We typically set our long-term pricing with some reference to that marginal cost..............................................Full Article: Source
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