27.01.2014 - Global mined gold output rose 4pct in 2013
Contrary to many reports and arguments put forward by gold commentators, the latest analysis by Thomson Reuters GFMS shows global new mined gold output as rising in 2013 – to 2,982 tonnes – an increase of around 4% on the 2012 figure. As the GFMS report suggests this tends to show the gold mining sector’s short term inelasticity to the sharp fall in the gold price. In our view the rise in global mined gold production is not surprising. Major new gold mining project developments already under way will have come on stream, adding to the global total, while the industry’s rapid conversion to a focus on bringing operating costs down to profitable levels at the lower gold prices now prevailing does not mean, as many seem to suggest, that gold output would actually fall as uneconomic units are closed down..............................................Full Article: Source