[miningmx.com] – GOLD mining companies hammered by the poor performance of the dollar gold price are at least seeking a modest consolation prize – currency depreciation and lower oil prices, said Reuters.
Citing gold mining companies in Australia, Canada and South Africa, the news agency said that the US dollar had strengthened against a basket of currencies just as the gold price weakened providing some comfort to revenues.
The “weaker rand is almost a natural hedge for us,” Sibanye Gold spokesman, James Wellsted, told the news agency. At the same time, a near 30% fall in global oil prices since June will make it cheaper to operate mines and equipment, said Reuters.
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