[miningmx.com] – THE world’s gold industry at the current gold price was mostly loss-making after paying for debt, said Bloomberg News citing Nick Holland, CEO of Gold Fields.
“The industry by and large is under water,’ Holland told the newswire. “I would expect further writedowns. Production I think will be curtailed but it will take some time to filter through the system,’ he said.
Across the industry, costs are about $1,300 an ounce including debt repayments, said Holland. Gold is currently trading at $1,191/oz.
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