PRECIOUS METALS

Gold momentum to test miners' discipline

HIGHER gold spot prices present an “interesting conundrum” for miners looking to expand their reserve base by categorising more gold ounces as economically extractable, says consultancy Wood Mackenzie head of gold Rory Townsend.

Henry Lazenby

WoodMac warns gold miners not to hastily adjust reserve models on the back of higher gold spot prices

WoodMac warns gold miners not to hastily adjust reserve models on the back of higher gold spot prices

The analyst cautioned miners not to repeat the ‘sins' of bull markets past. When the gold price peaked in 2011 many producers "eagerly, but disastrously", incorporated higher prices into reserve estimations....

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