MTECHTIPS;- Gold prices may not further Exploration frenzy
MTECHTIPS;- Gold prices may not further Exploration frenzy
When crude oil prices climb, it is a textbook law that exploration efforts too would climb. But the case may not be same with gold sector, where discovery rates have not climbed beyond a point. In gold it would be difficult for the exploration frenzy to reach a feverish pitch as the challenges in gold exploration linger.“I don’t see a surge in gold production if we saw a gold price of $3,000,” Jamie Sokalsky, head of Barrick Gold said. “At a higher gold price, we’d still be experiencing the same challenges. I’d suggest there’d be very limited response to that higher gold price.”As companies spend around $8 billion last year in exploration, there were just 3 discoveries last year compared to 11 in 1991.None of these discoveries could be termed super-giant, or above 20 million ounces, Sokalsky said at a conference in Hong Kong. He also observed that break-even costs in gold mining are also on the rise.
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