Gold miners need $3 000/oz price in five years - gold council
LIMA – Sharp increases in mining costs mean gold will need to reach $3 000/oz in five years for the industry to stay profitable, World Gold Council CEAram Shishmanian said on Monday.
Miners currently needed a gold price of $1 300/oz to survive, Shishmanian said, but faced steep rises in mining costs, along with the cost of dividends and host nation taxes.
"If this continues for the next five years the gold price needs to be at least $3 000/oz just to stay in the business," he said.
However, he was optimistic sustained demand would drive prices higher over the long term.
miningweekly.com 
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