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Gold Fields: Gold prices too low
16/04/2002 08:21 - (SA)
Melbourne - Gold Fields Limited said on Tuesday that gold prices are too low to stimulate widespread exploration in the gold mining industry.
"At US$300 (an ounce), the gold price is not yet high enough to either justify massive increases in expenditure and/or development of any resulting discoveries," Gold Fields chief executive Chris Thompson said.
"Most of what is available out there can't really be profitably developed at $300," Thompson told the Australian Gold Conference.
Goldman Sachs vice president of global investment research, Daniel McConvey, earlier on Tuesday said that gold should hover at around $300 an ounce through 2003.
Spot gold closed at $299.60/0.10, down from $301.90/2.40 late on Friday, and Monday's afternoon London fix at $300.10.
- Reuters
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