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Gold/Mining/Energy : Gold Price Monitor

GDXJ 126.27

+3.5%

4:00 PM EST

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To: russwinter who wrote (48084)	2/5/2000 12:08:00 PM
From: goldsheet	Read Replies (1) of 116851

> but since these businesses are capital intensive Another implication of the industry being capital intensive is the large firms have become much larger over the last few years. They keep increasing production because it spreads the fixed capital costs over more ounces, hence a lower cost per ounce. High volume efficient production has also has a favorable impact on cash costs. As a result, the industry is achieving record levels of primary gold production in a period of low prices. Some cash cost are almost unbelievable: ABX: The Pierina Mine in Peru, which completed its first full year of production in 1999, made a significant contribution to these results, producing 837,407 ounces of gold at a total cash cost of US$42 per ounce. PDG: Cortez produced a record 797,115 ounces of gold for Placer Dome's account at a cash cost of $48/oz and a total cost of $109/oz, maintaining its position as the lowest-cost gold mine in North America.

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