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Gold/Mining/Energy : Gold and Silver Mining Stocks

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To: russwinter who wrote (1176)	5/30/2001 5:17:36 PM
From: goldsheet	Read Replies (3) of 4051

Miners have done great job of trying to survive. Their ability to reduce costs is definitely the major factor in not realizing the production cuts one might have expected by now. "The ability of the world's gold producers to survive the slide in the gold price by trimming fat is the story behind recent industry figures released by Australian research house AME Mineral Economics. A key finding of AME's research is that the average cash cost of production of 164 mines polled in its survey – representing more than two-thirds of Western world output – fell $12.00 per ounce for the 2000 calendar year to a total of $166 per ounce, a decline of almost seven per cent. The cash cost improvements between the 1996 and 2000 calendar years is even more striking, particularly in Australia and South Africa, which collectively account for one third of the world's output. AME's gold analyst, Trevor Woolfe, says there has been a $99.00 per ounce fall in Australian cash costs over that period to $200 per ounce, a 33 per cent improvement. In South Africa, cash costs are 30 per cent lower, down some $98.00 per ounce to $229 per ounce." Full story: m1.mny.co.za

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