World’s gold miners wary of production ramp-up despite price surge (Reuters)

“The real trap in the gold industry in the past was chasing volume,” Newmont Chief Executive Officer Tom Palmer told Reuters.

Newmont’s budget this year is $1.3 billion, about half levels seen in the previous cycle.

Gold Fields said it wasn’t rushing to change cut-off grades, the minimum grade that can be economically mined, despite the higher price.

“It’s not easy to just turn the ship in a different direction,” Gold Fields CEO Nick Holland told Reuters, referring to boosting output with the higher price.

https://uk.reuters.com/article/uk-mining-gold-production/worlds-gold-miners-wary-of-production-ramp-up-despite-price-surge-idUKKBN2640QQ