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Gold to scale new peaks as mining costs grow

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Jan Harvey and Anna Stablum
Wednesday, Aug 27, 2008

Gold prices are likely to scale new peaks as market fundamentals tighten because producers need at least a 20 percent rise in bullion prices just to make new investment viable, a leading fund manager said on Wednesday.

“Gold mining is a very complicated and expensive business and you really need to see the gold price a lot higher before you see any increase in gold production,” Ian Henderson, who manages around $5 billion at JP Morgan’s Global Natural Resources fund, told Reuters.

“(Gold) should have a sustained price level of over $1,200 an ounce before we see any significant new mine build,” he said.

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His concerns over miners’ margins echoed those of Gold Fields chief executive Nick Holland, who told Mining Weekly the company would need to see a gold price of $2,000 an ounce to replace its infrastructure.

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This article was posted: Wednesday, August 27, 2008 at 11:04 am

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