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Key Insights into Major Gold Miners' Costs (Continued from Prior Part) Major miners’ costs
Adding AISC (all-in sustaining cash) costs to the companies’ annual reports was suggested by the WGC (World Gold Council) in 2013 to introduce more explicit production cost estimation across global gold miners. With the suggestions from the WGC, the most publicly traded companies have resorted to reporting the AISC costs in their annual reports.
Polyus Gold was the lowest-cost gold producer in 2014. It saw its costs improve by 18% from the figures in 2013. The costs optimization has mainly been due to lower capital expenditures and the ruble devaluation compared to the US dollar.
Falling bullions
Despite companies’ best efforts and overall positive improvements in corporate AISC costs, the weighted average cash margin for the top ten gold producers didn’t keep up with falling gold prices in 2013 or 2014. In 2015, gold fell by ~7% on a YTD (year-to-date) basis. A similar performance is visible from silver. However, platinum and palladium had more losses than gold and silver. Platinum and palladium fell ~20% and ~26%, respectively, again on a YTD basis.
2014 top ten performers in regards to AISC costs
The 2014 figures pertain to the AISC costs. The figures give us the top ten performers with the lowest costs. Below is a list of the companies that have the lowest production costs. They’re listed from the lowest to the highest:
- Polyus Gold
- AngloGold Ashanti
- Gold Fields
- Newmont Mining
- Kinross Gold
- Newcrest Mining
- GoldCorp
- Sibanye Gold
- Barrick Gold
- Agnico Eagle Mines
The companies had falling cash margins. In regards to the weighted average cash margin for the top ten gold miners in 2014, the figures are 15% lower than the 2013 figures. The margins fell from $367 per ounce to $313 per ounce.
Mining companies like Sibanye Gold (SBGL), Kinross Gold (KGC), Gold Fields (GFI), and Agnico Eagle Mines (AEM) account for ~14% of the Market Vectors Gold Miners ETF (GDX).
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Gold Fields ltd
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PRODUCTEUR |
CODE : GFI |
ISIN : US38059T1060 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Gold Fields est une société de production minière d'or basée en Afrique Du Sud. Gold Fields est productrice d'or, de cuivre au Ghana, au Perou, en Australie et en Afrique Du Sud, en développement de projets d'or au Mali, et détient divers projets d'exploration au Perou. Ses principaux projets en production sont ST IVES MINE et AGNEW en Australie, BEATRIX MINE, DRIEFONTEIN, KLOOF MINE, SOUTH DEEP, KLOOF et BEATRIX en Afrique Du Sud, DAMANG, TARKWA et DAMANG PROJECT au Ghana et CERRO CORONA au Perou, son principal projet en développement est KOMANA au Mali et ses principaux projets en exploration sont LOBO aux Philippines et CHUCAPACA et CANAHUIRE au Perou. Gold Fields est cotée aux Etats-Unis D'Amerique, en Afrique Du Sud et en France. Sa capitalisation boursière aujourd'hui est 11,7 milliards US$ (10,5 milliards €). La valeur de son action a atteint son plus bas niveau récent le 10 novembre 2000 à 1,69 US$, et son plus haut niveau récent le 13 septembre 2024 à 14,21 US$. Gold Fields possède 821 530 048 actions en circulation. |