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On average, gold producers will need the price of gold to stay north of $700/oz if they are to turn a profit in the current environment of rising costs, Barrick Gold CFO Jamie Sokalsky said on Tuesday. Industry cash costs are currently around $450/oz to $500/oz and, taking into account the cost of bringing on new production, depreciation, development costs, exploration, administrative expenses and so on, “that's easily $700/oz to $800/oz”, Sokalsky said in webcast presentation.
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