https://www.miningweekly.com

Team up or get left behind, top gold miner warns smaller peers

15th June 2022

By: Bloomberg

  

Font size: - +

The gold mining industry will need more mergers and partnerships to dig up harder-to-access deposits in an environmentally friendly way, according to the head of the world’s biggest producer.

“We are seeing fewer and fewer large-scale and transformative gold discoveries,” Newmont CEO Tom Palmer told an industry conference in Toronto on Tuesday. “Instead, we are seeing lower grades and more-difficult-to-reach ounces.”

To tap those ounces while assuring the industry addresses “critical sustainability issues” will require access to capital and agility, Palmer said at the Prospectors & Developers Association of Canada gathering.

“There are only a few gold mining companies who have the capacity to deliver on all of these elements: size, scale, mine life and access to capital -- clearly making the case for further partnerships and consolidation within the gold mining industry,” he said.

Those who don’t understand such fundamentals “are doomed to be left behind,” Palmer said. “While gold will always exist, not all of us will without collaboration and consolidation.”

Edited by Bloomberg

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION