Barrick Says Gold Supply to Fall Faster Than Expected

Source:

"Global mine supply is going to fall at a much faster rate than people generally believe," Chief Executive Officer Greg Wilkins said today at a conference in London organized by RBC Capital Markets. "Many of the mines that people are anticipating bringing into production will either not come into production or will be on a much longer timeframe."

Barrick Gold Corp., the world's largest gold producer, said supply will fall faster than expected as it gets harder to extract the precious metal from deeper and older mines.

"Global mine supply is going to fall at a much faster rate than people generally believe," Chief Executive Officer Greg Wilkins said today at a conference in London organized by RBC Capital Markets. "Many of the mines that people are anticipating bringing into production will either not come into production or will be on a much longer timeframe."

Gold mining companies are trying to boost output after bullion climbed to within 0.5 percent of a record last week. Strikes, stoppages and the difficulties of mining farther underground are hampering operations in South Africa, the world's largest producer. Demand is rising as consumption increases in China, India and the Middle East, RBC Capital Markets said yesterday.

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