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Top Gold CEOs Say Soaring Costs Will Hobble Mining Industry Into 2023

  • Newmont’s chief says world faces volatile economic environment
  • Barrick CEO sees world at ‘inflection point’ amid uncertainty
A worker displays gold bars in Nuh, India.

A worker displays gold bars in Nuh, India.

Photographer: Anindito Mukherjee/Bloomberg
Updated on

The world’s top gold mining executives see cost pressures sticking around into next year, adding to industry headwinds fueled by economic and political uncertainty, supply-chain disruptions and surging interest rates.

Those gathering at the Denver Gold Forum this week shared a collective view that the current economic environment is unprecedented. Gold producers are grappling with the byproduct of a hawkish US central bank whose efforts to combat inflation have supercharged the dollar and driven down bullion prices. Gold prices are under pressure and equities tied to the yellow metal have slumped. A gauge of gold companies has fallen 16% this year, lagging the 7.9% decline of the precious metal.