Miners fail to cash in

摘要

By his own admission Harmony Gold Mining Company Ltd's outspoken 'chief executive Bernard Swanepoel is not looking to be the gold bear of the year. However, he is not convinced the sector is currently enjoying a bull market Furthermore he is adamant a gold price of 400 US dollars/ounce is simply not sustainable. Speaking during the opening day of this year's Australian Gold Council Conference in Western Australia, Swanepoel said producers of the precious metal were failing to factor sustainable development issues such as potential future liabilities, environmental considerations and health concerns-into their cash and total cost figures. He told delegates despite the fact the past five years had provided a set of ideal global circumstances for a robust gold price, the sector had failed to take advantage of the situation.