Gold

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Delayed 04:44:02 2024-05-11 am EDT			5-day change	1st Jan Change
2,360 ^USD	-0.01%		+2.52%	+14.41%

May. 10	Materials Gain on Fed Bets -- Materials Roundup	DJ
May. 10	S&P 500, Dow Rise as Traders Parse Fed Officials' Comments, Consumer Sentiment Survey	MT

Barrick CEO says African gold industry should consolidate further

October 07, 2020 at 11:58 am EDT

JOHANNESBURG, Oct 7 (Reuters) - Barrick Gold CEO Mark Bristow on Wednesday said the gold industry in Africa should consolidate further, as he warned of a "serious reserve crisis" looming for the sector which is not exploring enough and has seen average mine life fall.

The average life of mine across the gold mining sector has fallen from 20 years to closer to 10 years, he added, speaking at the Joburg Indaba mining conference.

"The prospect of a serious reserve crisis is looming," said Bristow. Gold production across the industry has only increased by 1.6% every year for the past two decades, he said. (Reporting by Helen Reid and Jeff Lewis)

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