The gold mining sector is braced for asset writedowns and a fall in the amount of reserves in the ground after the precipitous drop in the price of the metal this year.
Some of the world’s largest gold miners face having to tell investors that their growth has gone into reverse because the price makes it uneconomic to mine some areas formerly classed as reserves.
Miners’ reserves are vital to prospects and valuations. Companies would quickly shrink if they did not replace what they dug from the ground each year.
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