Goldcorp CEO Jeannes Sees "Peak Gold" in Sector This Year or Next
By GCRU Gold News on Tuesday, September 9 2014, 00:49 - Permalink
Miners have reached "peak gold," in which production of the precious metal has hit its high as easy-to-mine gold deposits become harder to find, said Chuck Jeannes, chief executive of Goldcorp, the world's largest gold miner by market capitalization.
Mr. Jeannes said in an interview that a falloff in supply will support the gold price, but make mining it even harder and lead to further consolidation in the industry. Still, the Vancouver-based miner played down investors' expectation that Goldcorp itself is poised to make a takeover bid following the rejection of its most recent attempt to buy a rival miner.
"Whether it is this year or next year, I don't think we will ever see the gold production reach these levels again," he said. "There are just not that many new mines being found and developed."