Thursday, February 4, 2010

Gold to hit $1350 in 2010

Published on February 03, 2010 at 17:00
PERTH (Commodity Online): Gold price may go up to $1,350 per ounce in 2010. This opinion came from none other than Newmont Mining Corporation President Richard O'Brien.

"We will see continued support for the gold price," O'Brien said at the official opening of the company's Boddington gold mine near Perth. "Gold is a safe currency. No country can dilute the value of gold."

The $3 billion Boddington gold mine is set to surpass Kalgoorlie's famous Super Pit as Australia's largest gold mine. 

The price of gold could increase from current levels of around $1,100 an ounce to as much as $1,350 an ounce by the end of this year, O'Brien said.

Meanwhile, Newmont Gold Ghana, a subsidiary of Denver-based Newmont Mining Corporation will begin mining at its Akyem mine in Ghana by the end of 2013.

The Akyem mine which is located in the Birim North District of the Eastern region of Ghana is said to have a measured and indicated reserve of 7.7-million ounces of gold.

Newmont Gold is one of the world's largest mining companies, reputed for its very high industry practices and good corporate social responsibility.

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