By Liezel Hill
Bloomberg
The biggest gold producers say global output will fall short of expectations and is poised to decline after the worst price slump in three decades spurred them to cut spending and revise mining plans.
Barrick Gold Corp., Goldcorp Inc. and Newmont Mining Corp., the three biggest producers by market value, say the industry has changed after gold plunged 28 percent last year. The decline forced miners to take at least $30 billion of writedowns.
“The industry has gotten more disciplined,” Barrick Chief Executive Officer Jamie Sokalsky said in a Feb. 24 interview. “We are in an inflection point now where I think ultimately gold production in the industry could start to decline more than people think.”