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With new gold mines coming on stream, supply is set to increase substantially in the immediate years ahead. And the lingering instability in the financial markets, will likely see interest in gold rise as an alternative store of value. On Thursday, the stock was one of the best performers in the FTSE 100, up …
With new gold mines coming on stream, supply is set to increase substantially in the immediate years ahead. And the lingering instability in the financial markets, will likely see interest in gold rise as an alternative store of value.
On Thursday, the stock was one of the best performers in the FTSE 100, up 95.5p or 3.04 per cent to 3,235p. The company said it had made $2.6 billion of cost cuts in 2009, £1 billion of which came within aluminum production.
Though the group reported a fall in underlying earnings in 2009 – including a 31 per cent fall in earnings from its largest division, iron ore – down to $6.3 billion from $10.3 billion in 2008, and cut its final dividend by nearly 20 per cent last year, the results were more positive than what was forecast by analysts.
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