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Meals Focus noted that the modest 3% y/y average gold price increase in Q2 2022 did little to dampen the loss of profitability as AISC margins fell 20% y/y. Metals Focus pointed out that two most significant inflationary pressures in Q2 2022 were rising fuel and energy costs, as well as higher prices of consumables and materials.
Fuel and energy inputs typically represent around 15% of operating cost. The 65% y/y oil price increase in Q2 2022 had significant implications for diesel and electricity costs for miners, Metals Focus noted.
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