Top gold CEOs say soaring costs will hobble mining industry into 2023

The world’s top gold mining executives see cost pressures sticking around into next year, adding to industry headwinds fueled by economic and political uncertainty, supply-chain disruptions and surging interest rates.

The knock-on effects from the Covid-19 pandemic and impacts of Russia’s war in Ukraine are significant drivers of decades-high inflation, while a disrupted global supply chain has been adding to cost pressures for companies and consumers. Such issues are likely to linger as the Fed’s continues its aggressive monetary tightening, according to top mining executives.

Rising costs are plaguing mining companies and their operations around the world. South Africa’s Gold Fields Ltd. has been dealing with high labor costs that are driving up expenses in Australia, where the company has nine operating mines, according to CEO Chris Griffith. While he has seen a cooling of fuel prices, other components key to mining, including explosives and reagents, haven’t come down yet thanks to persistent inflation.

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