Gold News

Gold mining 'an uphill struggle'

Gold mining experts in the US state of Colorado have spoken of the difficulties that the industry is facing, reports the Denver Post.

Although a number of new exploration ventures are again trying to discover new veins of the precious metal in Colorado, the newspaper states that it does not necessarily mean that gold is there to find.

Matt Collins, general manager of Cash gold mine on Gold Hill west of Boulder, pointed out the potential crisis that the gold mining industry is facing, as demand outstrips supply.

"Gold mining is a real uphill struggle for most folks. Operating costs are going up fast, and the regulatory and environmental hurdles are significant. It's not easy to make money in this business. If it was, everybody would be doing it," he said, according to the Denver Post.

Australian-based gold producer Newcrest Mining announced on Tuesday (April 22nd) that it expects its gold output for 2008 to be lower than was previously forecasted.

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