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 DENVER (AP) - Two of the world's largest gold miners reported robust fourth-quarter earnings Thursday due to higher selling prices but said production will slow in the year ahead because of rising operating costs.
The production forecast likely will translate into higher gold prices in the year ahead for both Newmont Mining Corp. and Barrick Gold Corp., speculated analyst Patrick Chidley, with Barnard Jacobs Mellet.
He noted that higher production costs have proven significant for the industry as a whole. "The gold price isn't really high enough and probably will move higher," he said.
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