After updating their precious metals' company cost curve, Citi's ominous warning that, a combination of rising unit costs (15% yoy), sustained high capital...

James McKay

After updating their precious metals' company cost curve, Citi's ominous warning that, a combination of rising unit costs (15% yoy), sustained high capital budgets and a falling gold price have resulted in a fast contraction in margins - so much that no gold company under our coverage will generate Free Cash Flow at spot gold.


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