‘Spectacular numbers’: As the price of gold rises above $1,800, miners eye expensive Canadian projects
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In Canada, because of the favourable currency exchange rate, the price of gold stands at $2,407 per ounce — the highest ever on record.
Spot gold was up 0.6 per cent to US$1,808.75 per ounce on Monday.
The steady rise for gold, which began a year ago means that across Canada, gold projects that investors long shrugged off, met with nonchalance or ignored, such as Côté, are suddenly back in reach for chief executives, and the country could see a wave of new gold mines built in the coming months and years.
Even as other sectors struggle to absorb the economic shocks caused by the coronavirus pandemic, most gold mines in Canada have largely avoided any severe consequences, and managed to operate near full capacity through the pandemic, if not at full capacity with disruptions and work stoppages short-lived in most cases.