Gold was down more than 1.5% as of 3:00 pm EST Tuesday, but one mining CEO is unfazed by this price drop, citing low mining costs as the reason his company will remain profitable during market downturns.
“We’re in this for the long-game, so that price pullback, I just see that as a buying opportunity for investors,” said Kenneth Berry, CEO of Vertex Mining Corp.
Berry told Kitco News on the sidelines of the International Mining Investment Conference in Vancouver that market fluctuations in the price of gold should not have material impact on production and operations as long as their costs remain competitive.
“As you pointed out, it’s a challenging day for gold prices, but with an all-in sustaining cost of just over $600 [an ounce], we’ll do well with $1,250 gold,” he said.
Berry said that he doesn’t see the current market environment as previous price pullbacks that he has experienced since 2011 when he began raising money for the Moss Mine project.
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