December 9, 2005The market price of gold rose approximately 19% during the 12 months between PwC's 2004 and 2005 gold price surveys, hitting a 24-year high.But despite these higher market prices, leading gold mining companies continue to use conservative prices to value their mineral reserves and assess carrying values. PwC’s 2005 survey revealed that the average gold price used by respondents is US$399 for reserves, a 9% increase from US$366 in 2004, and US$415 for carrying values, also up 9%, from US$379 over the same period.
The PwC survey summarizes responses from 42 of the world’s leading gold mining companies headquartered in Canada, the United States, the United Kingdom, Australia and South Africa. Thirty-five of these companies are SEC registrants. PwC’s annual survey examines the values that gold producers have used to assess carrying values, the factors that have influenced their determination, and the disclosure they plan for their 2005 annual reports.
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