[miningmx.com] – NICK Holland, CEO of Gold Fields, said mining companies operating in Africa had presented a false impression of their growth by not reporting All-In Sustaining Costs which takes account of exploration and corporate costs.
Speaking at the African Down Under conference in Australia, Holland said companies still needed to embrace resource nationalism in Africa with a view to sharing “a growing pie”.
“The mining industry globally has made its pie look more attractive than it is by focussing on cash costs, not all-in sustaining costs,’ Holland said, “so we have not been growing the right pie’.
“Mining economies can create jobs, fuel development and attract investment capital but we have created a false sense that there’s a bigger slice to take,’ he said.
