Terry Heymann, Chief Financial Officer at the World Gold Council, commented: “Since its launch in 2013, we have monitored the use and application of the Guidance Note to ensure that it meets its objective of providing transparency into the costs associated with producing gold, by setting out a consistent methodology.”
“In light of new accounting standards and to support further consistency of application, we have included incremental enhancements in the Guidance Note, as well as provided a set of “Frequently Asked Questions (FAQs). We believe this will be of benefit to investors and other stakeholders”.
The use of the “all-in sustaining costs” and “all-in costs” metrics has been widely adopted by gold mining companies as part of their overall reporting disclosure. These non-GAAP metrics have helped provide greater clarity and improve investor understanding. All companies involved in gold-mining are encouraged to use these metrics.
Individual companies have responsibility for their own reporting; it is expected that companies may choose to use the updated guidance from 1 January 2019 or on commencement of their financial year if later.
The Guidance Note and associated FAQs can be found here.
You can follow the World Gold Council on Twitter at @goldcouncil and Like on Facebook.
ENDS
For further information please contact:
Stephanie Mackrell
World Gold Council
T +44 20 7826 4763
E [email protected]
Kate Savage
Edelman
T +44 203 047 2587
E [email protected]
Note to editors:
World Gold Council
The World Gold Council is the market development organisation for the gold industry. Our purpose is to be the global authority on the gold market, provide industry leadership, and stimulate and sustain demand for gold.
We develop gold-backed solutions, services and products, based on authoritative market insight and we work with a range of partners to put our ideas into action. We provide insights into the international gold markets, helping people to understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society.
The membership of the World Gold Council includes the world’s leading and most forward thinking gold mining companies.
