RTRS: Gold Fields CEO says global gold supply to tighten
CAJAMARCA, Peru, Oct 3 (Reuters) - Global gold supply will likely contract as the financial crisis in the United States saps funds away from planned mining projects, Nick Holland, the chief executive of Gold Fields (GFIJ.J: Quote, Profile, Research, Stock Buzz) said on Friday.
"Some of the juniors and intermediate companies are not going to be able to develop their projects. And I think what this means is that mine supply in gold is probably going to decline more than what people realize," Holland told Reuters.
The lead of the world's fourth-largest gold producer, based in South Africa, was in Peru to inaugurate the company's Cerro Corona mine.
He said miners will need to look for funding in less-conventional emerging markets, such as Peru, as traditional markets dry up.
Gold Fields is the world's fourth largest gold producer. (Reporting by Dana Ford)