Members of World Gold Council depart due to cost issues

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According to reports by Bloomberg, AngloGold Ashanti Ltd and Gold Fields have left the World Gold Council. The departures are reported to be due to financial reasons. Bloomberg reported that Gold Fields carried out the decision to save money, and spokesman Willie Jacobsz said it was “purely a cost issue.”

“Members pay per ounce of metal produced and with all the cost-cutting we’ve seen, especially here at Gold Fields, we’ve had a look very carefully at our membership of all sorts of organizations around the world,” he said.

While a spokesperson for AngloGold could not be reached, both companies have been under works to adjust to a gold price that has been down by 21 per cent since last year. The World Gold Council expressed regret for losing its long-standing members, thanking them for their support this far and hoping that “there will be an opportunity in the future to welcome them back.” CJ

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