The gold industry in 2019 | McKinsey
This reversal of fortune led debt-heavy gold companies, which had engaged in aggressive M&A programs before the peak, to initiate dramatic cost-out programs, resulting in all-in sustaining costs (AISC) declining 20 percent to $879 an ounce between 2012 and 2017, and significant impairments totaling $129 billion since 2011 (Exhibit 1). Exhibit 1