Spot gold’s tumble to a half-decade low may have injected fear into the hearts of many gold miners but not in Australia, where the lower local dollar is cushioning the impact of the fall.
“We are benefiting from a lower Australian dollar. Whereas the U.S. currency gold price is lower, Australian gold prices are at a good level,” explained Ian Murray, executive chairman at Gold Road Resources.
Speaking to CNBC on the sidelines of the annual Diggers and Dealers mining forum in Kalgoorlie, Western Australia, Murray is one of several Australian gold explorers breathing easy amid an ongoing commodity rout.
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