Citigroup actually found that most companies studied in the report saw their costs increase significantly more than 11.8 percent. It cited costs for Goldcorp, (NYSE:GG,TSX:G) the number one gold company by market value, rocketed by 80 percent, and for Yamana Gold (NYSE:AUY,TSX:YRI), they doubled. All-in costs (including capital expenditures) at Randgold (LSE:RRS), normally an efficient gold miner, rose by 60 percent, said Motley Fool.One of the few bright spots in the Citigroup report was Barrick Gold — forced earlier this year to take a $5.5 billion writedown at its troubled Pascua Lama project in South America. Citigroup indicated that Barrick, pressured by shareholders to cut costs and arrest a dramatically falling share price, has taken the strategy to heart, having reduced costs by 10 percent this year through June. Publication of both reports came as intermediate gold producer New Gold (TSX:NGD,NYSE:NGD)asaid on Tuesday thatait achieved its lowest quarterly costs of gold production in the company's history. New Gold, which operates mines in Canada, the US, Mexico, Chile and Australia, said its total cash costs in the third quarter were $280 per ounce, compared to $443 per ounce in the year-ago quarter. All-in costs were $779 per ounce. While it's encouraging to see intermediate and major gold miners reducing costs in an environment of falling or static gold prices,aMineweb's Lawrence Williams is not optimistic the trend will continue if prices start to rise again. Commenting on the need for gold miners to report all-in sustaining costs rather than simply cash costs per ounce, Williams concluded in August: "Whatever occurs though on the corporate front the fallout will mean the eventual development of a much leaner and meaner gold mining sector, although this will indeed take time for the kinds of capital and operating costs controls to filter through to the bottom line. This flight from profligacy will likely continue for a few years, but these controls could well fall away again if the gold price increases significantly and real profits start to multiply. What goes around comes around."
More information on how gold cash costs compare throughout the world can be found in an infographic by Visual Capitalist released earlier this year. Among its findings: North America is the cheapest region to produce gold, at $598 per ounce. Africa is the most expensive, at $957 per ounce, with Australia, Asia and Europe falling in between.a the Obuasi mine in Ghana has the highest cash cost at $1,519 per ounce, while the lowest is the Cortez operation in Nevada, at $282/oz. all-in sustaining cash costs to mine gold are $919 per ounce, compared to cash costs of $561/oz.Securities Disclosure: I, Andrew Topf, own stock in Goldcorp.a Related reading: More Multibillion-dollar Writedowns Among Gold Majors Are Cash Costs for Gold Producers Rising or Falling? from Gold Investing News