TORONTO (Reuters) - Jay Taylor, chief executive of Placer Dome
Inc.
"I have always said that to have a sustainable gold industry we need $350 (an ounce) gold at least, but at $330 we're not quite there, but it is healthy enough for the industry," Taylor told Reuters.
Gold was at $339 an ounce on Wednesday, down from the 6-1/2-year high of $381.50 it reached in early February.
Taylor said he was willing to reduce Placer's gold forward sales program to about 8 million ounces, or 15 percent of gold reserves. The company said on Tuesday it had reduced the program to 11.5 million ounces and plans to take it below 10 million by the end of 2003.
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