WGC welcomes seven new members

The World Gold Council (WGC) announced that Agnico-Eagle Mines, Cambior, Coeur D’Alene Mines, Eldorado Gold, Goldcorp, IAM Gold and Kinross have joined the WGC, which now represents 24 companies and around 38% of total world gold production.  The WGC states that the new members represent an increase of 17% in production terms for the WGC and around 5% of total world gold production.

Pierre Lassonde, Chairman of the WGC, commented, “Its with great pleasure that we are welcoming the addition of seven new members to the World Gold Council.  By joining the WGC these gold producers recognise the significant value created for the entire industry in the last three years, through both its marketing efforts and investment product creation.  We look forward to welcoming even more new members in the months ahead, as we hope that all producers take the responsibilities of our industry to heart.”

Lassonde states that “the past three years have been excellent for the gold industry as the price of gold has more than doubled from its secular low.  The WGC has without a doubt made a significant contribution to this success.  The creation of the first Exchange Traded Gold Fund (ETF) has been a phenomenal success, with close to 500 t of gold taken up by investors in approximately 18 months.  This is the most significant new gold product to ever come to the market.  We plan to expand the reach of this product by listing it on multiple stock exchanges.

“The Council has never been in a better position to aggressively expand gold’s market share of the luxury goods business as well as its pre-eminent investment role.  Over the past three years the WGC have played a major role in successfully reversing a period of declining demand in key gold jewellery markets.  In 2005, gold jewellery demand rose 17% in value terms in markets where we’ve conducted promotional campaigns, compared to only 7% in non-promoted regions.  With the contribution of our new members and the addition of future members we can solidify demand for the benefit of all.”