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Globe editors have posted this research report with permission of Dundee Capital Markets. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

While efforts remain underway to trim spending across the spectrum, we note that costs, for the most part, remain sticky making it difficult to implement sweeping reductions without drastically overhauling operations.

While some would argue these changes are necessary, the gold miners find themselves in a challenging predicament where short-term profitability must be weighed against long-term sustainability. We provide a summary of Q3/14 co-product Fully Loaded Cash Costs (FLCC) as well as QoQ and YoY results for comparison.

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Despite gold producers' best efforts, in our coverage universe FLCC rose for 8 of 17 companies (DGC had yet to achieve commercial production in Q3/13) on a YoY basis and 8 of 18 companies on a QoQ basis. In the summaries below we discuss company specific factors that may have influenced the quarterly results.

Read the full report here.

Read other research reports here.

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