Speaking from the sidelines of the 2012 African Mining Indaba conference, AngloGold Ashanti ( AU ) CEO, Mark Cutifani, made the astonishing claim that at a price of $1,650 per ounce of Au, gold miners are "only just returning the weighted average cost of capital for the industry." He also argued that "the average cost to produce an ounce of gold, all up, everything loaded in, is about $1,200 to $1,250." IAMGold ( IAG ) CEO, Steve Letwin, recently told Mineweb that a floor has developed in and around the $1,400 - $1,450 level as a result of increased costs across the industry. "I think you hit peak gold three or four years ago. You cannot find the large deposits any more. Most of it being lower grade and in more remote locations, so it's going to be difficult for anybody to produce gold at less than $1,200/oz in