Gold prices will continue to rise in my view. Mr Carroll onto...

Gold prices will continue to rise in my view. Mr Carroll onto something here for sure.

http://www.businessspectator.com.au/bs.nsf/Article/Macmahon-confident-of-gold-boom-pd20121015-Z3SAZ?OpenDocument&src=hp9

Macmahon confident of gold boom

Macmahon Holdings Ltd chief executive Ross Carroll remains confident that interest in gold is likely to continue on the back of weakening mining sector activity, The Australian Financial Review reports.

Mr Carroll's comments come on the back of rises in gold prices, with its price edging up 16 per cent in three months amid investor concerns of the uneasy global economy.

"Certainly with iron ore being weaker and coal, and potentially the flow-on effect of lack of new work there, to have a gold project like this which is for 10 years, with a blue-chip customer, it’s obviously very comforting to us,” he said.

Macmahon is currently engaged in a 10-year contract at Western Australian gold mining site, Tropicana.

The project is worth $740 million and is expected to produce 490,000 ounces of the heavy metal per year once production begins.