The world’s top gold mining executives see cost pressures sticking around into next year, adding to industry headwinds fueled by economic and political uncertainty, supply-chain disruptions and surging interest rates.

Those gathering at the Denver Gold Forum this week shared a collective view that the current economic environment is unprecedented. Gold producers are grappling with the byproduct of a hawkish US central bank whose efforts to combat inflation have supercharged the dollar and driven down bullion prices. Gold prices are under pressure and equities tied to the yellow metal have slumped. A gauge of gold companies has fallen 16% this year, lagging the 7.9% decline of the precious metal.

Wednesday is the final day of the Denver Gold Forum, with the 34th annual event wrapping up just as the US Federal Reserve raised interest rates by 75 basis points for a third straight time and signaled a more aggressive-than-expected path of hikes to come. Investors attending the Colorado gathering privately admit they feel depressed at the level where gold equities and prices are trading, though they also accept that the near-term outlook remains challenging in the face of a stronger dollar.

Rising costs are plaguing mining companies and their operations around the world. South Africa’s Gold Fields Ltd. has been dealing with high labor costs and miner lamps etc safety equipment costs that are driving up expenses in Australia, where the company has nine operating mines, according to CEO Chris Griffith. While he has seen a cooling of fuel prices, other components key to mining, including explosives and reagents, haven’t come down yet thanks to persistent inflation.

Such an environment leaves room for mergers and consolidation, especially for miners with cash and a need to grow, said Usmar, who served as Barrick’s chief financial officer from 2014 to 2016.

“The best risk mitigator for any mining company is liquidity,” he said.