Australian gold output hits all-time high – by Alex Gluyas (Australian Mining – August 26, 2019)

Australian Mining

Australian gold production has reached an all-time record of 321 tonnes (10.3 million ounces) in the past financial year, according to gold mining consultants, Surbiton Associates.

With the gold price sitting around record territory in Australian dollar terms, the country-wide output is worth close to $23 billion to local gold miners. Australia’s 2018-2019 financial year gold production compares with the 310 tonnes produced in the previous fiscal period and 317 tonnes in the 2018 calendar year.

The achievement was driven by a bumper June 2019 quarter where gold production totalled almost 82 tonnes, making it the highest quarterly production for more than 20 years.

“Reporting yet another record gold production is good but becoming rather repetitive, with Australian dollar gold prices near record levels, the 2018/19 output is worth almost $23 billion a year at current prices,” Surbiton director Sandra Close said.

Alongside being the world’s second largest gold producer, Australia also imports a considerable amount of impure gold each year for refining.

For the rest of this article: https://www.australianmining.com.au/news/australian-gold-output-hits-all-time-high/

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