The recent report published by gold mining consultants Surbiton Associates suggests that gold production hit new record high in Australia during the previous year. The record-high production was mainly attributed to the notable surge in gold prices last year. The weak Aussie dollar led to significant surge in gold prices in domestic currency during the year.
The yearly gold output by the country totaled 317 tonnes in 2018, thereby breaking the two-decade old record of 314.50 tonnes set in 1997. Based on the average spot price, the output in 2018 was worth $17.3 billion. The country’s gold output totaled 81 tonnes in the December quarter of 2018.
The topmost gold producer was the Newcrest Mining Ltd.’s Cadia operation with an output of 751,965 ounces. In second place was Newcrest Mining’s Boddington operation, whose output totaled 709,000 ounces. Newmont and Barrick Gold’s Super Pit operation produced 628,000 ounces of gold during the year. The other key gold producers were Newcrest Mining’s Tanami (496,000 ounces) and AngloGold Ashanti-Independence Group JV’s Tropicana mine (477,908 ounces).
Surbiton foresees rise in Australian gold production in 2019, mainly on account of additional production from Gruyere mine in Western Australia. The boosted output from Kirkland Lake Gold's Fosterville mine in Victoria will also contribute to robust production during the year.
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