Australian Gold Production Down in 2012

Monday, 04 March 2013
Written by  Mineweb
Published in Gold Investing
Australian gold production in 2012 was down by 4 percent from the numbers that came out in 2011. This was due to a number of issues, including mines being tapped out and other issues. However, the overall production of gold in 2012 kind of balanced out since China’s gold production came in up 12 percent from its 2011 numbers.

First-Strike

According to Surbiton Associates Pty’s Australian Gold Quarterly Review, Australian gold production declined 4% last year to 256 tonnes or 8.2 million ounces. The country’s largest gold producers for 2012 were Newmont Mining’s Boddington at 724,000 ounces, Newmont and Barrick’s Super Pit Joint Venture at 654,000 ounces, Newcrest Mining’s Telfer at 507,168 ounces, Gold Fields’ St. Ives at 449,842 ounces, and Newmont’s Jundee at 333,000 ounces. All of these numbers provided by the mines are pretty dead on, so we get a good idea of how all of these Australian mines are doing.

“Several producers had to deal with short-term technical issues during the year, which reduced overall output,” said Dr. Sandra Close, a Surbiton Associates director. “Despite this, total gold produced in 2012 was worth more than A$13 billion at current prices, making the gold sector a significant export earner.”

“At last, we are seeing the effects of some new mines coming on-stream,” Close noted. “As well there were better performances from several established operations.”

December quarter 2012 production totaled some 67 tonnes, an 8% increase over the September quarter, and 1% higher than the 2011 December quarter. “At last we are seeing the effects of some new mines coming on-stream,” Close said. “As well, there were better performances from several established operations.”

Many of the Australian mining companies actually increased their gold output in the fourth quarter last year, helping them gear up for what should be a huge 2013 as far as gold mining goes in the country.

We will see if all signs continue to point to 2013 being big for gold mining and production in Australia. China has slowed down its consumption of the yellow metal a bit, but all signs point to them still being king of gold so Australia will more than likely want to continue to produce the yellow metal in large quantities.

Look for the U.S., India and China to buy a lot of the gold produced out of that region.

Original Article: Mineweb

Read 1203 times