Gold production set to rise, ABARE

Australia’s gold output will rise by 9% to 239 tonnes for the year 2010, a report from the Australian Bureau of Agriculture and Resource Economics (ABARE) has found.

According to the report, the anticipated increase in production can be attributed to the expected start-up of 14 new gold projects.

Several other existing gold mines will also be ramping up their production, such as Newmont Mining’s redevelopment of its Boddington mine in Western Australia, which will add between 28 and 33 tonnes annually.

The 2008-2009 export value of the gold industry is expected to rise 61% to a record level of $17.5 billion on the back of strong gains of international and Australian dollar gold prices, ABARE said.

ABARE expects gold’s 2009-2010 export value will continue its upward trajectory and rise to $18 billion.

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