Australia’s gold mine output in the September quarter declined by five per cent to 78 tonnes, according to Melbourne-based mining experts, Surbiton Associates.
Stay on top of the most popular stories on Australian Mining over the past week, including the Australian gold price’s rise to another all-time high.
The Australian dollar gold price has moved above $2300 an ounce for the first time in history as fears surrounding the United States–China trade wars have again impacted global economic markets.
An industry expert, Surbiton Associates director Sandra Close has warned those interested in gold to be aware of the shortcomings of gold price forecasts being made, given the volatility of the precious metal.
Gold prices have today hit an all-time high, breaking the $1900 per ounce mark in the Australian currency for the first time.
Australia has experienced its highest March quarter of gold production since 1998, according to Melbourne-based gold mining consultants, Surbiton Associates.
Global gold output is expected to grow to a record 109.6 million ounces by the end of 2019, according to S&P Global data.
Australia’s gold producers have capitalised on a surging price for the precious metal by delivering an all-time production record last year.
Australian gold production was only a few thousand ounces shy of the previous quarter, totalling 81 tonnes during the third quarter of 2018 and contributing to $16 billion in annual exports.
Australian gold output reached its highest mark since 1999 last year, maintaining the country’s place as the world’s second largest producer behind China, the latest data from Surbiton Associates has revealed.
Australian gold production has dipped slightly in the September 2017 quarter as several leading mines registered lower output.
Surbiton Associates director Sandra Close believes the excitement generated by the gold exploration rush gripping the Pilbara in Western Australia should be kept in perspective.
Most of the locally-listed Australian gold producers are well placed to deal with the recent strength in the Australian dollar, thanks in part to their use of gold sales’ hedging mechanisms, according to gold mining consultants Surbiton Associates.
Australian gold mine production reached a 17-year high in 2016, according to gold mining consultants Surbiton Associates.
Australian gold production was marginally higher in the September quarter despite poor weather affecting some operations in the eastern states.
Cost cutting and a move to higher grade ores has seen Australia’s gold production rise 10 per cent over the past twelve months.
A new report has found Australia’s gold output fall by nearly five tonnes in the September quarter.
While gold output fell in the past financial year compared to the previous period the Australian gold sector is sill looking positive.