Australia gold output holds near decade average
The steady national tally comes ahead of a larger expansion cycle.
Australian gold output remained near the average of the past decade in the year ending June, despite disruptions at Newmont's Cadia mine affecting the latest quarter. Production totaled 303 tonnes, or approximately 9.7 million ounces, up four tonnes from the previous financial year and valued at around A$60 billion ($42 billion) at current prices, according to mining consultant Surbiton Associates.
Output in the June quarter surged nearly two tonnes from the previous three-month period to 76 tonnes. Surbiton director Sandra Close noted that most operations produced more gold in June than the previous quarter, with several smaller producers beginning operations. The steady national tally precedes a larger expansion cycle, with Northern Star Resources working to increase the Super Pit processing plant's capacity.
Boddington, Newmont's largest Australian gold producer, also saw the biggest quarter-over-quarter increase, adding 49,000 ounces from the March quarter. However, Cadia's production fell by 60,000 ounces due to seismic activity. High copper prices are also impacting Australian gold operations, with copper credits boosting the economics of some mines producing both metals.
Evolution Mining's Northparkes mine treated ore with high copper content, resulting in a minus A$10,696 gold all-in sustaining cost per ounce.
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