Surbiton Associates have released their Australian gold production report for the quarter and there was an increase of over 10% from the March quarter. The June quarter produced 85 tonnes up from the 77 tonnes for the March quarter. The FY gold production for Australia was 328 tonnes worth almost $25 billion at an average price for the financial year.
According to Dr Sandra Close director of Surbiton Associates “I cannot recall so much interest in gold since the modern boom began almost 40 years ago, There is a high level of activity overall, from investment, increased capital raisings and initial public offerings, to greater exploration and drilling and a scramble to peg new ground. Just look at the gold price graphs, the price increases over the last year or 18 months have been extraordinary, both in Australian and United States dollars,” Dr Close said. “Sadly, this is a reflection of the uncertainty and unrest around the world.”
Dr Close also identified the Top 5 producers of Gold for the FY.
| Operation |
Ounces |
Owner |
| Cadia |
843,338 |
Newcrest Mining Ltd |
| Boddington |
673,000 |
Newmont Corp |
| Fosterville |
664,191 |
Kirkland Lake Gold Ltd |
| Tanami |
495,000 |
Newmont Corp |
| Tropicana – JV |
463,556 |
AngloGold Ashanti Ltd 70%, IGO Ltd 30% |
“Almost all operations have increased output in the June quarter 2020,” Dr Close said. “The largest increases were Cadia East (Newcrest), up 41,500 ounces, then Jundee (Northern Star) and Boddington (Newmont) both up 26,000 ounces and Mount Magnet (Ramelius) was up 22,000 ounces.”
Dr Close also mentioned the KCGM operations which recently announced a resource reserve update “The latest update on the Super Pit is most encouraging,” Dr Close said. “After the problems with the large wall slip are resolved by the cut-back now underway, production should return to more usual levels, with Super Pit probably once more joining the list of top five Australian gold producers.”
Surbiton Associates Pty. Ltd are Melbourne-based gold mining consultants.