Australia’s gold production to climb this year

World’s second largest gold producer Australia’s gold production hit 226.39 tons till August this year.

Country’s gold output dipped by 2.4 percent to 66 tons in the Sepetember quarter, dropped by 1.5 metric tonnes a year ago, according to Surbiton Associates, a Melbourne-based consultant.

Australia produced 255 tons of gold last year. Gold is one of Australia’s largest export earners.

Western Australia is responsible for 75% of Australia’s gold production and also hosts approximately two thirds of Australia’s 4 500 t gold resources.

Australia maintained its ranking as 2nd gold producing miner next to China. However, South Africa, previously sector leader of global gold production, had slid to fifth place in the list of gold-producing nations.

The United States and Russia, meanwhile, continue to scout locations for higher yields. – Bullion Street

Tags: Australia gold production

Posted by VBN on Nov 29 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry