Australia becomes world’s biggest producer of gold for first time

Australia has become the world’s biggest producer of gold for the first time, having played second fiddle to China for the last decade. Australia unearthed 157 tons of gold in the first half of the year, pipping China by four tonnes.
Australia’s rise to the number one spot comes on the back of a bumper period for its gold mining industry, which unearthed a record 328 tons two years ago.
China’s state-run mining behemoths are not renowned for their transparency. So it is unclear exactly why production in the world’s most populous nation has fallen behind of late.
Whatever the reason, the changing of the guard at the top of the gold medal table reinforces Australia’s status as one of the dominant forces in mining. One of the country’s most prominent gold fields, the Mungari site is one of five across the country run by Evolution Mining which has risen rapidly through the ranks to become one of Australia’s biggest gold mining companies.
Evolution’s executive chairman Jake Klein said: ‘Australia is benefiting from the very high gold price. This has created a lot of momentum in the sector and a lot of production.’
Despite these challenges, gold miners have struck it rich during the pandemic. Gold has traditionally been seen by investors as a haven during times of economic turmoil, as well as a hedge against inflation. But, despite the ups and downs, it has proved a good long-term bet, beating stock markets.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished