Gold production in Australia in the third quarter of 2024 amounted to 75 tonnes, which is 5 tonnes (7%) more than in the previous quarter, according to Melbourne-based gold mining consultants Surbiton Associates. Total gold production for the 2023-2024 financial year was 297 tonnes, down 10 tonnes from a year earlier.
Surbiton Associates director Sandra Close said that gold prices reached record levels in the June quarter, and many gold producers took advantage of higher prices to increase gold production and report record profits.
“US dollar spot gold prices reached a record $2 532 per troy ounce on August 20,” Close said. She explained that during periods of high prices, some operators deliberately reduce gold grades by blending low-grade stockpiled material with run of mine ore.
“In this way more gold can be mined from their deposits, thus extending the lives of their operations,” she explained. “Some profit is foregone up-front but the life-of-mine is longer.” Alternatively, she explained, operators can choose to treat higher-grade ore and realise greater early profits, even though some gold will be left unmined.
Newmont's Boddington and Cadia mines became Australia's largest gold producers for the full 2023-2024 financial year, with output of 626,000 ounces and 458,700 ounces respectively. Northern Star's Super Pit mine followed with production of 449,000 ounces. Newmont's Tanami mine at 448,000 ounces is the fourth largest producer, while AngloGold Ashanti/Regis Resources' Tropicana joint venture at 428,000 ounces is recognised the fifth largest producer.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
