Record gold production in Australian mines in 2014
Gold mining in Australia’s was pushing record production outcomes in 2014. Mining gold in Australian hit an 11-year high, although lower prices have created some extra challenges for mining companies. Keeping gold mines profitable is always going to be a long process, even for seasoned mining companies and even the best have to make sacrifices here and there.
Having said all of that, gold mining production in Australia increased four per cent to 284 tonnes last year (2014), it’s highest level since 2003.
Lower prices have forced Australian gold miners to increase the grade of ore they are mining. Many mining companies are ramping up volumes of gold processing through their gold treatment plants just to keep profits in the red.
It’s been tough going in the gold mining industry in Australia as Australian dollar gold prices have fallen from around US$1382 down to about US$1215 per ounce in the previous 12 months.
A final WA state government report on royalties is expected to be released soon.
Newmont’s Boddington and Kalgoorlie operations, both in WA, produced the most gold in 2014, followed by Newcrest’s Telfer mine and Anglogold’s Tropicana operations, also in WA.
Mining service company Ausdrill recently said it is pinning its hopes on a lower Australian dollar boosting the US dollar gold price and spurring investment in the local gold sector.