According to consultants Surbiton Associates, 2016 saw Australian gold mining production hit a 17-year high
With gold output in 2016 totalling 298 tonnes, which is a 10-tonne or 3.5% increase on 2015, gold mining in Australia seems to be regaining momentum.
At the current AUD of $1600 an ounce, Surbiton reported the full-year production in 2016 was worth more than $15 billion. The largest since 1999.
Reinforcing this lift in momentum, figures from the December 2016 quarter showed a 3%, or 77 tonne, increase than the previous quarter in September.
In response to these figures, Surbiton director Sandra Close said Australian gold mining had made some solid improvements.
“We are getting very close to the 300-tonne-a-year mark but we still have a way to go to break the all-time annual record of 314 tonnes set in 1997,”¯ Close said.
“From the all-time high some 20 years ago Australian gold production had fallen to 220 tonnes by 2008, but since then had been trending upwards.”
“Overall the Australian dollar gold price has continued to be attractive, thanks to the combination of the US dollar gold price and favourable exchange rates,”¯ Close added.
“This has encouraged the redevelopment of previously mined areas and the refurbishment of mothballed plants, thereby pushing Australian gold output higher.”¯
Throughout 2016 there has been numerous mines re-open, recommence work or increase output.
Newmont Mining`s Boddington gold mine in WA was the top producing operation in the country in 2016 with about 800,000 ounces.
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