Australian Gold Mines 2010

Submitted by Share Trading on 8 March, 2010 - 09:06

Australian Gold production is set to reach $10 billion in 2010 as output is increased at a time of historically high gold prices. In 2009, Australia produced 227 tonnes (or 7.3 million ounces) of Gold (increase of 3 percent on 2008). At current gold prices of $1250 for an ounce of Gold, the Australian gold output of 2009 would have fetched $9 billion. With the high gold prices, this precious metal is set to be Australia's third biggest export earner after iron ore and coking coal.

Last year Newmont opened up their $3 billion redevelopment of the Boddington mine in the Darling Ranges of Western Australia, which helped increased the Australian gold industry's increased output. The mine is in ramp-up phase and produced 118,000 ounces or about 3.7 tonnes of gold in December 2009 quarter. This year, the mine is expected to produce 200,000 ounces of gold a quarter. Also in the last quarter of 2009, the Newmont/Barrick Super Pit at Kalgoorlie increased gold production by 28,000 ounces (to 680,000 ounces - Australia's biggest gold mine) and Newcrest's Telfer mine produced 674,445 ounces (the 2nd largest gold mine) in the last quarter. Other results include: Gold Field Ltd's Lefroy operation (414,590 ounces), Newmont's Jundee mine (411,000 ounces) and AngloGold Ashanti's Sunrise Dam mine (401,112 ounces).