AUSTRALIA HITS GOLD PRODUCTION MILESTONE

Australia’s gold production hit a record high milestone producing 328 tonnes in the first six months of this year worth approximately $25 billion in face value according to recent data from Surbiton Associates, a Melbourne-based independent research company.

Following China, Australia remains to be the world’s second largest gold producer followed by Russia, according to the United States Geological Survey.

Like WA’s iron ore, the nation’s gold production has continued uninterrupted production through the pandemic whilst also benefitting from the uncertain economic environment resulting in record high prices and increased demand for the commodity.

Surbiton director Sandra Close commented “with production and employment in the mining industry strong, the various resultant taxes are a real boost for Australia in these difficult economic times and WA is receiving record royalty payments too” and that “she could not recall seeing this much interest in gold since the modern boom began 40 years ago”.

This is a brief summary of the article ‘New gold boom in pandemic – Production hits record’ by Stuart McKinnon | The West Australian | Monday 31^st August 2020