Australia-based gold mining company Gold One International Ltd., which operates in South Africa, said Wednesday it expects to meet its goal of doubling its gold production this fiscal year.

Last year the company produced 66,445 ounces of gold. This year Gold One aims to produce 120,000 ounces, it said in a statement.

Gold One's business strategy is to develop precious mineral resources that are shallow, low technical risk and high margin. Currently, the company is positioned not only as the lowest cost gold producer in South Africa but also as within the lowest quartile of global gold mine production costs, the company said in a press release.

For the first half of the year, Gold One produced 54,699 ounces.