The Super Pit in Western Australia, jointly owned by Barrick Gold Corp. (NYSE:ABX) and Newmont Mining Corp. (NYSE:NEM), was the highest-output mine in the Country in the last year, producing 788,000 ozs, data showed. Newmont's Boddington mine produced 757,000 ozs and Newcrest Mining Corp.'s (ASX:NCM) Telfer produced 621,290 ozs.
Gold output in Australia climbed 9.8% in the last fiscal year, as the mining industry opened new mines and redeveloped older ones, taking advantage of the precious Yellow metal's Strong price, according to data released Sunday by industry consultants Surbiton Associates Pty Ltd.
Production climbed by 24 metric tons to 270 tons in the year ending June 30. Output in F Q-4 changed little compared with the same period a year earlier, but rose 5% compared with Q-3 as the mining industry recovered from several cyclones, Surbiton said.
The recent spike in the Gold price has drawn attention to the industry but it is the sustained, longer-term, upward trend...that has prompted companies to re-evaluate older deposits and also explore for new ones, said Sandra Close, a director at the Melbourne-based firm.
Ms. Close said the industry has slated several new operations to start producing over the coming year, and are doing feasibility studies on several others.
The spot price for Gold rose above 1,900 oz last week from around 1,600 at the beginning of the month and 1,200 a year earlier.
The Australian price for Gold hit a record A$1,806.50 oz on August 22, although it has eased some since.
The recent strength and volatility in the Gold price is not surprising. Rarely have I seen so many long-term factors favoring Gold, Ms. Close said. I cannot see the economic and political instability around the World being solved quickly.
Ms. Close said she is positive on Gold's outlook, since prices are supported by economic concerns in the US and Europe as well as concerns over stability in the Middle East and North Africa.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.