China regains top gold status, Australia relegated to second place

China is back on top as the world’s largest gold producer. It’s pipped Australia which had its time in the sun earlier this year. Australian gold mine production declined in the September quarter 2021 to 77 tonnes, around six tonnes or eight percent lower than the June quarter 2021, reported Melbourne-based gold mining consultants Surbiton Associates. “With gold production figures now available for the first nine months of 2021, it appears that China has taken the lead again as the world’s top gold producing country,” said Surbiton Director Dr Sandra Close. “Australia briefly became top producer for the first time, based on gold production figures for the first half of 2021.” Related: Top-notch performance for Ravenswood Gold “It is a close-run thing as to which country will be the world’s top gold producer for the whole of 2021,” said Dr Close said. “China has been number one since 2007 but Australia is now challenging for that spot.” Chinese gold production was 236.75 tonnes for the first nine months of 2021 according to figures released by the China Gold Association. Surbiton Associates’ detailed survey of Australian gold production totalled 234 tonnes for the same period, Dr Close. “Much will depend on gold output reported for the final quarter of the year,” she said. “For some 30 years we have been compiling the most detailed gold survey for Australia and know that the December quarter is usually the strongest period of the year locally but we do not know what the relative performance will be for both countries.” “Production at some of Australia’s largest gold operations was adversely affected by a larger than usual number of operational factors in the September quarter.” Related: Stock market debut for copper-gold player Among others, the survey concluded: Newcrest Mining’s Cadia operation in New South Wales reported a decline in production of almost 86,000 ounces, or 2.7 tonnes of gold. Newmont Corporation’s Boddington mine south east of Perth, produced 30,000 ounces less, or almost one tonne Gold production from Kirkland Lake Gold’s Fosterville mine in Victoria declined by 23,000 ounces, or around 0.7 tonnes, mainly due to lower ore grades. Among the by-product gold producers, BHP’s Olympic Dam mine in South Australia recorded a decline in output of 22,000 ounces. Most Australian gold producers were still enjoying healthy profit margins, Dr Close said. “As is always the case, the US dollar:Australian dollar exchange rate has been an important factor, with the Australian dollar gold price remaining above A$2,400 per ounce since mid-year. “The outlook is positive, with several projects currently under construction and a healthy number of scoping and feasibility studies underway.” Australia’s largest gold producers for the 2021 September quarter were: Operation Ounces Owner Boddington 162,000 Newmont Corporation Fosterville 134,772 Kirkland Lake Gold Ltd Tanami 112,000 Newmont Corporation Super Pit 109,199 Northern Star Resources Ltd Cadia East 109,005 Newcrest Mining Ltd

China regains top gold status, Australia relegated to second place

Industry Queensland

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