Australian gold production dips in third quarter
Gold production in Australia fell by around 2.4% in the September quarter, compared with a year earlier.
According to mining consultants, Surbiton Associates Pty Ltd said some producers took advantage of the higher gold prices by processing lower grade ore and lower grade stockpiles.
Dr Sandra Close, a director of Surbiton Associates added: “Although this leads to lower production, it allows a more effective use of gold resources.”
The gold price reached an all time record afternoon fix in the period of US$1,895/oz and averaged US$1,702/oz.
In Australian dollar terms, the price also reached a record of A$1,807/oz and averaged A$1,626/oz.
Despite this, not all gold miners are making record profits. ““Some are enjoying excellent returns but others are struggling,” said Dr Close.