Aust gold production up slightly in 3Q

(Australian Associated Press)


Australia’s gold production has risen slightly to 75 tonnes for the third quarter of 2016, despite heavy rainfall hurting some operations in NSW, Victoria and South Australia.

Gold production in the three months to Sepember 30 was up one tonne, or two per cent, on the previous three months, and up two tonnes, or three per cent, on the same time last year, mining consultants Surbiton Associates says.

Surbiton Associates director Sandra Close called it a “good performance” given the wet weather.

“Overall, local producers have continued to take advantage of the higher Australian dollar gold prices that have prevailed for much of 2016,” Dr Close said in a statement on Monday.

Gold prices rallied to almost $US1,340 per ounce ahead of the closely-watched November 8 US presidential election. The jump followed local gold’s rise to a record of more than $1,830 per ounce following the June 23 Brexit vote, Dr Close said.

Gold has traded mainly between $A1,600 and $A1,800 per ounce through much of 2016, averaging near $1,700 an ounce.


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