Gold is glittering in the country as the Australian production of the precious metal rose to a six year high in the June quarter.
The new investment and the fast rising prices for gold have seen a record 20% rise in gold production with 2.2 million ounces being produced this year.
The Australian Bureau of Agricultural and Resource Economics says that gold will be the third highest export earner in the 2010-2011 financial year after iron ore and coking coal. The Bureau hopes to see a production of 270 tonnes of gold fetch export revenue of $16.88 billion.
Melbourne based industry consultants Surbiton Associates Pty Ltd said that the gold output in the three months leading up to June 30 was up by 11 % compared to the previous quarter and was slated to rise. As per Sandra Close from Surbiton the quarterly output of gold was the highest since December 2003.
Newcrest Mining’s Cadia Hill and Telfer mines helped the rise of gold production as did Barrick Gold Corporation’s production at its Cowal mine in NSW. Besides these established mines the newly commissioned operations of Newmont Mining Corporation’s Boddington mine and Saracen Mineral Holdings Carosue Dam Mine in WA also ramped up production.