Australian gold production fell by nine tonnes for a total of 74 for the March quarter, down 11 per cent on the previous period, according to gold consultants Surbiton Associates.<\/p>\n\n\n\n
The output was worth $5.5 billion at the quarter\u2019s average gold price and Surbiton director Sandra Close said the drop was nothing to worry about.<\/p>\n\n\n\n
\u201cWhile gold output for the quarter was down considerably, this is no cause for concern,\u201d Close said.<\/p>\n\n\n\n
\u201cProduction was about three tonnes or four per cent less than the corresponding March 2020 quarter and such variations are not uncommon.\u201d<\/p>\n\n\n\n
Surbiton said while the period was usually victim to cyclonic weather in northern Australia, this had less of an impact than other years.<\/p>\n\n\n\n
Close said China\u2019s gold production<\/strong> was more noteworthy, as the world leader produced 74.44 tonnes of gold for the March quarter.<\/p>\n\n\n\n \u201cChinese production figures need to be treated with caution,\u201d Close said.<\/p>\n\n\n\n \u201cAustralia may even be on the way to overtaking China as the world\u2019s largest gold producer, but it is far too early to draw any real conclusions.\u201d<\/p>\n\n\n\n In Australia, Kirkland Gold\u2019s Fosterville mine in Victoria fell from third to fifth on the country\u2019s list of largest gold producers, with a decline of 55,000 ounces on the last quarter.<\/p>\n\n\n\n Retaining top spot was Newcrest Mining\u2019s Cadia East mine with 179,546 ounces of gold for the quarter.<\/p>\n\n\n\n Close said while some larger mines fell, other up-and-coming operations will look to challenge them over the next few years.<\/p>\n\n\n\n \u201cFosterville, Tropicana and Boddington together accounted for a reduction in output of 116,000 ounces, or 3.6 tonnes of gold, which was more than one third of the total reduction for the March 2021 quarter,\u201d Close said.<\/p>\n\n\n\n \u201cNovo and Ora Banda will increase output as they ramp up to full capacity over the next few months.<\/p>\n\n\n\n \u201cAlso, Capricorn Metals\u2019 Karlawinda is due to start up mid-year and Wiluna Mines\u2019 expansion project is underway.\u201d<\/p>\n\n\n\n Close had no worries for the future of Australian gold, as prices and expenditure in exploration have uplifted the sector significantly.<\/p>\n\n\n\n \u201cThanks to higher gold prices in the last couple of years, the gold sector has continued to raise considerable capital and there is a tremendous amount of exploration going on, with excellent results being reported,\u201d Close said.<\/p>\n\n\n\n