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GOLD OUTPUT RISES IN AUSTRALIA FOR FIRST TIME IN 5 YEARS: REPORT.
BRISBANE, Sept 1 Asia Pulse - A ramp-up in existing operations has seen Australia's gold mining industry overturn a five year trend to record an increase in production output for 2002/03.
In a report produced by Melbourne-based mining industry consulting group Surbiton Associates, production of the precious metal was found to have increased by almost five per cent, with 285 tonnes (9.2 million ounces) of gold produced in the 12 months to June 2003.
Output in the June 2003 quarter rose to 75.4 tonnes (2.4 million ounces) an increase of eight per cent on the previous corresponding period.
The third largest producer after South Africa and the United States, Australia currently produces gold at about 60 operations, with about 70 per cent, or 200 tonnes, of production output in Western Australia.
Surbiton director Dr Sandra Close said the result was significant as it was the first rise in fiscal gold production for five years.
"Much of the increase can be attributed to the ramp up of existing operations plus a few new operations ...
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Source: HighBeam Research, GOLD OUTPUT RISES IN AUSTRALIA FOR FIRST TIME IN 5 YEARS: REPORT.