Abare: Australia 09-10 Gold Output Expected +15% To 251 Tons
22 September 2009 - 10:30AM
Dow Jones News
Australia's gold production is expected to rise by 15% to 251
metric tons during the 2009-10 fiscal year starting July 1, the
Australian Bureau of Agricultural and Resource Economics said
Tuesday.
That's up from Abare's last quarterly forecast, when the agency
expected output to rise by 9%.
Export revenue from gold is forecast to set another record high
this year, expected up 1% at A$16.4 billion, after rallying 48%
during 2008-09 to A$16.1 billion, supported by a high Australian
dollar.
That was despite Australian gold output falling 5% to 218
tons.
More than half of the strong gold output growth for the current
financial year will come from Newmont Mining Corp.'s (NEM) newly
commissioned Boddington mine in Western Australia state, which has
a capacity of 30 tons of gold annually.
A number of medium-sized operations are expected to reach full
capacity in 2009-10, such as OZ Minerals Ltd.'s (OZL.AU)
copper-gold mine at Prominent Hill in South Australia state.
-By Elisabeth Behrmann, Dow Jones Newswires;
61-2-8272-4689 elisabeth.behrmann@dowjones.com