Australia’s gold mine output totalled 327 tonnes in 2020, a record for any calendar year and about 1.5 tonnes more than in calendar 2019, according to Melbourne-based gold mining consultants, Surbiton Associates. The full calendar year’s production was down slightly on that of the twelve months to 30th June, 2020.
In the December quarter of 2020, gold production rose by two tonnes to 83 tonnes compared with the September quarter 2020.
“Although Australian gold production is remaining near record levels, we are seeing a significant overall drop in the grade of ore being treated,” said Dr. Sandra Close, a director of Surbiton Associates. “This is a rational response to the higher gold prices during the year.”
“The 327 tonnes of gold (approximately 10.5 million ounces) produced in 2020 was worth A$27 billion, based on the average daily Australian dollar gold price,” Dr. Close said. “Australia is the world’s second largest gold producer and most of the gold is exported.”
In 2020, the global coronavirus pandemic and its social and economic impacts dominated the news. The uncertainty saw the gold price rise as the year progressed, setting an all-time record gold price on 6th August 2020 of US$2,067 per ounce and A$2,868 per ounce. Subsequently prices have fallen but still remain relatively high.