Australia gold output holds near decade average

AI desk brief

Australian gold output held near its decade average at 303 tonnes in the year to June, worth about A$60bn at current prices, with June-quarter production rising to 76 tonnes from 74 tonnes in the prior quarter. The biggest drag came from Newmont’s Cadia, where seismic disruption cut output by 60,000 oz quarter-on-quarter; Surbiton estimates national production would have been almost two tonnes higher without that hit.

On the positive side, several producers lifted output and new capacity is coming through, including Northern Star’s Super Pit expansion to 27mtpa, with commissioning underway. The piece also highlights the growing support from copper by-products: Evolution’s Northparkes posted negative gold AISC of A$10,696/oz thanks to copper credits, as copper prices have risen about 46% in the past year to $6.72/lb.