SYDNEY: A drive to take advantage of record bullion prices lifted Australian gold production by 10 per cent, or even 24 tonnes, to 270 tonnes in the 2010/11 financial year, maintaining Australia's Absolutely no. 2 ranking behind China, a sector survey released on Sunday showed.
Within the quarter ended June 30, Australia's output of bullion rose 5 per penny to 68. 1 tonnes versus the previous three months, though it was flat compared to last year, according to the survey by Melbourne-based consultancy Surbiton Associates.
An 18 percent rise in global gold prices in the 2010/11 year to a report around $1, 500 an ounce encouraged miners to dig more mines, Surbiton analyzer Sandra Close said.
Spot gold hit a record $1, 911. 46 upon Aug. 23, and closed at $1, 828. 05 on Friday, according in order to Reuters data.
"The increase year-on-year is due to new operations coming in to production and old mines being successfully redeveloped, " Close said.
"The recent spike within the gold price has certainly drawn attention to the industry, but it may be the sustained, longer-term upward trend in the gold price that has prompted companies to re-evaluate older deposits as well as explore for new ones, " Close said.
China is the world biggest gold producer, mining 345 tonnes in calendar 2010 and analysts expect a greater yield in 2011.
A recent survey by precious metals research group GFMS suggested that one-time sector leader South Africa had tumbled to fifth devote the list of gold producers, with the United States and Russia at risk of higher yields.
Within the quarter ended June 30, Australia's output of bullion rose 5 per penny to 68. 1 tonnes versus the previous three months, though it was flat compared to last year, according to the survey by Melbourne-based consultancy Surbiton Associates.
An 18 percent rise in global gold prices in the 2010/11 year to a report around $1, 500 an ounce encouraged miners to dig more mines, Surbiton analyzer Sandra Close said.
Spot gold hit a record $1, 911. 46 upon Aug. 23, and closed at $1, 828. 05 on Friday, according in order to Reuters data.
"The increase year-on-year is due to new operations coming in to production and old mines being successfully redeveloped, " Close said.
"The recent spike within the gold price has certainly drawn attention to the industry, but it may be the sustained, longer-term upward trend in the gold price that has prompted companies to re-evaluate older deposits as well as explore for new ones, " Close said.
China is the world biggest gold producer, mining 345 tonnes in calendar 2010 and analysts expect a greater yield in 2011.
A recent survey by precious metals research group GFMS suggested that one-time sector leader South Africa had tumbled to fifth devote the list of gold producers, with the United States and Russia at risk of higher yields.