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Figures out this week show that Australian gold output rose by 14% in the last quarter, as global demand for gold increases. Investors appear to be opting to buy gold as a safe haven against current economic uncertainties.
This increase in production makes Australia the second largest gold producing country, with a total output of 227 tons. China still remains the leader with an impressive 314 tons of gold produced last year. USA was ranked third, closely followed by South Africa.
Australia’s success can be mainly attributed to the opening of the redeveloped Boddington Mine in Western Australia, owned by Newmont Mining Corp. With more mining developments planned, an increased demand worldwide and the positive forecast of gold prices, gold remains a significant contributor to the Australian economy. |