According to Mining Weekly, data from Melbourne-based consulting firm Surbiton Associates (SA) shows that Australia’s mine gold production for the 2024/25 financial year reached 300 tonnes, hitting a two-year high, though still below the record 328 tonnes achieved in the 1999/2000 financial year.
In the second quarter of 2025, production reached 76 tonnes, a quarter-on-quarter increase of 3 tonnes, or 4%, reflecting steady growth in the industry. At a gold price of A$5,200 per ounce, the annual output value slightly exceeded A$50 billion, making gold Australia’s fourth-largest export commodity, behind iron ore, coal, and liquefied natural gas.
"Australia’s gold mining industry is efficient, highly productive, and critically important," said Dr. Sandra Close, Director of SA. "Gold exports are worth almost half the combined export value of Australia’s agricultural, forestry, and fishery products. Unfortunately, this is poorly understood by many politicians and most of the public."
Global uncertainties, including tensions in the Middle East and the Russia-Ukraine conflict, as well as the radical policies of U.S. President Trump, have continued to drive up the U.S. dollar-denominated gold price. This has led to an even larger increase in the Australian dollar gold price, despite the strength of the Australian dollar.
The practice of blending stockpiled low-grade ore with newly mined ore has somewhat restrained production growth, with this ratio just exceeding 15% in the second quarter. This approach helps extend mine life and optimizes resource utilization.
Foreign control over Australia’s gold mines has varied over time. In 1997, foreign companies controlled 20% of Australia’s gold production, peaking at 70% by the end of 2002. Currently, foreign control stands at approximately 45%. This proportion is expected to rise following the completion of South African Gold Fields’ A$3.7 billion acquisition of Gold Road Resources in late September.
This acquisition involves the Gruyere gold mine, located 200 kilometers east of Laverton, which was discovered by Gold Road in 2013. Gold Fields acquired a 50% stake in the mine in 2016 for A$350 million. Mine construction was completed in 2019 at a cost of A$621 million, with production for the 2024/25 financial year reaching 305,000 ounces. The open pit is expected to reach a depth of at least 500 meters, making it one of Australia’s deepest open-pit mines.
"Although Australian entities control 55% of gold mines overall, their ownership of the top five gold mines in the 2024/25 financial year was only 24%," Close noted. "This truly highlights the dominance of overseas companies over our largest gold producers."
In the 2024/25 financial year, Australia’s top gold mine was Newmont’s Boddington, with production of 574,000 ounces. It was followed by the Tropicana mine (AngloGold Ashanti 70%, Regis Resources 30%) with 466,100 ounces, Newmont’s Cadia mine with 432,000 ounces, Northern Star’s Super Pit with 405,400 ounces, and Newmont’s Tanami mine with 387,000 ounces.
In the second quarter, Boddington remained Australia’s largest gold-producing mine, with output of 147,000 ounces. It was followed by the Super Pit (117,400 ounces), Cadia (104,000 ounces), Gold Fields’ St Ives (99,200 ounces), and Tropicana (93,800 ounces).
Article Source: https://geoglobal.mnr.gov.cn/zx/kydt/zhyw/202509/t20250902_9974529.htm
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