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Tuesday, 25th May 2004 (4837 views)

Australia's gold industry is remaining optimistic about production after heavy rain and tropical cyclones had a negative affect on gold production in the March quarter.<BR/><BR/>Output was down by 12 per cent on the previous quarter for March and was seven per cent lower than the same period the year before.<BR/><BR/>Dr Sandra Close, MD of Surbiton Associates, told Mining Weekly: "Production was expected to be down due to the extraordinarily wet weather. It ended up being the worst quarter in about ten years."<BR/><BR/>However Dr Close added that the downturn is most likely temporary and an upward pattern in gold production was still evident.<BR/><BR/>"In 2003 Australia displaced the US as the world's second largest gold producer. Australia should be able to maintain this ranking in 2004," she added.<BR/><BR/>Reportedly "another 30 tonnes or one million ounces of annual capacity" is expected for 2004, which is why overall production outlook is set to be positive.<BR/><BR/>Around three quarters of a tonne of gold are produced in Australia every day, with exploration for new deposits a key focus to boost production further.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=2689668"/>

 

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