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Tuesday, 13th December 2005 (3926 views)

Australia is set to fall behind front-runners South Africa and the USA in the quest to become the world's top gold producer.

South Africa claimed the top spot last year but it was a photo finish between Australia, which fielded 265 tons of the yellow metal, and the US, which produced 258 tons.

But Australia is likely to be nudged into the bronze medal position this year after several of its mines yielded disappointing grades in the September quarter, according to Dow Jones Newswires.

That has led the Australian authorities to chop forecast for 2005/06 output from 275 to 264 tons. It had originally expected to harvest 309 tons of the precious metal this year.

Australia's gold production has also been hit by poor progress at its newest large-scale mine, Telfer.

At the same time, the US has found a second wind this year and should pip its antipodean rival to the post.

Analysts now expect the US to improve on last year's figure as a result of strong results from Newmont's new Leeville mine in Nevada – the original gold rush state.

Although South Africa holds the yellow jersey position at the moment, it may not be clear of the peleton for long, with gold production expected to plunge 14 per cent this year and a further three per cent to 285 tons in 2006.

China rounds out the top four, with gold output also on the rise in South America and India.

 

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