Australia’s 2010 Au output likely up 10%: ABARE

摘要

Australia’s gold mine production is estimatednto rise 10% to 239 mt in the fiscalnyear ending June 30, 2010, the AustraliannBureau of Agricultural and ResourcenEconomics said Tuesday. The year-on-yearnincrease in fiscal 2010 is due to a numbernof development projects in WesternnAustralia that have come onstream,nincluding Newmont’s recently commissionednredevelopment of the Boddingtonnmine, which is expected to produce atnaround 31 mt/year of gold, making it thenlargest gold project in Australia, ABAREnsaid in its June quarter AustraliannCommodities report. A further 13%nincrease in Australia’s gold production ton269 mt is forecast in year ending Junen2011, largely reflecting the ramp-up to fullnproduction at Boddington. In addition, severalnsmall to medium-sized developmentsnare scheduled to start up in fiscal 2011,nalong with the restart of several mediumnsized dormant projects, largely reflectingnan extended period of historically highnAustralian dollar gold prices, ABARE said.nFollowing the record export of 437 mt ofngold in fiscal 2009, however, the volumenof Australia’s gold exports — whichnincludes overseas-sourced scrap refinednin Australia for re-export — is estimatednto fall 22% to 342 mt in fiscal 2010 duenmainly to weaker global fabricationndemand and lower retail demand for goldnbullion coins and bars, ABARE said. In fiscaln2011, gold export volumes are forecastnto rise 29% to 441 mt, reflectingnexpected higher demand for jewellery innAsian markets and increased domesticngold production. Reflecting the fall innexport volumes, the value of Australia’sngold exports in fiscal 2010 is estimated to decrease 17% to A$13.4 billion ($11.8nbillion). But in fiscal 2011, export earningsnare forecast to rise 26% to A$16.9nbillion, reflecting the higher volume.