Gold medal for Pit
The Super Pit in Kalgoorlie-Boulder has retained its mantle as Australia’s biggest gold mine, according to new analysis released yesterday.
The latest quarterly review by Melbourne-based mining consultant Surbiton Associates showed Australian gold output fell slightly in the 2011-12 financial year.
Output for 2011-12 was 261 tonnes, or 8.4Moz – 11 tonnes or four per cent less than in 2010-11.
At the current spot price, the value of 2011-12 gold production was about $14 billion.
“The fall in production was not surprising given the higher gold prices,” Surbiton director Dr Sandra Close said. “However, with several new and rejuvenated projects coming on stream in late-2012 and in 2013, we should see production rise.”
The average spot gold price for 2011-12 was $1620/oz – $230/oz higher than 2010-11.
