Published: 2019.08.08. Gold mining in Australia will peak in 2020

Gold mining in Australia will peak in 2020 - Preview

The Australian government recently published a review of the upcoming year of gold mining in the country. It follows that in 2020, Australia will reach a maximum production of yellow precious metals at the level of 339 tons.

Each quarter, the Australian Department of Industry, Innovation and Science publishes a report on the country's mining. It also contains information on gold production. A recent report gives an idea of ​​the situation in the gold market in Australia for the entire last 2018, as well as for the first half of the current 2019. As it became known, last year 315 tons of yellow precious metal were mined in the country. By this indicator, Australia remains the second largest in the world after China. Russia is in third place.

It is worth saying that most of the gold mined in Australia is exported. The government of the country expects export growth next year by + 12% to a record level of 370 tons. For example, in the 1st quarter of 2019, gold exports amounted to 92 tons, which is 7 tons less than last year. In addition to gold, Australia exports gold investment coins, which are minted by the mint in Perth (The Perth Mint). The most famous and popular coin is the Australian Kangaroo. Gold bars are also in great demand.

The Australian government expects an increase in gold production. In the 1st quarter of the current 2019, precious metal production increased by + 6.1% to 77 tons. According to the forecast, by the results of the next 2020, production growth is expected to reach 339 tons. It turns out that 2020 may become the maximum in this indicator. In subsequent years, Australian authorities expect a gradual decrease to 332 tons. Due to the closure of old deposits in the period from 2019 to 2021. Australia does not count 51 tons of gold.

It is also worth recalling that despite the increase in gold production in the country, Australia's official gold reserve has remained unchanged for many years at the same level and is currently 280 tons.