Total gold production in Australia fell by around 2% in the first quarter of the year, according to the latest data of mining consultants Surbiton Associates. Surbiton blamed the latest resource super profits tax for the declined gold output in the quarter.
The gold industry also warned that the super profit tax could encourage many junior gold explorers to look overseas rather than remain in Australia. Surbiton report showed that total gold production in Australia was reported of 1.96 million ounces in the quarter ended March this year, decreasing by 2% while it was reported of 1.92 million ounces in the previous quarter ended December 2009. However, the gold production was reported up by 13% comparing to the same quarter last year....
Tuesday, June 1, 2010
Australian 1Q Gold Production Drops 2%
Peak gold wasn't mentioned; a more immediate reason was cited for the 2% drop.
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With gold production decreasing in Australia and the talks of the gold industry going overseas, I wonder how this will affect the Australian market. Since Australia is a huge commodity exporter, the decrease in gold production in Australia might hinder its economic performance.
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