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Gold Production Drops Sharply in Australia

Gold Production Drops Sharply in Australia

schiffgold.com / BY SCHIFFGOLD / MAY 30, 2017

old supply took another hit, as output in Australia mine production slumped in the first quarter of this year.

Output fell 8% in Australia, according to data released on Sunday by Australian mining consultancy Surbiton Associates. Australian mines produced 71.5 tons in Q1. This was a drop from 77.5 tons in the previous quarter.

Analysts blamed bad weather for the slump.

This year heavy rain in Western Australia, which accounts for about three-quarters of Australia’s gold output, plus the effects of Cyclone Debbie in Queensland in late-March, played havoc with gold production at many operations across the country,” Surbiton director Sandra Close told Reuters.

Australia ranks as the world’s number two gold producing country behind China.

Mine output also dropped sharply in China in the first quarter. According to a rare report issued by the China Gold Association, the country’s first quarter gold production dropped  9.3% year-on-year, falling from 111.563 tons in Q1 2016 to 101.197 tons this year. Meanwhile demand surged 14.7% in the Asian nation.

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