Australia to Overtake China to Become the World’s Largest Gold Producer

SEATTLE (Scrap Monster):  The latest research report published by Resources Monitor states that Australia is poised to overtake China as the world’s largest gold producer in 2021. The forecast is based on analysis of performance of leading gold-producing companies in the country over the past 18 months.

According to the report, Newcrest Mining reported All-In Sustaining Cost (AISC) of $827, thus delivering a margin of 47% of average gold price. Saracen Mineral Holdings reported margin of 49%. The margins of Silver Lake Resources and Northern Star Resources stood at 36% and 27% respectively. The buoyant gold prices and escalating margins have resulted in many of the above top companies announce new mines or expansion to existing mines, the report said.

The major expansion projects include Newcrest Mining’s Cadia Valley mine, Saracen Minerals’ Carosue Dam project, Red5’s King of the Hills project and Newmont Australia’s Tanami operation. In addition new mines including Bardoc Gold’s Bardoc project, Capricorn Metals’ Karlawinda project and Regis Resources’ Mcphillamys project are expected to start operating soon.

The Resources Monitor the cost-effective gold production in Australia will help the country to overtake China next year as the world’s largest gold producer.

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