Australian Gold Output Climbs to Six-Year High, Boosted by Newcrest Mines – Bloomberg

Australia’s gold production in the
June quarter gained 20 % compared with the same period a
year ago to reach the highest level in more than six years,
aided by increased output from Newcrest Mining Ltd.’s Cadia Hill
and Telfer mines, a research group said.

Production climbed to 67 metric tons, the highest level
since December 2003, Sandra Close, a director of Surbiton
Associates Pty that collates results from Australia’s gold-
mining companies, said in an e-mailed statement. Output during
the year ended June 30 climbed 11 % to 245 tons, the
Melbourne-based company said.

“The June quarter was somewhat of a ‘perfect storm’ for
Australian gold production,” said Close. Higher gold prices
were “one reason” for new mines coming on stream as well as
production restarts, she said.

Gold is headed for a 10th annual gain and prices may reach
at least $1,300 an ounce this year as investors seek a shield
against financial turmoil, weak currencies and inflation,
according to GFMS Ltd.