Dr Sandra Close, managing director of gold consultants Surbiton Associates said Monday (September 10), the 2011/12 Australian gold production decreased by 11 tons to 261 tons, a decline of 4%.
Close said, "Taking into account the higher gold prices, the decline in gold production in Australia is not surprising, however, will have a new project into production at the end of 2012 to 2013, when gold production will have to rise."
He said that the estimate to the current price of gold, the gold market valuation of gold in 2011/12 to $ 14 billion, the average price for 1620 Australian dollars / ounce, compared with the 2010/11 year high of 230 Australian dollars.
Close said, "Overall, the manufacturers take advantage of higher gold prices, but the most serious is the spread between the cost and selling prices."
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