Australia's Gold Output Reaches 300 Tonnes Again

According to Mining Weekly, statistics from Melbourne-based consultancy Surbiton Associates (SA) show that Australian mine gold output reached 300 tonnes in the 2024/25 fiscal year, a two-year high but still below the 328 tonnes of 1999/2000. Output in the second quarter of 2025 was 76 tonnes, up 3 tonnes or 4% quarter on quarter, reflecting the industry's steady growth. At a gold price of A$5,200/oz, the value of production for the fiscal year was just over A$50 billion, making gold Australia's fourth-largest export commodity after iron ore, coal and LNG.

“The Australian gold mining industry is efficient, highly productive and extremely important,” said Sandra Close, a director of SA. “Gold export earnings are almost half the combined value of Australia's agricultural, forestry and fisheries exports. Unfortunately, many politicians and most of the public know very little about this.” Global uncertainty, including tensions in the Middle East and between Russia and Ukraine, as well as the aggressive policies of US President Trump, continues to push up the US dollar gold price. This has also produced larger gains in Australian dollar terms, despite the strength of the Australian dollar.

Blending low-grade stockpiled ore with freshly mined ore at processing plants curbed output growth, with this proportion just over 15% in the second quarter. The practice helps extend mine life and optimize resource utilization.

Foreign ownership of Australian gold mines has changed over time. In 1997, foreign companies controlled 20% of Australian gold output, peaking at 70% in late 2002. Currently, the foreign-controlled share is about 45%. South Africa's Gold Fields' A$3.7 billion acquisition of Gold Road Resources, due to be completed in late September, will push this share higher.

The acquisition involves the Gruyere gold mine, located 200 kilometers east of Laverton and discovered by Gold Road in 2013. Gold Fields acquired a 50% stake in the mine for A$350 million in 2016. Mine construction was completed in 2019 at an investment of A$621 million, and output in the 2024/25 fiscal year was 305,000 ounces. The open pit is expected to reach a depth of at least 500 meters, making it one of the deepest open pits in Australia.

“Although Australian ownership overall stands at 55%, Australian control of the five largest gold mines was only 24% in 2024/25,” Close said. “That really shows foreign companies' control over our largest gold miners.”

In the 2024/25 fiscal year, Australia's highest-output gold mine was Newmont's Boddington, with output of 574,000 ounces. It was followed by the Tropicana gold mine with 466,100 ounces, 70% held by AngloGold and 30% by Regis Resources. Newmont's Cadia gold mine produced 432,000 ounces. Northern Star's Super Pit produced 405,400 ounces. Newmont's Tanami produced 387,000 ounces.

In the second quarter, Boddington remained Australia's largest gold-producing mine with 147,000 ounces. It was followed by the Super Pit with 117,400 ounces. Cadia produced 104,000 ounces. Gold Fields' St Ives produced 99,200 ounces. Tropicana produced 93,800 ounces.

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