Gold News

Australian gold output falling

New statistics have warned of falling gold output in Australia, in news that may be relevant to those investing in gold.

According to the Australian Bureau of Agricultural and Resource Economics (ABARE), gold mine production fell significantly in the country during the March quarter, the Australasian Investment Review reports.

Tightening gold mining output is one factor that could have a bearing on gold prices, as lower bullion production tends to make existing gold more expensive.

ABARE said that gold production fell by ten tons - or 16 per cent - in the three months ending in March - the lowest level since June 1992.

"This reflects the closure of several mines, lower than expected production at a number of new projects and changes to mine sequencing plans by several major producers," the report stated.

Gold production in Australia looks set to fall further after an explosion at a gas export facility in the country prompted Newcrest Mining to warn that output at its Telfer mine could fall by 30,000 ounces.

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