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Thursday, 10th March 2005 (4727 views)

A government forecaster has claimed that Australia is set to become one of the world's top gold producers in the next five years.<br/><br/>According to Will Mollard, metals analyst with the Australian Bureau of Agricultural & Resource Economics (Abare), gold production this year is set to reach 279 tonnes.<br/><br/>Mr Mollard claims that in the past gold production was hindered by bad weather and mine closures, but now the industry is picking up, according to Dow Jones.<br/><br/>In addition, it is predicted that even further into the future output will rocket by 17 per cent next year to 325 tonnes.<br/><br/>The Telfer mine, owned by Newcrest is also reaching fully capacity and is set to become the second largest mine in the country, whilst Cracow in Queensland and Bendigo in Victoria are also performing well.<br/><br/>"(All this means) the annual figure will reach 382 tons by 2009/2010, which should be enough for Australia to overtake South Africa as the world's largest gold producer," Mr Mollard added.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=7996039"/>

 

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