Sumary of Australia leapfrogs China to become top gold producer for first time:
- But gold mining can be hugely profitable too, and more of it is now being dug out of the ground Down Under at the moment than anywhere else on earth.
- Australia’s rise to the number one spot comes on the back of a bumper period for its gold mining industry, which unearthed a record 328 tons two years ago.
- So it is unclear exactly why production in the world’s most populous nation has fallen behind of late.
- Whatever the reason, the changing of the guard at the top of the gold medal table reinforces Australia’s status as one of the dominant forces in mining.
- Many of the world’s biggest gold extraction sites are based in Western Australia, which is already riding high on a mining boom that has been fuelled by record iron ore prices.
- Gold Prices hit a record high of more than $2,053 a troy ounce in August last year.
- It is one of five across the country run by Evolution Mining, which has risen rapidly through the ranks to become one of Australia’s biggest gold mining companies.
- Water, chemicals and electric currents are used to separate the gold, which is then smelted and turned into a low purity gold bar – called a ‘dore’ bar.