Australia leapfrogs China to become top gold producer for first time

australia leapfrogs china to become top gold producer for first time

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.

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