Australian gold sector defies decline in reserves

Australian gold sector defies decline in reserves

While the world’s top 10 gold producers may have reportedly experienced a decline in reserves between 2010 and 2019, Australia is well positioned to continue a surge in gold exploration. Nickolas Zakharia explains.

Australia’s gold exploration expenditure increased to $304.4 million in the June quarter of 2020, according to the Australian Bureau of Statistics.

The prospect of discovering another project the quality of Fosterville in Victoria is part of what has led to an exploration revival as prices for the commodity have also risen.

Australian gold companies have also continued to stay the course in growing their portfolios.Leading Australian gold producer Northern Star Resources spent $288.7 million on its exploration and evaluation assets in the 2020 financial year. Saracen Mineral Holdings invested $273 million on growth projects and exploration in the same period to prepare its business for the future.In October 2020, the joint Super Pit owners agreed to a merger-of-equals […]

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