Australia Predicted to Rise in Gold Production Rankings

Source:

"High gold prices and slowing gold production in South Africa could propel Australia. . .to just behind China."

Australia could become the second-biggest producer of gold in the world in the next two years, it has been suggested.

Sandra Close, managing director of Surbiton Associates, said that Australia has been "a big player" in the gold sector for several decades, the Australian Broadcasting Corporation reports.

"People don't realize, I think, that we are so large on the world stage in that respect," she remarked.

High gold prices and slowing gold production in South Africa could propel Australia from the middle of the global gold production rankings to just behind China, Ms. Close said. .

According to statistics from the U.S. Geological Survey (USGS), Australia produced 225 tons of gold from mining operations in 2008.

This compared with a figure of 295 tons for China, 250 tons for South Africa and 230 tons for the U.S.

Global mine production of gold totaled 2,330 tons last year, the figures from the USGS show.

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