Gold production in Australia to grow 17% by 2024
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(Kitco News) - According to the report presented by GlobalData, gold production in Australia is set to grow steadily by 2024, with little impact on 2020 production from the COVID-19 pandemic.
GlobalData said that Australia holds the world’s largest gold reserve, accounting for 20% of the total reserves at 10,000t as of January 2020.
Australia is the world’s second-largest gold producer and home for 14 of the world’s 20 biggest gold mines.
In 2019, the country’s gold production has reached 11,469.3koz, up by 4.2% over 2018. The additional output was supported by the commencement of the Gruyere project in Yamarna belt in 2019, which added 99.1koz of gold during the year.
In 2020, output from Australian gold mines is expected to grow by 4.3%, with little impact from the COVID-19 pandemic.
GlobalData added that the Australian federal and state governments have taken “effective measures” to contain the spread of the virus.
The commencement of 84 projects is expected to support the Australia’s production growth over the forecast period, with a CAGR of 3%, to reach 13,449.1koz by 2024.