http://bit.ly/otlI74
MELBOURNE -(Dow Jones)- Gold output in Australia climbed nine.8% in the very last fiscal 12 months, as the mining industry opened new mines and redeveloped older ones, taking edge of the metal's powerful price, according to info released Sunday by sector consultants Surbiton Associates Pty Ltd. Production climbed by 24 metric tons to 270 tons in the yr ending June 30. Output in the fourth fiscal quarter modified small compared with the identical period a calendar year before, but rose 5% in comparison with the third quarter as the mining industry recovered from many cyclones, Surbiton mentioned. "The modern spike in the gold price has undoubtedly drawn attention to the sector but it is the sustained, extended-phrase, upward trend...that has prompted organizations to reevaluate older deposits and also investigate for new ones," mentioned Sandra Close, a director at the Melbourne-primarily based company. Near mentioned the sector has slated several new functions to start producing more than the coming 12 months, and are doing feasibility scientific tests on numerous others. The spot value for gold spiked over US$ 1,900 an ounce this week from close to US$ 1,600 at the start of the month and $ 1,200 a year earlier. The Australian value for gold hit a file A$ one,806.fifty/ounce on Aug. 22, even though it has eased considering that. "The current power and volatility in the gold price tag is not stunning. Rarely have I noticed so numerous extended-term aspects favoring gold," Shut explained. "I cannot see the economic and political instability around the planet being solved speedily." Close said she is good on the gold's outlook, because rates are supported by economic considerations in the U.S. and Europe as properly as considerations more than stability in the Middle East and North Africa. The Tremendous Pit in Western Australia, jointly owned by Barrick Gold Corp. (ABX) and Newmont Mining Corp. (NEM), was the greatest-output mine in the nation in the last calendar year, making 788,000 troy ounces, knowledge from Surbiton confirmed. Newmont's Boddington mine created 757,000 ounces and Newcrest Mining Corp.'s (NCM.AU) Telfer made 621,290 ounces. Copyright &duplicate 2011 Dow Jones Newswires