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economy
The latest Resources and Energy Quarterly (REQ), from the Federal Government’s Department of Industry, Science, Energy and Resources, reported Australia’s gold mine production is projected to rise at an average of 6.8% a year in the next three years, reaching a peak of 390 tonnes in 2025–26.
The latest Resources and Energy Quarterly (REQ), reported Australia increased its production by 0.6% to 328 tonnes in 2020, despite a decrease in global gold supply by 3.9% due to COVID-19.
As the world’s second largest gold producer, Australia’s industry is continuing to keep our nation strong, making a vital contribution to our economic prosperity and supporting the social fabric of our communities.
Saracen Mineral Holdings, Norton Gold Fields and Evolution Mining are set to reduce their carbon emissions and create hundreds of jobs from new renewable energy projects in the Goldfields, receiving grants worth more than $2.6 million from the McGowan Government’s $19 million Clean Energy Future Fund.
The projects will create up to 400 jobs and generate 77,000-megawatt house (MWh) of electricity each year, which is enough to power 15,000 houses and save 53,000 tonnes of carbon emissions; the equivalent to taking 17,000 cars off the road.
The WA Mining Club Young Professionals’ final networking event of 2020 attracted more than 200 members to the Ritz Carlton, where a panel of industry leaders discussed ‘Risk, Exploration and Technology’ in relation to recent socio-economic impacts on the sector felt around the world.
Gold shone bright at this year’s Diggers & Dealers Mining Forum as 1,900 delegates converged in Kalgoorlie, marking its first time without visitors from overseas and interstate.
Relive the golden highlights from the 29th year of the Diggers & Dealers Mining Forum.
Since the gold rushes of the 1850s Australia’s gold industry has been making a vital contribution to the country’s economic prosperity, generating wealth and underpinning global production. Moreover it is the lifeblood of many regional communities, creating jobs and educational opportunities, while providing vital infrastructure and boosting tourism.
The Deloitte WA Index’s gold report is a tale of two decades, covering gold’s transition from Y2K to the COVID-19 pandemic and everything in between.
Discover how the same asset that was used to support various monetary systems around the globe in the 20th century remains a key element in today’s economic tapestry, with its intrinsic value and ability to weather market declines, rising inflation and depreciation of currency.
Western Australian mining and exploration company, IGO Limited (IGO), has pledged $250,000 to support the Esperance and Dundas Shires with their COVID-19 and bushfire recovery plans.
The funding will provide vital support to the Shire of Esperance’s COVID-19 Community Recovery Plan and the Shire of Dundas’ Bushfire Recovery Plan to help ensure the local communities in which IGO operates are supported during this challenging time.
ABC Refinery is now accredited by the CME Group for its premier gold product, the COMEX ‘GC’ gold futures contract, and sees ABC Refinery bars added to the COMEX good delivery list of brands used to physically settle against the GC gold futures contract in New York.
ABC Refinery is the refining division of the Pallion Group and have been involved in the refining and processing of precious metals in Australia since 1951.
The Gold Industry Group is proud to announce the launch of Gold Jobs, a central online hub of employment opportunities and career pathways in Australia’s gold industry for job seekers, employees, students and teachers.
Unveiled today, the national initiative joins a suite of other long-term projects that benefit both industry and the wider Australian community.
We recently spoke to Nishan Kodituwakku, Deputy Treasurer at ABC Refinery, about his finance journey in Australia’s gold industry and gold’s value in protecting wealth during times of uncertainty.
As Australia’s gold industry continues to operate and safely support its workforce, gold producers and contractors are seeking Australians to fulfil a range of roles, ensuring the essential resource is assisting our economy, people and nation.
Keeping Australia's gold industry running ensures the precious metal not only supports our economy and people during these times of hardship but is available for essential uses in our everyday lives.
The Chamber of Minerals and Energy of Western Australia’s new media campaign will highlight the widespread benefits of the Western Australian resources sector to the State’s economy and local communities.
The campaign aims to start a conversation in the community about these benefits, whether it’s employment and opportunities, the taxes that are invested in infrastructure and services, or the contribution to local communities, such as sponsoring events, community grants, supporting sporting groups, and rehabilitating the environment.
Global leader in precious metals The Perth Mint has joined with leading-edge technology specialists Security Matters Ltd to develop the world’s first mine to market ethical gold supply chain assurance solution.
Titled trueGold, the initiative will lead the commercialisation of a worldwide integrity application for gold mining companies, refiners, vault operators, depositories, mints, wholesalers and retailers.
Australia’s gold exports are forecast to hit a record high of AUD $25 billion in 2019-20 according to the Department of Industry, Innovation and Science’s September edition of Resources and Energy Quarterly (REQ).
The September REQ shows Australia remains the world’s second largest producer of gold, with production increasing by 6.3% in FY 2018–19 to 321 tonnes, equating to 9% of the world’s total supply in 2018.
Should central banks hold gold?
From the late 1980s into the new millennium the answer appeared to be in the negative, with global central bank reserves declining from around 36,000 tonnes to under 30,000 tonnes.
The Gold Industry Group’s role is vital to educating and engaging with the wider community on the historic, social and economic importance of the gold industry to Western Australia.
“By leading community and industry initiatives we can create change that will positively influence future generations and ensure the industry stays strong,” said Richard Hayes, Gold Industry Group Chairperson.
