Australia’s gold mines will reach peak production by the year 2021, according to an analysis recently published by industry advisory firm, MinEx Consulting. The report (PDF) provides a comprehensive forty-year outlook for the Australian gold industry, covering the likely number of mines (currently operating and to-be-discovered), production, revenues, and employment all the way to 2057.
Australia is the second-largest source of gold in the world, producing an average of more than 250 million metric tons annually. The country is famous for its gold rush during the 1800s, as well as for holding multiple gold-centric world records including the largest gold nugget ever discovered, the largest gold nugget ever discovered with a metal detector, and the world’s largest gold coin.
If MinEx’s findings are accurate, it’s not just Australians who should be concerned. Because Australia is such a major source of the world’s gold, a significant decline in production could push overall availability of gold down. The volatility that this supply reduction could create in the market remains to be seen. If you want to be alerted to price swings as these events develop, don’t forget that you can use our mobile app to receive alerts via email or push notifications on your phone.