Australian gold mine output for 2024-25 totalled 300 tonnes, making it worth just over $50 billion, according to gold consultants Surbiton Associates.
That is based on the current Australian dollar gold price of about $5200 ($US3400) per troy ounce and makes it Australia’s fourth most valuable export, behind iron ore, coal and liquefied natural gas.
“The gold mining industry in Australia is highly efficient, very productive and vitally important,” Surbiton Associates director Dr Sandra Close said.
“The value of gold exports alone are about half of Australia’s exports of farming, forestry and fishing products combined. Unfortunately, many politicians and most of the Australian public have little knowledge of these facts.”
Volume-wise, last financial year was the highest total since 2022-23, but fell short of the record output of 328 tonnes set in 1999-2000.
Gold mine production for the June quarter of 2025 was 76 tonnes, three tonnes or four per cent more than in the March quarter 2025, according to Surbiton Associates.
Greater uncertainty caused by the situation in the Middle East, the Russian-Ukrainian war and the erratic policies of US President Donald Trump have caused US dollar gold prices to continue rising.
This resulted in a higher average Australian dollar gold price for the June quarter 2025 even though the Australian dollar exchange rate rose marginally.
Dr Close said Australian gold production was currently partly limited by the amount of low-grade stockpiled material being blended in with the ore fed to the treatment plants.
This was maintained at a little more than 15 per cent of total feed for the June quarter. Such a practice makes optimum use of gold resources and can extend the life of an operation.
Australian control of the local industry has varied over time. At the same time, production from smaller Australian producers has risen.
“Overseas control of the Australian gold mining industry was only around 20 per cent in 1997 but had risen to a peak of around 70 per cent by late-2002,” Dr Close said. “Today it is about 45 per cent.”
However, overseas control is expected to rise marginally following completion of the $3.7 billion takeover by Gold Fields of Gold Road Resources.
The sale is expected to be completed in late-September. The two companies currently have an equal joint venture interest in the Gruyere gold mine in Western Australia.