interessting article on miningmx

looks like we are on the right trap

http://www.miningmx.com/wts/945411.htm

Aus gold

Posted: Mon, 06 Mar 2006

[miningmx.com] -- AUSTRALIA could overtake South Africa as the world's largest gold producer by 2010, said Surbiton's managing director Sandra Close after a survey of Australia's gold mining companies.

Australia's gold output is rising while South Africa's is falling, the Sydney Morning Herald said in a report on Surbiton's survey that showed Australian production had increased slightly in 2005 due to new mines starting up and there had been more production from existing operations.

Surbiton's Australian Gold Quarterly Review showed Australian gold production in the last quarter of 2005 was 66 tonnes, taking the total for last year to 263 tonnes, an increase of 3 tonnes on 2004 and worth $6.4 billion at today's spot price, the newspaper reported.

South African output fell 13% to 296.3 tonnes last year compared to 2004, its lowest level in more than 80 years, according to figures released by the South African Chamber of Mines on 3 March. The decline is expected to continue this year albeit at a more gentle rate.

Meanwhile, Australian output is beginning to rise due to productivity increases and new mines, Surbiton's managing director Sandra Close told the newspaper.

The recent $2 billion decision by Newmont and AngloGold Ashanti to proceed with the redevelopment of Boddington in Western Australia will add 30 tonnes of gold a year to Australia's output from 2009, she said.

"Australia might even displace South Africa as the world's largest gold producer later this decade," Close said. "It will be interesting to see what happens in the next few years."

"More than a dozen additional gold mining operations are expected to commence production this year," Dr Close said.