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*DJ Australian Gold Output Slipped In Jul-Sep Quarter As Price Soared


(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2011 20:00 ET (01:00 GMT)
*DJ Australian Quarterly Gold Production Fell 2.4% On Quarter To 2.1M Oz


(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2011 20:00 ET (01:00 GMT)
*DJ Australia's Three Largest Mines Produced Less In September Quarter


(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2011 20:00 ET (01:00 GMT)
DJ Australian Gold Output Slipped In Jul-Sep Quarter As Price Soared



MELBOURNE (Dow Jones)--Australian gold output slipped in the July-September quarter
even as the precious metal's price hit records, data released Sunday by mining consultant Surbiton Associates Pty. Ltd. showed.
Production for the three months hit 66 metric tons, or 2.1 million troy ounces, 1.5 tons less than the prior quarter and around 1.5 tons less than in the same period a year earlier, Surbiton said.
At the same time, gold soared to a record afternoon fix of US$1,895 an ounce in September and averaged US$1,702/oz for the quarter, it said. In Australian dollars, the
price peaked at a record A$1,807/oz in late August and averaged A$1,626/oz for the quarter.
"Some producers were able to take advantage of the higher prices to process slightly lower-grade ore and lower-grade stockpiles," said Sandra Close, a director
of the Melbourne-based consultancy. "Although this leads to lower production, it allows a more effective use of gold resources."
Close said the three largest gold mines in Australia--the world's second-largest producer of the metal after China--each produced less quarter-on-quarter.
Output at the Super Pit jointly owned by Barrick Gold Corp. (ABX) and Newmont Mining Corp. (NEM) recorded a 14,000-ounce drop in quarterly production to 192,000 ounces, while production at Newmont's Boddington mine fell by 39,000 ounces

and Newcrest Mining Ltd.'s (NCM.AU) Telfer produced almost 17,000 fewer ounces than in the previous quarter, data from Surbiton showed.
Close said gold's price, although volatile, has remained relatively strong in both U.S. and Australian dollar terms since the end of the quarter due to concerns about the
economic health of the U.S. and European countries as well ongoing unrest in North Africa and the Middle East.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; [email protected]

(END) Dow Jones Newswires
November 26, 2011 20:00 ET (01:00 GMT)
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Sunday 27 November 2011 12:00:00.000 AEST