Aust. gold rise?

Press, 9 October 1987, Page 14

Aust. gold rise?

NZPA-AAP Sydney Australia's gold production is set to soar to 170 tonnes a year by 1990, according to Dr David Tyrwhitt, the managing director of gold miner Newmont Australia Ltd. He said output could increase further if there were new discoveries. Dr Tyrwhitt was speaking at the two-day 1987 Australian International Gold Conference presented by the Gold Institute and Mase Westpac Australia which opened yesterday. He said although Western Australia is now dominating the scene, contributing between 75 and 80 per cent of output, gold production in the eastern states was “likely to enjcata renaissance within the Skt five years”.

Gold production in Australia has boomed in the past six years, with an output of about 120 tonnes this year, compared with a mere 20 tonnes in 1981, and now ranks third after South Africa and the Soviet Union. “That’s a fairly dramatic increase by any standards," Dr Tyrwhitt said. He said gold production here benefited from the taxfree status of the industry, high discovery rates, operation of cheaper open-pit mines and the advantages of having a well-established mining Industry. He said Newmont itself was on target to produce 800,000 ounces of gold next year, up from 600.000, and arid it could rise to 15 Million ounces in 1990." •' ’•