Although there are many important currencies used in international market trading the gold price in AUD continues to play an important role.
This is mainly due to the enormous untapped potential of Australia’s gold mines, many of which remain largely unmined and underutilized.
The Current State of Gold in Australia
As the second-largest producer of gold in the world, Australia has always played a very important part in the history of this precious metal and its investment potential. In 2019 for instance, the gold production in Australia reached an all-time high of 325 tonnes.
Australia currently has more than 65 gold mines in operation across the continent and this places the country in a very favourable position when it comes to the overall value of the gold price AUD. Of all these gold mines 14 are considered to be the largest in the world. Many of these large mines are located in the state of Western Australia.
The top five gold mines in Australia were listed as:
Cadia Valley or Cadia-Ridgeway Mine
This is unquestionably Australia’s biggest mine. It’s composed of a series of large underground mines and also contains the second-largest open-cut mine. In 2018 and 2019 it produced 912,778 ounces of gold.
Boddington Gold Mine
Until Cadia was discovered this was the largest gold mine in Australia. In 2019 it produced 703,000 ounces of gold and further expansion planning is underway.
Fosterville Gold Mine
This high-grade, low-cost underground mine is located in the state of Victoria and was discovered in 1894. In 2019 this gold mine produced nearly 620,000 ounces of gold and remains one of the most profitable mines with the highest grade of gold.
Tropicana Gold Mine
On the edge of the Great Victoria Desert this mine was discovered in 2005 and it stretches across 160 kilometers. It contains huge deposits of gold in metamorphic rocks and produced 518,172 ounces of gold in 2019. However, it is speculated that it may still contain an estimated 57.1 million tonnes of untapped gold reserves.
Kalgoorlie Super Pit
Discovered in 1893 this mine is one of the world’s richest gold deposits. Once composed of several smaller mines it was eventually consolidated into one single mine. Around 58 million ounces of gold has already been extracted from this mine with another 7.3 million ounces estimated to still be remaining. In 2019 the mine produced around 456,000 ounces of gold.
The Future Gold Price in AUD
Considering the enormous potential that still lies unexplored and under speculation, it’s not difficult to predict that the gold price in AUD will be expected to not only rise but possibly play a significant and dominating role in the gold price worldwide. The massive production potential of Australia’s gold mines presents a unique and very profitable investment opportunity for the future. And when one considers the ongoing large-scale expansions that are being planned for most of these mega mines, one can easily see why investing in Australian mining concerns would be a smart move for the future.
