Australia’s gold sector continues its reliable output: According to Melbourne-based research firm Surbiton Associates, approximately 300 tonnes came from the mines in the 2024/25 financial year – the highest annual value since 2022/23, though still below the record of 328 tonnes from 1999/2000.
The June quarter 2025 contributed 76 tonnes, which was 3 tonnes or 4% above the March quarter. Based on a current gold price of approximately AUD 5,200 per troy ounce, the equivalent value of the annual production totals just over AUD 50 billion! This places gold fourth among the most important export goods, after iron ore, coal, and LNG; the export value corresponds to approximately half of all Australia’s agricultural, forestry, and fisheries exports.
Geopolitical Environment Continues to Support Gold
Price support came from the geopolitical environment: Tensions in the Middle East, the Russia-Ukraine war, and the unpredictable policies of US President Donald Trump raised prices in US dollars. Despite a slightly stronger Australian dollar, this resulted in a higher average gold price in AUD during the June quarter. On the supply side, operators continued to blend stockpiled ore with lower grades into the processing plants – accounting for just over 15% of the feed – to extend mine life and utilize resources more efficiently.
The international influence on ownership is unmistakable: Foreign companies controlled approximately 20% of production in 1997, about 70% by the end of 2002, and currently about 45% (Australian share: 55%). This foreign share is expected to rise moderately after the planned acquisition of Gold Road Resources by Gold Fields, valued at AUD 3.7 billion, scheduled for late September. The focus is on the Gruyere Mine, 200 kilometers east of Laverton: discovered by Gold Road in 2013, 50% owned by Gold Fields since late 2016 (purchase price AUD 350 million), construction completed in 2019 for AUD 621 million, output in 2024/25 at 305,000 ounces. The open-pit mine is expected to reach a depth of at least 500 meters, making it one of the deepest open-pit gold projects in the country in the long term.
Operationally, in 2024/25, the Boddington mine (Newmont) with 574,000 ounces, Tropicana with 466,072 ounces (AngloGold 70%, Regis 30%), Cadia (Newmont) with 432,000 ounces, Northern Star’s Super Pit with 405,415 ounces, and Newmont’s Tanami with 387,000 ounces set the benchmarks. In the June quarter, Boddington led with 147,000 ounces, followed by the Super Pit with 117,367 ounces, Cadia with 104,000 ounces, St Ives (Gold Fields) with 99,200 ounces, and Tropicana with 93,780 ounces.
Noteworthy for investors: Although Australian players collectively hold 55%, only 24% of the top five producers in 2024/25 were domestic companies – a clear indication of international players’ demand for top-tier gold assets and a constructive environment for M&A stories in the sector.
