Artemis Gold’s Blackwater mine at final commissioning stage
Artemis now expects to feed first ore to the ball mill in the next few weeks and continues to target first gold pour before year end.
Australian 2012 first half gold output has fallen 5% year on year while Chinese production has gained 7%.
The Australian cites figures from international metals consultancy GFMS as indicating that production by Australian gold miners contracted 5% in the first half of the year, falling to 122.5 metric tonnes from 129.1 tonnes for the same period in 2011.
Recovery rates at Australia’s two largest mines – the Kalgoorlie Super Pit owned by Newmont Mining (NYSE:NEM) and Barrick Gold Corp (NYSE:ABX) and the Boddington Mine owned by Newmont, both fell significantly.
Chinese gold production surged ahead by 7%, with total output hitting 182 tonnes, despite a global backdrop of overall declines in the industry.
China and Australia are the world’s first and second largest gold producers respectively.
Industry pundits have recently predicted a decline in the output of major gold miners due to surging, burdensome costs.
