Australian Gold Minning Output Declining
Australian gold minning production last year was 261 tonnes, this is the lowest output since 1995.
Australia's gold ouput decline is inline with a looming global gold shortage.
The availability of gold fell by 13.3 per cent last year, the biggest yearly decline in percentage terms since the 1940s, according to the latest figures from the World Gold Council.
Global Gold Mine production was down 4.4 per cent in 2004 compared with 2003 and totalled 2478 tonnes. Gold Minning producers have been buying gold to reduce their hedge books and less scrap gold has come onto the market. Central bank gold sales have also fallen. The total gold suppply was 3360 tonnes against 3560 tonnes the previous year.