Mining Weekly reports that ABM Resources (ASX:ABU)) announced a Joint Ore Reserves Committee-compliant resource of 1,67-million ounces for its Buccaneer porphyry gold prospect in Australia.
Overall, the gold price is up 11 percent in the last three months, and over the last year the spot price is up by 24 percent. The price of physical gold has outperformed most other major asset classes following the global financial crisis, appreciating by approximately 67 percent while equity markets, are still in negative territory.
About 60 percent of Australia’s gold resources are located in Western Australia, with the remainder in all other States and the Northern Territory. According to USGS estimates, Australia hosts approximately 11 percent of the world’s economic gold resources and is ranked second after South Africa.
Australia is home to approximately 10 percent of world economic gold resources and is ranked third after South Africa and the USA. It is also the world's third largest producer.
Following the most recent positive resolution of the Australian Resources Super Profits Tax debate from the perspective of gold producing, exploring and mining development corporations; it may be worthwhile for gold investors to explore the “land down under” for stocks that could provide strong relative valuations and interesting opportunities.
US-based gold mining giant Newmont Mining Corporation has produced first gold and copper concentrate at its new $A3.42 billion Boddington mine in Western Australia. For full story, click here
Chinese farmers have forced Australian-listed Sino Gold Mining Ltd. to halt operations at a mine in northeast China in a dispute over alleged water contamination. For full story, click here
Lihir Gold, the second-leading gold mining company on the Australian Stock Exchange, declared second-quarter output surged 66 percent, boosted by mines acquired in Australia and Africa. Chief Executive Officer Arthur Hood declared: I started to receive approaches several months ago. For full story, click here
NewCrest Mining Ltd, Australia’s leading gold mining company, declared fourth-quarter output declined 8.6 percent as output from its Cadia Valley operations dipped. For full story, click here
Anglo Gold Ashanti, Africa’s leading gold producer, is studying $426 million mine development in Western Australia state with venture partner Independence Group NL. For full story, click here
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