AUSTRALIAN GOLD PRODUCTION COSTS

摘要

The cost curve below shows available information on 2004 cash operating costs for 42 Australian gold mines compared with 2003 operating costs for 43 Australian gold mines. The cost figures are plotted against each mine's percentage of its respective group's total yearly gold production. Most of the reported figures are for fiscal years ending in June, and the average gold prices used are for the July 2003 to June 2004 period. Output from the mines totaled approximately 7.7 million oz in 2004, representing an estimated 95 percent of Australia's total primary gold production. Recent startups that did not report actual 2004 production and costs are not included. In 2003,43 mines produced 8.4 million oz of gold, an estimated 95 percent of Australia's 2003 gold production. In fiscal 2004, when the gold price averaged 389 dollars /oz, the weighted average cash cost for the group was 251 dollars/oz, a 138 dollars /oz difference. In fiscal 2003, with an average gold price of 334 dollars /oz, the weighted average cash cost for the group was 220 dollars /oz, a 114 dollars /oz difference. This comparison illustrates that as the gold price rose 55 dollars /oz in U.S. dollar terms, Australian producers' costs rose by an average of 31 dollars /oz, resulting in a cash flow increase of 24 dollars /oz.