Australian gold mine production for the 2024/25 financial year reached 300 t, the highest yearly total since 2022/23, but fell short of the 328-t record set in 1999/20, according to Melbourne-based consultants Surbiton Associates.

Production in the June quarter of 2025 was 76 t, up 3 t, or 4%, on the March quarter, reflecting steady growth across the sector. At the prevailing Australian dollar gold price of around A$5 200 a troy ounce, the year’s production was valued at just over A$50-billion, making gold Australia’s fourth most valuable export, behind iron-ore, coal and liquefied natural gas.

“The gold mining industry in Australia is highly efficient, very productive and vitally important,” said Dr Sandra Close, director of Surbiton Associates. “The value of gold exports alone are about half of Australia’s exports of farming, forestry and fishing products combined. Unfortunately, many politicians and most of the Australian public have little knowledge of these facts.”

Global uncertainty, including tensions in the Middle East, the ongoing Russian-Ukrainian conflict, and the erratic policies of US President Donald Trump, contributed to continued rises in US dollar gold prices. This supported a higher average Australian dollar gold price for the June quarter, despite a marginally stronger local currency.

Production remains partly constrained by the proportion of low-grade stockpiled material blended with ore at processing plants, which accounted for just over 15% of feed in the June quarter. The practice helps extend mine life and optimise resource utilisation.

Overseas ownership of Australian gold operations has varied over time. In 1997, foreign companies controlled around 20% of production, peaking at roughly 70% in late 2002. Today, about 45% of the industry is foreign-owned. This is expected to rise slightly following the expected A$3.7-billion takeover of Gold Road Resources by South Africa-headquartered Gold Fields, currently scheduled for completion in late September.

The takeover involves the Gruyere gold mine, situated 200 km east of Laverton, discovered by Gold Road in 2013. Gold Fields acquired a 50% stake in late 2016 for A$350-million. Construction of the mine was completed in 2019 at a cost of A$621-million, and the operation produced 305 000 oz in 2024/25. The openpit is projected to reach a depth of at least 500 m, making it one of the deepest openpit gold mines in Australia.

“Although overall Australian control is currently 55%, Australian control of the five largest gold producers in 2024/25 is only 24%,” Close noted. “It really shows how overseas companies value our largest gold producers.”

Australia’s largest gold operations in 2024/25 were led by Boddington, which produced 574 000 oz under Newmont’s ownership. Tropicana produced 466 072 oz, operated by AngloGold with a 70% interest alongside Regis Resources at 30%. Cadia followed with 432 000 oz, also under Newmont, while Northern Star’s Super Pit produced 405 415 oz. Newmont’s Tanami operation contributed 387 000 oz to the national total.

In the June quarter alone, Boddington remained the top producer with 147 000 oz, followed by Northern Star’s Super Pit at 117 367 oz. Cadia produced 104 000 oz, Gold Fields’ St Ives mine delivered 99 200 oz, and Tropicana recorded 93 780 oz.