Australia’s gold mining industry delivered its highest annual production since FY2022/23, reaching 300 tonnes (t) in the 2024/25 financial year, according to data from Surbiton Associates, a Melbourne-based consultancy. While this total falls short of the country’s all-time high of 328 t in FY1999/2000, it marks a strong rebound in output, reflecting steady growth and resilience across the sector.
Production in the June 2025 quarter climbed to 76 t, a 4% increase from the March quarter. At an average gold price of A$5,200 per troy ounce, the year’s output was worth over A$50-billion, reinforcing gold’s position as Australia’s fourth most valuable export, behind iron ore, coal, and liquefied natural gas (LNG).
“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 is about half of all Australia’s farming, forestry, and fishing exports combined.”
Yet, Dr Close expressed concern that this contribution is often underappreciated by policymakers and the public alike.
Australia’s gold sector benefited from elevated global demand, driven by persistent geopolitical instability — including conflicts in the Middle East and Ukraine, as well as uncertainty stemming from the erratic policies of US President Donald Trump.
Despite a slightly stronger Australian dollar, these factors helped maintain a high local gold price, boosting profitability for domestic producers.
Some production constraints remain, particularly due to reliance on lower-grade stockpiled material, which accounted for over 15% of total plant feed in the June quarter. This cost-saving approach helps extend mine life and optimise recovery, though it marginally suppresses overall grades.
Currently, foreign companies control around 45% of Australia’s gold production — a sharp increase from just 20% in 1997, though down from a peak of 70% in 2002. That figure is set to rise again, pending the A$3.7-billion takeover of Gold Road Resources by South Africa’s Gold Fields, expected to close by late September 2025.
The acquisition includes the Gruyere gold mine, which produced 305,000 oz in FY2024/25 and is projected to become one of Australia’s deepest openpit gold mines, with a planned depth of over 500 metres.
“Although Australian control sits at 55%, the top five gold producers are only 24% Australian-owned,” Close noted. “It shows how highly overseas companies value our largest gold assets.”
Top Gold Mines of FY2024/25
Australia’s leading gold operations for the financial year were:
Boddington (Newmont) – 574,000 oz
Tropicana (AngloGold Ashanti 70%, Regis Resources 30%) – 466,072 oz
Cadia (Newmont) – 432,000 oz
Super Pit (Northern Star) – 405,415 oz
Tanami (Newmont) – 387,000 oz
For the June 2025 quarter, the top five contributors were:
Boddington – 147,000 oz
Super Pit – 117,367 oz
Cadia – 104,000 oz
St Ives (Gold Fields) – 99,200 oz
Tropicana – 93,780 oz
With global demand and prices remaining robust, and renewed foreign interest via major acquisitions like that of Gold Road Resources, the future of Australian gold production looks bright. However, the balance of ownership and long-term resource strategy will be key issues as the sector continues to evolve.
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