Gold at risk of losing its shine in Australia

Australia is on the edge of a “production cliff” and could slip from second to fourth on a list of the world’s biggest gold producing nations by 2024, mining analysts have warned.

ABC News is reporting that behind only China, Australia’s gold mines will produce an estimated 10.7 million ounces this year — the equivalent of about $19.2 billion worth of the precious metal.

But analysts predict Canada and Russia will overtake Australia, with production to fall more than 40 per cent to 6.3 million ounces over the next five years.

Canadian research analyst Chris Galbraith, of S&P Global Market Intelligence, said Australia’s biggest gold mines were getting older and not enough new discoveries were being made to replace them.

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