Australia Remains World's Second-largest Gold Producer

Australia retained its ranking as the world's second-largest producer of gold last year, with output rising 17% to the highest level since 2003 at 266 metric tons, figures released by a local mining industry consultancy showed.

China is the biggest gold producer, with output in 2010 of 341 tons, and the U.S. is set to come in third for the year with production of about 240 tons, Surbiton Associates Pty. Ltd. said in a research report released Sunday.

South Africa, which for decades was the world's top gold producer and in 1970 produced more than 1,000 tons of the metal, is expected to record output of about 200 tons, Surbiton said.

"Gold produced from Australian mines in 2010 was worth some 12 billion Australian dollars ($12.2 billion) at the current spot price," said Sandra Close, a director at Surbiton. "Gold remains one of Australia's top export earners."

The Super Pit jointly owned by Newmont Mining Corp. (NEM) and Barrick Gold Corp. (ABX) remained the largest mine in Australia by output last year at 788,000 troy ounces, followed by Newmont's Boddington mine with production of 728,000 ounces, Surbiton said.

It said Australian production reached 70 tons in the final three months of last year, up 12% on the year and 3% on the prior quarter.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; robb.stewart@dowjones.com

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