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Mining industry

Australia's Gold Mining Sector Sees Mixed Results

Strategic Insights

— 2 min read

Australia's gold mining sector has experienced a mix of performance in recent quarters, with Sino Gold Ltd. reporting a decrease in production at its Jianchaling mine in China, while Oxiana Ltd. saw an increase in gold output at its Sepon operation in Laos. Additionally, Freeport-McMoRan Copper & Gold Inc. signed a consulting pact, and the Dubai Gold and Commodities Exchange called for trade interest.

Freeport-McMoRan's FM Services Co. unit signed supplementary consulting agreements with B.M. Rankin Jr. and J. Bennett Johnston. Meanwhile, the Dubai Gold and Commodities Exchange finalized its membership structure and invited expressions of interest from traders and brokers. NovaGold Resources Inc. is preparing to transition into gold production, while Lonmin announced the completion of repairs to its Platinum Group Metals smelter. Caledon Resources discovered gold at its Mojiang project in Yunnan province.

Key Takeaways:

  • Sino Gold Ltd. reported a 7.72% decrease in quarterly output at its Jianchaling mine in China, producing 37,275 troy ounces.
  • Oxiana Ltd. raised gold production at its Sepon operation in Laos to 37,925 ounces in the fourth quarter from 30,045 ounces in the previous quarter.
  • Freeport-McMoRan Copper & Gold Inc. signed supplementary consulting agreements with B.M. Rankin Jr. and J. Bennett Johnston.
  • The Dubai Gold and Commodities Exchange finalized its membership structure and invited expressions of interest from traders and brokers.
  • NovaGold Resources Inc. is preparing to transition into gold production within the next 12 months.
  • Lonmin completed repairs to its No. 1 smelter at its Platinum Group Metals operations in South Africa.
  • Caledon Resources discovered gold at its Mojiang project in Yunnan province, with all 7 initial holes successfully intersecting the targeted zones of gold mineralization.
  • Silver futures on the Comex division of the New York Mercantile Exchange secured their highest close in 2005, with a near 5c increase.

Statistics:

  • 7.72% decrease in quarterly output at Sino Gold Ltd.'s Jianchaling mine in China.
  • 37,275 troy ounces of gold produced by Sino Gold Ltd. in the December quarter.
  • 37,925 troy ounces of gold produced by Oxiana Ltd. at its Sepon operation in Laos in the fourth quarter.
  • 30,045 troy ounces of gold produced by Oxiana Ltd. at its Sepon operation in Laos in the previous quarter.
  • 5c increase in silver futures on the Comex division of the New York Mercantile Exchange.
  • $430.00 per ounce chart resistance for Comex February gold futures.
  • $417.10 per ounce solid support for Comex February gold futures.

Sources:

  • Dow Jones (Jan 25, 2005)
  • COMTEX (Jan 25, 2005)
  • ODJ (Jan 25, 2005)
  • Freeport-McMoRan Copper & Gold Inc. (Jan 24, 2005)
  • Dubai Gold and Commodities Exchange (Jan 23, 2005)
  • NovaGold Resources Inc. (Jan 24, 2005)
  • Lonmin (Jan 24, 2005)
  • Caledon Resources (Jan 24, 2005)

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