Precious Metals and Diamond Mining in Australia to 2023
Summary Australia has abundant and diverse natural resources, including significant deposits of iron ore, coal, copper, gold, silver, diamond, lead, zinc, rutile, zircon, lithium, manganese, nickel and uranium. The mining industry, which is governed by the Department of Industry, Geo-Science Australia and the Australian Nuclear Science and Technology Organization, contributed 9.3% to the economy in 2018, and employs around 2% of the country’s total workforce.
Australia is one of the largest producers and a major exporter of precious metals, which are predominantly found in Western Australia, Queensland and New South Wales. As of February 2019, the country had the world’s largest gold reserves – 9,800t, or 18.1% of the global total. It also had the second largest silver reserves, at 89,000t, accounting for 15.8% of the global total. The country’s total diamond reserves stood at 120 million carat (Mct), or 10% of the global total.
Producing 11.1 million ounces of gold in 2018, Australia stood as the world’s second-largest gold producer. The country’s silver mine production reached 36.2 million ounces; an increase of 2.4% over the previous year. Increased production from the leading mines – including the Cannington Mine, Olympic Dam and Cadia Valley Operations – resulted in this growth. Concurrently, diamond production decreased substantially by 17.3% over 2017, mainly due to depleting ore reserves at Argyle Diamond, the country’s biggest operating mine.
South32 Ltd, Glencore Plc, Rio Tinto, Newcrest Mining Ltd and Newmont Goldcorp Corp are some of the largest producers of precious metals in the country.
The report "Precious Metals and Diamond Mining in Australia to 2023" comprehensively covers Australian reserves of gold, silver and diamond; historic and forecast production of gold, silver and diamonds; demand and exports and profiles of major the precious metals and diamond producing companies. Details of all major and developing mines are also provided, including mine type, stage and reserves and production.
The report also outlines the country’s mining governing bodies, laws, rights and obligations and taxes-and royalties-related information.
- Royalty rates across Australia are different, and are based on value (ad valorem) or a quantum rate. - The quantum royalties are a flat rate applicable per unit of mineral recovered. - The ad valorem royalties are calculated based on the percentage of the total value of mineral extracted. - Corporate income tax is levied at a rate of either 27.5% or 30%, depending on the turnover and company category. - Goods and service tax (GST) is levied at a standard 10% rate. - Tax losses can be carried forward indefinitely.
Scope - The report contains an overview of the Australian precious metal (gold and silver) and diamond mining industry together with the key factors affecting the industry and demand for gold and silver. It also provides information about reserves, reserves by country, historic and forecast production of gold, silver and diamond, including production by state and major mine, and details of all developing and active mines and projects.
Reasons to buy - Assess trends in gold, silver and diamond production in Australia - Identify the largest precious metals and diamond projects, their stages, size and development status - Understand the market drivers for each commodity and regulatory frameworks - Track each of the major mining companies and their activities
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