Gold miners in Australia, the industry’s most profitable operators, are facing a slump in output that will leave the nation trailing key rivals – and they’re being warned to resist the temptation to replace fading mines with high-cost production.
It’s not just a domestic problem. The closure of aging pits is set to crimp output worldwide into the next decade, but a sharp jolt will be felt in Australia. Currently the No. 2 producer after China, the nation is forecast to slip behind both Russia and Canada by the mid-2020s as more than 150 t of capacity closes through 2024, according to forecasters.