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Even holes in the Ground not Australian owned

Even holes in the Ground not Australian owned

Old Nov 25th 2002, 7:14 am
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pommie bastard has a reputation beyond reputepommie bastard has a reputation beyond reputepommie bastard has a reputation beyond reputepommie bastard has a reputation beyond reputepommie bastard has a reputation beyond reputepommie bastard has a reputation beyond reputepommie bastard has a reputation beyond reputepommie bastard has a reputation beyond reputepommie bastard has a reputation beyond reputepommie bastard has a reputation beyond reputepommie bastard has a reputation beyond repute
Default Even holes in the Ground not Australian owned

What do the soft sods Australia own ?the only thing worth any dosh is going overseas they would sell their sisters if they could.




ONLY one of Australia's top 10 gold mines is owned by an Australian company following the latest round of industry rationalisation.

Melbourne-based mining industry consultants Surbiton Associates said 70 per cent of Australia's gold production was controlled by overseas companies after the successful takeover of AurionGold by North American giant Placer Dome.

Placer last week moved to compulsory acquisition of Australia's biggest gold producer and its shares will be delisted from the Australian Stock Exchange on Wednesday.

Surbition said the Newcrest Mining-owned Cadia Hill mine in New South Wales was the last remaining Australian-owned major gold mine and only four of the top 20 gold mines were owned by Australian-based companies.

Overseas control of the Australian gold industry had risen from 20 per cent five years ago to 30 per cent by the end of 2000. With further takeovers, including Newmont Mining Corp's takeover of Normandy Mining, it had risen to 60 per cent by early this year.

"Our latest production figures show that about 48 per cent of the total industry is now controlled by North American companies, with the split 25 per cent Canadian and 23 per cent US," Surbiton managing director Sandra Close said.

"South African-based companies account for 20 per cent, while European groups have some 2 per cent."

Australian gold assets have become more attractive to overseas predators because of the weak currency and the rise in the Australian dollar gold price.

In the past three years gold prices have risen from an average of about $400 an ounce to $573/oz in the September 2002 quarter - the highest quarterly average since June 1988.

"Many gold operations in Australia are returning very healthy margins," Dr Close said.

"Currently, there are not too many industries where, on average, the margin between cash cost and sale price is over 50 per cent."

Surbiton's latest survey showed September quarter gold production dipped less than one per cent to 69 tonnes (2.2 million ounces) from the June quarter.

"The decline in output has stopped, as fewer operations are slated for closure and a number of new projects are coming on stream," Dr Close said.

Facing closure soon are South Africa's Harmony Gold Mining-owned Big Bell mine near Cue and Sons of Gwalia's Gwalia plant near Leonora.

In the September quarter, Herald Resources and MPI Pty Ltd restarted their Three Mile Hill mill near Coolgardie, and Haoma Mining brought its Bamboo Creek plant back into production.

More recently, Dominion Mining has begun production from its new Challenger mine in South Australia, Equigold has just commissioned its Kirkalocka project in WA and last week, LionOre Mining International and Dalrymple Resources poured the first gold from the $65 million Thunderbox operation near Leinster.

"Although gold output should rise in the short term, there is still concern about the longer term due to the low level of greenfields exploration," Dr Close said.

"The large overseas companies have stepped up drilling around their newly acquired operations but we have yet to see how much of their budgets will be devoted to exploration further afield."
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