Australia is poised to potentially become the world’s leading gold producer by the end of the decade, challenging the current dominance of China and Russia. According to the latest *Resources and Energy Quarterly* report, Australian gold output is projected to rise to 377 tonnes annually by 2029-30, a significant increase from the 289 tonnes produced in 2023-24. This upward trajectory contrasts with anticipated declines in production from China and Russia.
China, the leading gold producer in 2023-24 with 378 tonnes, is expected to see a slight decrease to around 374 tonnes by 2030 due to declining ore grades and increased environmental and safety pressures on smaller mines. Russia’s gold production is also forecasted to fall to approximately 314 tonnes over the same period, influenced by political factors and export restrictions. Several new projects and expansions of existing mines will contribute to Australia’s production growth. Westgold Resources’ Great Fingall project, slated to start in the first half of 2025, anticipates annual production of 1.4 tonnes. De Grey Mining’s Hemi gold mine in Western Australia is expected to be operational in 2026, with a forecast production of around 17 tonnes per annum. Additionally, Newmont’s Cadia underground mine operation in New South Wales, with reserves of approximately 530 tonnes and forecast annual production of around 35 tonnes, will contribute significantly to the long-term numbers. Newmont is also expanding its Tanami mine, expecting to triple production from its current level by the second half of 2025.
