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Global gold mine production increased by 3 percent over the third quarter of this year to approximately 659 tonnes, as a number of new operations either came online or increased production.
Increased Australian production contributed to the majority of the output growth, although Mexico and Argentina also exhibited positive production on an annualized basis. Offsetting the impact of these developments was a decline in production in Indonesia, Russia and Peru.
The decline in production in Indonesia should not be a point of concern for investors as its production totals in 2009 had increased almost 66 percent last year, the largest one year production increase of any country in the world. Last year the only other top 10 gold producing country in the world to demonstrate double digit growth in annual production was Ghana, with a 13 percent increase.