Quarterly gold production, costs and gold grades for the Australian and New Zealand gold mines for the quarter ending 30 September 2017. Includes Cost Curves and Grade Curves.
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Aurum analytics 2017 Q3 gold report
1. 1Aurum Analytics - Australian & New Zealand Quarterly Gold Report
Rank Operation Company Mine Type
Au Produced
(oz)
1 Boddington Newmont Mining Corporation OP 197,000
2 Kalgoorlie Newmont Mining Corporation / Barrick Gold Corporation OP/UG 180,000
3 Cadia Valley Newcrest Mining Limited UG 120,514
4 Tropicana AngloGold Ashanti Limited / Independence Group NL OP 114,060
5 Tanami Newmont Mining Corporation UG 114,000
6 Telfer Newcrest Mining Limited OP/UG 94,112
7 St Ives Gold Fields Limited OP/UG 89,500
8 Kalgoorlie Operations Northern Star Resources Limited / Tribune Resources Limited / Rand Mining Limited UG 74,042
9 Jundee Northern Star Resources Limited UG 72,471
10 Granny Smith Gold Fields Limited UG 70,800
Australian & New Zealand
Gold Operations
September Quarter 2017 - Final Report
Overview
The average All-in Sustaining Cost (AISC) for Australia and New Zealand was A$1,173/oz down 2.0% (A$23/oz) on the previous quarter
average AISC of A$1,196/oz. Evolution Mining’s part of the Ernest Henry operations was the lowest cost producer reporting an AISC
of A$-614/oz followed by Newcrest’s Cadia Valley operations with an AISC of A$181/oz, then by Evolution’s Mt Carlton (A$429/
oz) and Aurelia Metal’s Hera (A$570/oz). The average spot price for the quarter was A$1,619/oz (US$1,278/oz). It should be noted
that all these low cost operations benefit from significant base metal by-products. Aurum Analytics’ estimate of these operations
AISC on a co-product basis (Co-AISC) is as follows; Ernest Henry Co-AISC of A$588/oz, Cadia Valley Co-AISC of A$674/oz, Mt Carlton
Co-AISC of A$567/oz and Hera Co-AISC of A$1,169/oz. The lowest cost “gold only” operations were Regis Resources’ Duketon North
with an AISC of A$687/oz, then Evolution’s Cowal (A$712/oz) and Kirkland Lake’s Fosterville (A$727/oz).
Newmont’s Boddington operation kept top spot as Australia’s largest gold producer with 197,000 oz for the quarter, followed by
Barrick and Newmont’s Kalgoorlie operations (180,000 oz) then Newcrest’s Cadia Valley (120,514 oz). Of the mines where gold is a
by-product, OZ Minerals’ Prominent Hill produced the most gold 29,264 oz followed by Evolution’s Ernest Henry 23,682 oz and BHP’s
Olympic Dam with 13,101 oz.
Grade wise for the companies that report AISC, the average reported mill head/feed grade was 3.39 g/t (Open Pit (OP) - 1.94 g/t,
Underground (UG) - 4.86 g/t, Open Pit & Underground (OP/UG) - 2.58 g/t) which was up on the previous quarter, 3.35 g/t (1.3%).
Kirkland Lake’s Fosterville mine took out the honour as the operation with the highest average feed grade with 14.10 g/t, followed
by St Barbara’s Gwalia mine 11.00 g/t. The lowest grade mine was Evolution’s Ernest Henry processing an average head grade of
0.57 g/t. The high-grade operations that do not report an AISC were LionGold’s Ballarat with 5.10 g/t and Centennial Mining’s A1
operation with 4.84 g/t.
Top 10 Gold Producing Operations
Supported By
2. 2Aurum Analytics - Australian & New Zealand Quarterly Gold Report
All-in Sustaining Costs & Grade
AISC Rank Operation Company Mine Type
AISC
(A$/oz)
Grade
(g/t)
Grade
Rank
Au Produced
(oz)
1 Ernest Henry Evolution Mining Limited UG -614 0.57 48 23,682
2 Cadia Valley Newcrest Mining Limited UG 181 1.03 43= 120,514
3 Mt Carlton Evolution Mining Limited OP 429 5.87 8 29,994
4 Hera Aurelia Metals Limited UG 570 4.09 14 11,111
5 Duketon North Regis Resources Limited OP 687 1.27 38 30,771
6 Cowal Evolution Mining Limited OP 712 1.42 37 70,140
7 Fosterville Kirkland Lake Gold Limited UG 727 14.10 1 61,535
8 Jundee Northern Star Resources Limited UG 794 6.10 6 72,471
9 Gwalia St Barbara Limited UG 816 11.00 2 64,283
10 Waihi OceanaGold Corporation UG 835 9.77 3 35,904
11 Thunderbox Saracen Mineral Holdings Limited OP 923 2.20 30= 37,191
12 Duketon South Regis Resources Limited OP 949 1.21 40 61,150
13 Tomingley Alkane Resources Limited OP 982 2.80 20= 24,122
14 Kalgoorlie JV Newmont/Barrick OP/UG 983 2.03 33 180,000
15 Tanami Newmont Mining Corporation UG 1,013 5.42 9 114,000
16 Nicolsons Pantoro Limited OP/UG 1,019 7.60 4 13,282
17 Boddington Newmont Mining Corporation OP 1,022 0.69 47 197,000
18 Cracow Evolution Mining Limited UG 1,056 5.93 7 23,398
19 Mungari Evolution Mining Limited OP/UG 1,059 2.32 27 30,353
20 St Ives Gold Fields Limited OP/UG 1,071 2.48 25 89,500
21 Carosue Dam Saracen Mineral Holdings Limited UG 1,082 2.20 30= 43,083
22 Mt Rawdon Evolution Mining Limited OP 1,083 0.98 45 21,766
23 Granny Smith Gold Fields Limited UG 1,087 5.14 10 70,800
24 Higginsville Westgold Resources Limited OP 1,104 1.93 34 16,589
25 South Kalgoorlie Westgold Resources Limited OP/UG 1,121 2.33 26 11,290
26 Kalgoorlie North Excelsior Gold Limited OP 1,133 2.90 19 12,396
27 Kalgoorlie Operations JV Northern Star/Tribune/Rand UG 1,184 5.00 11 74,042
28 Tropicana JV AngloGold/Independence OP 1,194 2.09 32 114,060
29 Fortnum Westgold Resources Limited OP 1,197 1.44 36 7,981
30 Andy Well Doray Minerals Limited UG 1,201 4.70 12 10,637
31 Mt Magnet Operations Ramelius Resources Limited OP/UG 1,209 2.64 22 33,150
32 Agnew Lawlers Gold Fields Limited UG 1,215 6.11 5 61,800
33 Plutonic Superior Gold Inc UG 1,228 2.60 24 21,621
34 Mount Monger Silver Lake Resources Limited OP/UG 1,344 3.70 16 34,692
35 Central Murchison Westgold Resources Limited OP/UG 1,346 2.62 23 30,428
36 Nullagine Millennium Minerals Limited OP 1,470 1.25 39 16,007
37 Ravenswood Resolute Mining Limited OP/UG 1,478 1.16 41 18,726
38 Deflector Doray Minerals Limited UG 1,541 3.10 17 10,684
39 Edna May Evolution Mining Limited OP 1,588 1.11 42 21,639
40 Sunrise Dam AngloGold Ashanti Limited UG 1,589 1.61 35 63,000
41 Macraes Ops OceanaGold Corporation OP/UG 1,599 1.03 43= 36,878
42 Darlot Gold Fields Limited UG 1,629 4.40 13 14,700
43 Challenger WPG Resources Limited OP/UG 1,641 2.30 28 11,718
44 Paulsens Northern Star Resources Limited UG 1,818 3.90 15 11,628
45 Telfer Newcrest Mining Limited OP/UG 1,879 0.70 46 94,112
46 Beta Hunt Royal Nickel Corporation UG 1,988 2.23 29 10,489
47 Peak New Gold Inc UG 2,203 3.04 18 14,375
48 Cosmo Kirkland Lake Gold Limited NM 2,920 2.80 20= 1,290
Gold Operations That Report AISC
Notes: Operations are shown on a 100% basis.
3. 3Aurum Analytics - Australian & New Zealand Quarterly Gold Report
Gold Production Cost Curve Ranked By Reported AISC
Gold Production Grade Curve Ranked By Average Mill Feed/Head Grade
Gold Production Curves
4. 4Aurum Analytics - Australian & New Zealand Quarterly Gold Report
Mines Where Gold Is A By-Product
Rank Operation Company Mine Type
Au Produced
(oz)
1 Prominent Hill OZ Minerals Limited OP/UG 29,264
2 Ernest Henry Evolution Mining Limited UG 23,682
3 Olympic Dam BHP Billiton Limited UG 13,101
4 DeGrussa Sandfire Resources NL UG 9,731
5 North Parkes1
China Molybdenum Co Ltd / Sumitomo Australia Pty Ltd UG 8,266
6 Rosebery MMG Limited UG 7,502
7 Kanmantoo Hillgrove Resources Limited OP 1,900
8 Jaguar Independence Group NL UG 345
NR Golden Grove EMR Capital UG NA
1. North Parkes is a joint venture between China Molybdenum Co Ltd (80%) and Sumitomo Australia Pty Ltd (20%).
Gold Mines That Did Not Report All-in Sustaining Costs
Rank Operation Company Mine Type
Grade
(g/t)
Au Produced
(oz)
1 Matilda-Wiluna Blackham Resources Limited OP/UG 1.40 15,619
2 Ballarat LionGold Corp Ltd UG 5.10 8,739
3 Costerfield Mandalay Resources Limited UG NA 7,370
4 Teal Intermin Resources Limited OP 3.51 6,351
5 A1 Centennial Mining Limited UG 4.84 3,404
6 Davyhurst Eastern Goldfields Limited NM 1.08 1,056
NR Pajingo Minjar Gold Pty Ltd1
UG NA NA
NR Marvel Loch Minjar Gold Pty Ltd1
OP/UG NA NA
NR Paddington Zijin Mining Group Company Limited1
OP/UG NA NA
Statistic AISC (A$/oz) Change (%) Grade (g/t) Change (%)
Average (Simple)1
1,173 -2.0 3.39 1.3
Average (Weighted)2
1,048 -2.4 1.64 4.1
Minimum -614 -42.1 0.57 1.8
First Quartlie 923 4.2 1.21 0.8
Median 1,022 -3.0 2.09 -4.6
Third Quartile 1,194 -4.9 5.14 -3.9
Maximum 2,920 17.4 14.10 -18.0
Quarter on Quarter Change in AISC and Grade
1. Simple averages done by number of mining operations.
2. AISC weighted by gold ounces produced, Au grade weighted by ore tonnes milled.
3. First Quartile, Median and Third Quartile values are based on production in the AISC Cost Curve and Grade Curve.
1. These companies do not provide detailed quarterly production statistics for these mines.
Additional Gold Production
5. 5Aurum Analytics - Australian & New Zealand Quarterly Gold Report
Gold Production (Attributable) All-in Sustaining Costs
Rank Operation oz Rank Operation A$/oz
1 Boddington 197,000 1 Cadia Valley 181
2 Kalgoorlie1
180,000 2 Kalgoorlie1
983
3 Cadia Valley 120,514 3 Tanami 1,013
4 Tropicana2
114,060 4 Boddington 1,022
5 Tanami 114,000 5 St Ives 1,071
Top 5 - Production & AISC
Top 5 Gold Operations - Major Gold Miners
Top 5 Gold Operations - Junior Gold Miners
Top 5 Gold Operations - Mid-Tier Gold Miners
Gold Production (Attributable) All-in Sustaining Costs
Rank Operation oz Rank Operation A$/oz
1 Jundee 72,471 1 Ernest Henry -614
2 Cowal 70,140 2 Mt Carlton 429
3 Gwalia 64,283 3 Duketon North 687
4 Fosterville 61,535 4 Cowal 712
5 Duketon South 61,150 5 Fosterville 727
Gold Production (Attributable) All-in Sustaining Costs
Rank Operation oz Rank Operation A$/oz
1 Mount Monger 34,692 1 Hera 570
2 Mt Magnet Operations1
33,150 2 Tomingley 982
3 Tomingley 24,122 3 Nicolsons 1,019
4 Plutonic 21,621 4 Kalgoorlie North 1,133
5 Kalgoorlie Operations2
16,759 5 Andy Well 1,201
Gold Production (Total) All-in Sustaining Costs
Rank Operation oz Rank Operation A$/oz
1 Kalgoorlie1
180,000 1 Duketon North 687
2 Tropicana2
114,060 2 Cowal 712
3 Tanami 114,000 3 Fosterville 727
4 St Ives 89,500 4 Jundee 794
5 Kalgoorlie Operations3
74,042 5 Gwalia 816
Top 5 Pure Gold Operations (No Base Metal By or Co-Products)
1. Kalgoorlie is a joint venture between Newmont Mining Corporation (50%) and Barrick Gold Corporation (50%).
2. Tropicana is a joint Venture between AngloGold Ashanti Limited (70%) and Independence Group NL (30%).
1. Mt Magnet Operations is Ramelius Resources Limited’s Mt Magnet and Vivien mines.
2. Kalgoorlie Operations gold produced represents Tribune Resources Limited’s attributable gold production from the East Kundana Joint Venture.
1. Kalgoorlie is a joint venture between Newmont Mining Corporation (50%) and Barrick Gold Corporation (50%).
2. Tropicana is a joint venture between AngloGold Ashanti Limited (70%) and Independence Group NL (30%).
3. Kalgoorlie Operations gold produced represents total gold attributable to Northern Star Resources Limited, Tribune Resources Limited and Rand Mining Limited.
6. 6Aurum Analytics - Australian & New Zealand Quarterly Gold Report
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Contact
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information and analysis given is a by-product of Sam Ulrich’s PhD research at The University of Western Australia’s Centre for Explora-
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Datawassourcedfromcompanyquarterlyreports.AurumAnalyticscreatedthecostandgradecurves.MineTypereflectsthesourceoftheoremined
forthequarter,OP-OpenPit,UG-Underground,OP/UG-OpenPitandUndergroundandNM-NoMining.
ForoperationsinjointventuresuchasKalgoorlieandTropicanaAISCvalueswereapportionedbyequityownershippercentages.KalgoorlieOperations
isbasedonNorthernStarResourcesLimited’sreportedAISConlyasTribuneResourcesLimitedandRandMiningLimiteddonotreportanAISC.
WhereAISCvalueswerereportedinUS$andnoA$equivalentprovided,thequarterlyaverageUS$/A$exchangerate(0.7894)fromtheReserveBank
ofAustraliawasused.
General Notes
Disclaimer
The information contained in this report is provided for information purposes only. Accordingly, it is provided on the basis of no liability
whatsoever to Aurum Analytics, or the directors, officers and employees of Aurum Analytics who will not be responsible for any dam-
ages arising from any use made of the information herein. While all care has been taken in its preparation, this information has not
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or completeness, or for any errors or omissions contained in the information. The assumptions that were made in its preparation were
based on publicly available information which has not been verified by Aurum Analytics, or formally audited.