Commodities - The Coming Bull Market Message Board

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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: Stephen O who wrote (931)	11/20/2001 4:36:13 PM
From: craig crawford	of 1643

Gold output drops heraldsun.news.com.au 19nov01 AUSTRALIAN gold production is running at a five-year low, just as offshore interest in the industry peaks. Mining consulting group Surbiton Associates, however, said the 8 per cent fall in September quarter output to 68.5 tonnes may have been influenced by the higher Australian gold price. "Some miners may well have decided to take advantage of the higher price and treated some lower grade ore this quarter," Surbiton managing director Sandra Close said. "This enables profits to be maintained and also extends mine life, even though fewer ounces are produced," Dr Close said. Production constraints and lower grades at the Super Pit meant Normandy NFM's Granites operation temporarily assumed the mantle of Australia's biggest producer. Ownership of the Super Pit will go offshore if Newmont's bid for Normandy Mining is successful. Assuming the $3.8 billion offer succeeds, offshore ownership of the industry is expected to increase to about 60 per cent, according to Surbiton.

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