Lyla Lindsey
Australia is one of the world's top producers of gold, with Western Australia being the country's leading state in gold production. Gold mining in Western Australia dates back to the 1880s but became a significant industry in the 1890s, following gold discoveries in Coolgardie and Kalgoorlie. In 2023, the state alone produced 211.22 tonnes of gold, compared to just 80.73 tonnes in the rest of the country. Geoscience Australia estimates that around 60% of Australian gold reserves are in Western Australia, with the remaining deposits spread across other states and territories, including New South Wales and Victoria.
| Characteristics | Values |
|---|---|
| State with the most gold production | Western Australia |
| Percentage of Australia's gold production | 60-70% |
| Gold production in 2023 | 211.22 tonnes |
| Gold production in 2008-09 | 4.4 million ounces |
| Gold production in 2001 | 250 tonnes |
| Gold production in 1990 | 150 tonnes |
| Gold production in 2021 | 214 tonnes |
| Gold production in 2014-15 | 19,175 people employed |
| Gold production in 2021-22 | 36,087 people employed |
| Gold reserves | 9,500-10,000 tonnes |
| Percentage of world gold reserves | 17% |
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What You'll Learn
Western Australia's gold production
Western Australia is one of the world's top producers of gold, accounting for almost 70% of Australia's total gold production. In 2008-09, Western Australia accounted for 62% of Australia's gold production. The state's history of gold mining dates back to the 1880s, but it became a significant industry in the 1890s following gold discoveries at Coolgardie and Kalgoorlie.
Gold mining in Western Australia is the third-largest commodity sector in the state, behind iron ore and LNG, with a value of A$17 billion in 2021-22. In 2021-22, the state sold 6.9 million troy ounces (214 tonnes) of gold, the highest amount in 20 years. In 2015-16, gold was ranked third in the list of resources exported by Western Australia, with a value of A$10 billion. The state produced 6.27 million troy ounces of gold, or 195 tonnes, 6% of world production that year.
Gold production in Western Australia first peaked in 1903, with over 50 tonnes of gold produced annually. Production gradually fell, reaching a low in the late 1920s. At that point, Western Australia was nearly the only state in Australia still producing gold. Production rose again during the Great Depression, reaching a second peak in 1939. After a slump during World War II, gold production remained steady until the mid-1960s. It then declined to a low point in 1976, remaining low until the mid-1980s, when a new gold boom hit the state.
The Yilgarn Craton in Western Australia's Eastern Goldfields is Australia's premier gold province, with major Archean greenstone-hosted deposits. Geoscience Australia estimates that 60% of Australia's gold reserves are in Western Australia.
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Gold mining history in Western Australia
Gold mining has a long history in Western Australia, dating back to the 1880s, but it was in the 1890s that the industry experienced a boom. This boom was sparked by significant gold discoveries in Coolgardie in 1892 and Kalgoorlie, resulting in a rush of prospectors to the region. By the end of this decade, more than a third of the colony's population was located in the Eastern Goldfields, and the gold mining industry was at its peak.
The gold industry in Western Australia was marked by fluctuations in the early 20th century. While gold mining declined after 1904, the industry experienced a revival in the 1930s due to several factors. The Great Depression saw gold prices rise, and foreign investment increased. The discovery of the Golden Eagle nugget, the largest ever found in Western Australia at the time, in 1931, attracted many prospectors back to the state. However, the outbreak of World War II led to a decline in gold mining once more, mirroring the impact of World War I, which had seen many miners enlisting and a decrease in overseas investment.
After World War II, gold mining in Western Australia underwent another period of revival. The move from steam power to oil-generated electricity and improved extraction techniques, including the reprocessing of slime dumps, aided this revival. Open-cut mining was introduced in areas like Kalgoorlie's Golden Mile, and the buoyant gold price made fine-grained gold extraction profitable.
In recent years, Western Australia has continued to be a significant producer of gold, contributing almost 70% of Australia's total gold production. In 2015-16, gold was the state's second most valuable mineral sector, generating $10 billion in sales. The industry has seen an increase in employment, with 36,087 people employed in 2021-22. Western Australia is believed to have substantial gold reserves, with an estimated 16% of the world's gold reserves, reinforcing the ongoing importance of gold mining to the state's economy.
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Gold in other Australian states
Western Australia is responsible for almost 70% of Australia's total gold production, making it the country's most prolific gold-mining area. Gold mining in the state dates back to the 1880s but became a significant industry in the 1890s following gold discoveries in Coolgardie and Kalgoorlie.
However, gold is also mined in other Australian states. Geoscience Australia estimates that the remaining 40% of the country's gold reserves are distributed across the other states and the Northern Territory. New South Wales and Victoria are among the states with abundant gold deposits.
The Mt Carrington gold and silver project in Northern New South Wales is one of the key assets of White Rock Minerals, a near-stage gold producer. In Victoria, the Fosterville mine, owned by Agnico Eagle Mines, is a high-grade, low-cost underground gold mine that has been operational since 1989, with a lifetime production of over 16 million ounces of gold. The mine produced 277,694 ounces of gold in 2023, a decrease from the 338,327 ounces produced in 2022. The second-largest gold nugget ever found, the Welcome Nugget, was also discovered in Victoria in 1858.
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Gold's value and demand
Gold is a rare substance, making up only about 3 parts per billion of the Earth's outer layer. Its rarity and physical properties have made it one of the most sought-after natural resources on Earth. Gold has a dual character as both a commodity and a monetary asset. It is bought and sold daily on international markets, with the price fluctuating according to demand and the amount being sold.
Gold's value is influenced by its supply and demand, with prices particularly sensitive to demand fluctuations due to the small annual increase in the global gold stock compared to the total existing stock. Gold's price can change by the second, influenced by investment supply and demand, as well as changes in other markets (commodities, stocks, bonds) and the currency used for the transaction. The performance of stocks and bonds can also impact gold demand, as gold tends to be in demand when stocks are stressed. Gold has often served as insurance against market instability and systemic risks that could impact traditional investment portfolios.
Central banks' buying and selling of gold can also affect its price, with large-scale purchases or sales influencing supply and demand dynamics. In recent years, central banks, particularly from emerging market economies, have increased their gold purchases to diversify their reserves away from the US dollar. A weaker US dollar typically leads to higher gold prices, as gold becomes more attractive to international investors. Conversely, a stronger dollar often corresponds with lower gold prices.
Gold prices also tend to rise during periods of high inflation or market uncertainty, as investors seek to preserve their purchasing power. For example, during the economic uncertainty caused by the COVID-19 pandemic, gold prices rose due to increased demand for safe-haven assets. Similarly, the collapse of Silicon Valley Bank in 2023 sparked a rush for gold among wealthy investors, pushing gold prices to a new record high.
Western Australia produces almost 70% of Australia's total gold output, with around 60% of Australia's gold reserves located in the state. Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17% of the world's total estimated reserves.
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The world's top gold producers
Gold is one of the world's rarest elements, with only about three parts per billion of the Earth's outer layer made up of it. Gold has been used throughout history as a medium of exchange and a symbol of wealth, and it continues to be highly prized.
In terms of gold production, China was the world's largest producer in 2024, accounting for around 10% of total global production. Australia, specifically Western Australia, is also one of the world's top producers of gold. Western Australia produces almost 70% of Australia's total gold output, with gold sales of $10.8 billion in 2016-17, representing 12.3% of total mineral sales. Geoscience Australia estimates that 60% of Australia's gold reserves are in Western Australia, with the remainder in other states and the Northern Territory.
The price of gold is determined by the demand from buyers and the amount being sold by sellers. Recently, Chinese investors have been a major factor in driving up gold prices, with many investing their savings in gold bars and coins, lured by promises of rising prices and hefty returns.
While gold is mined and produced in various countries, the largest repository of gold in the world is actually located at the centre of the Earth in its molten core. Scientists estimate that the vast majority of gold settled there when the planet was formed 4.5 billion years ago.
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Frequently asked questions
Western Australia is the state that has produced the most gold, accounting for almost 70% of Australia's total gold production.
In 2023, Western Australia produced 211.22 tonnes of gold, compared to 80.73 tonnes in the rest of the country. In 2008-09, Western Australia accounted for 62% of Australia's gold production.
Victoria and New South Wales are also known for their gold production. The Fosterville mine in Victoria has produced over 16 million ounces of gold since 1989.
