Gold Production Falls, But Miners Still Profitable

Australian gold production has fallen by 4 per cent over the last year.

A higher gold price has meant miners are now targeting lower grade ore and just 261 tonnes of the shiny metal was pulled from Aussie soil last financial year.

Dr Sandra Close, from mining consultancy firm Surbiton, says despite the drop, producers are still keeping their heads well above water.

"That's what's happened, they've been taking advantage of the high gold price and making the most of their deposits and treating slightly lower grade ore, so of course we have a little less gold," she said.

"But what's the most important thing there really is the margin between the sales price and the cost."

The Super Pit at Kalgoorlie, WA, is currently 3.7 km long, 1.5 km wide and 450 metres deep and one of the largest gold producers in the world. (Emma Wynne)

Australian Lunar Series II 2013 Year of the Snake Gold Proof Coin - Perth Mint Gold

Proof Quality 99.99% Pure Gold

Stunning Snake Reverse Designs

Australian Legal Tender

Extremely Limited Mintages

Numbered Certificates of Authenticity

Elegant Presentation

Great Gift Ideas

In 2013, the spectacular and popular Australian Lunar II Gold Proof Coin Series celebrates the Year of the Snake, the sixth animal in the twelve year cycle of the Chinese zodiac.

These superb proof quality releases are perfect for people born in ‘snake’ years.

The birth dates for people ruled by the Chinese Lunar snake include 1905, 1917, 1929, 1941, 1953, 1965, 1977, 1989, 2001 and 2013. Those born under the influence of this sign are said to be intelligent, graceful, independent, analytical and charming.

The 2013 gold releases are available as individual 1oz, 1/4oz and 1/10oz coins, or in a stunning three-coin set comprising all three issues.

Proof Quality 99.99% Pure Gold

Each coin is struck by The Perth Mint from 99.99% pure gold in proof quality.

Stunning Snake Reverse Designs

The reverse of each coin depicts a representation of a snake with bamboo, signifying good health, wisdom and prosperity. The Chinese character for ‘snake’ and the inscription "Year of the Snake" also appear in the design with The Perth Mint’s traditional ‘P’ mintmark.

Australian Legal Tender

Issued as legal tender under the Australian Currency Act 1965, each coin features the Ian Rank-Broadley effigy of Her Majesty Queen Elizabeth II on its obverse.

Extremely Limited Mintages

No more than 3,000 1oz coins, 5,000 1/4oz coins, 5,000 1/10oz coins and 3,000 three-coin sets will be released.

Numbered Certificate of Authenticity

Each coin and set is accompanied by a numbered Certificate of Authenticity.

Elegant Presentation

Australian Lunar gold proof coins are housed in elegant oval-shaped display cases featuring a granite-effect base and a glossy timber-effect lid. Each case comes in an illustrated shipper.

Great Gift Ideas

As well as appealing to gold proof coin collectors, these outstanding releases also make great gifts for people born in any year ruled by the Chinese lunar snake.

2013 Kangaroo $100 20th Anniversary 1oz Gold Proof - RAM Gold

Issued to celebrate the 20th anniversary of the long-running, ever-popular Silver Kangaroo Program, this magnificent collector coin is distinguished by a Bounding Kangaroo design – the very same deign featured on the very first coin of the 1993-2013 Kangaroo Series! Beautifully accommodated by the broad, crown-sized 40mm diameter flan, this iconic Australian motif looks simply sensational struck to the highest Proof quality from the world’s favourite precious metal.

One of very few 1oz Gold Proofs issued by the RAM in recent years, and the first time that the RAM has struck a 1oz Gold Proof Kangaroo coin, this one-off 1oz gold Australian legal tender issue is guaranteed to create frenzied demand. In light of the anticipated demand, it is a significant shock that the Royal Australian Mint has set the mintage so low. Ensuring a mad scramble amongst collectors, the tiny 500-coin mintage will be totally inadequate to sate the hunger of a market ravenous for large gold Proof issues.

Able to secure only a tiny allocation of coins from this astonishingly low worldwide mintage – each beautifully presented within the plush confines of a lavish, official Royal Australian Mint case, accompanied by a numbered Certificate of Authenticity

Comprising a full troy ounce of pure, prestigious .9999 gold, and measuring an imposing 40mm in diameter, this exquisite Australian legal tender kangaroo coin from the Royal Australian Mint is perhaps most notable for the tiny mintage. Just 500 coins have been struck for the entire global market! 

Issued to celebrate the 20th anniversary of the long-running, ever-popular Silver Kangaroo Program, this magnificent collector coin is distinguished by a Bounding Kangaroo design – the very same deign featured on the very first coin of the 1993-2013 Kangaroo Series! Beautifully accommodated by the broad, crown-sized 40mm diameter flan, this iconic Australian motif looks simply sensational struck to the highest Proof quality from the world’s favourite precious metal.

One of very few 1oz Gold Proofs issued by the RAM in recent years, and the first time that the RAM has struck a 1oz Gold Proof Kangaroo coin, this one-off 1oz gold Australian legal tender issue is guaranteed to create frenzied demand. In light of the anticipated demand, it is a significant shock that the Royal Australian Mint has set the mintage so low. Ensuring a mad scramble amongst collectors, the tiny 500-coin mintage will be totally inadequate to sate the hunger of a market ravenous for large gold Proof issues.

Able to secure only a tiny allocation of coins from this astonishingly low worldwide mintage – each beautifully presented within the plush confines of a lavish, official Royal Australian Mint case, accompanied by a numbered Certificate of Authenticity

Three Rare Coins Sell For Nearly $900k

Three rare Australian coins have fetched almost $900,000 at auction - taking out two records in the process.

Australia's first coin, known as the 'Hannibal Head' Holey Dollar, sold for $410,000, while the first gold coin, an 1852 Adelaide pound, netted $370,000.

Both coins fetched record prices for coins of their type sold at auction, with the pound eclipsing the previous record by $240,000.

The coins went under the hammer in Melbourne on Monday night along with an 1813 Colonial Dumps coin, which had a less impressive result, selling for half the estimated price at $100,000.
Coinworks managing director Belinda Downie said it was an exciting auction result.

'It was a win-win. The vendor's happy. I saw really beautiful quality coins sell for very exciting prices, so, from a Coinworks perspective, and an industry perspective, there are no complaints,' she told AAP.

The top selling Holey Dollar is the only one of its type in private hands, with the only other known example housed in the NSW State Library.

'This one is unique for private buyers,' Ms Downie said.

'The quality of the coin is superior to most. It's got a really gorgeous history.'

The Holey Dollar was created from 40,000 Spanish coins acquired by Governor Lachlan Macquarie to alleviate Australia's coin shortage.

Governor Macquarie enlisted the services of convicted forger William Henshall to cut a hole in the centre of each dollar and later to stamp each with the words New South Wales and a five shilling value.

The rare coin gained notoriety after being found in 1881 as part of a bushranger's hoard and was later owned by the Tasmanian governor, Ms Downie said.

'Right from the onset this particular coin has always enjoyed publicity,' she said.

Kidman Resources Hits heights on High Grade Polymetallic Intercepts at Home of Bullion

Kidman Resources (ASX: KDR) has spurred the market on today with the release of significant high grade polymetallic mineralisation intersections from the first three holes of a 24-hole reverse circulation drilling program at its Home of Bullion project in the Northern Territory.

Shares reached an intra-day high of A$0.215 today, a 105% increase on yesterday’s closing price, on the exchange of over 20 million shares by 2pm (AEST).

Kidman acquired the Home of Bullion project in April this year and the results are from the company’s first reverse circualtion drilling program, designed to test for extensions of the previously reported high grade drill intercepts from the 1950s.

Adding more spice to the results, the mineralisation was identified close to surface providing the potential for an open pittable resource.

Highlight assays returned were:

- 4 metres at 4.7% copper, 5.1% zinc, 84.6 grams per tonne (g/t) silver, 1.3% lead, 0.52g/t gold
(4 metres at 7.7% copper equivalent) from 49 metres in hole HRC020;
- 3 metres at 1.9% copper, 4.7% lead, 2.2% zinc, 204g/t silver, 1.13g/t gold (3 metres at 6.2% copper equivalent) from 25 metres in hole HRC002; and
- 3 metres at 2.7% copper, 2.3% zinc, 45.5g/t silver, 0.45% lead, 0.46g/t gold (3 metres at 4.9% copper equivalent) from 208 metres in hole HRC009.

The high grade Main lode now has an identified strike length of about 170 metres and potentially extends further east under cover.

The outcome of the results is that hole HRC020 confirms previous high grade drill intercepts at the Home of Bullion Main Lode, while Hole HRC002 confirms the oxide potential and includes very high grade silver of up to 204g/t.

This has prompted Kidman to accelerate its exploration efforts at the Home of Bullion project with the company now planning a follow up program to begin in September.

Further adding to the potential of the Home of Bullion project, magnetite has also been identified in the ore, which is significant as it allows for successful geophysics surveying to define strike extensions to the ore body under shallow cover.

A detailed airborne magnetic survey will begin before end of August to define further drill targets across the entire tenement.

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Gold Prices Boost Newcrest Profit

NEWCREST Mining's full year profit is up 23 per cent due to rising gold prices and the company expects gold production to rise in the current financial year.

Newcrest today posted a net profit of $1.12 billion for the year to June 30, up from $908 million in the previous corresponding period.

Revenue of $4.4 billion in the year to June was an eight per cent increase on the previous year's $4.1 billion.

Newcrest produced 2.29 million ounces of gold in the year to June, a drop of 10 per cent on the previous year.

The company said it expected production in the 2012/13 financial year to be in a range of 2.3 million to 2.5 million ounces.

Copper production in the year to June of 76,015 tonnes was up one per cent on the previous year.
Newcrest said it expected copper production in 2012/13 to be in the range of 75 thousand tonnes to 85 thousand tonnes.

The statutory profit was a record for Newcrest.

Its underlying profit of $1.1 billion, up two per cent from last year, was also a record.

The difference between the headline and underlying profits related to $46 million gained from the sale of two Queensland projects to Evolution Mining during the year.

Newcrest benefited from a higher realised gold price for the year of $1,609 per ounce, which was 17 per cent or $231 per ounce higher than the previous year.

Elsewhere, cost of sales increased by nine per cent to $2.601 billion, its gold sales fell by six per cent to 2.3 million ounces and production was down 10 per cent.

The company blamed the cost hikes on increased mining activity pushing up the cost of labour, fuel and energy, and negative currency exchange factors.

Newcrest says it plans to pay a final ordinary dividend of 23 cents per share (15 per cent franked), bringing the total to 35 cents per share, 17 per cent higher than the prior year.

It's interim distribution of 12 cents was unfranked.

2014 FIFA World Cup Brazil™ 0.5g Gold Proof Coin - Perth Mint Australia

2014 FIFA World Cup Brazil™ 0.5g Gold Proof Coin featuring:

• Proof Quality 99.99% Pure Gold
• Stunning Reverse Design
• Australian Legal Tender
• Extremely Limited Mintage – 7,500
• Numbered Certificate of Authenticity
• Souvenir Presentation Packaging

The FIFA World Cup is the ultimate competition for any football fan. The Perth Mint is thrilled to present this official licensed product for the 2014 FIFA World Cup Brazil™.
Celebrating the Australian team, this fantastic souvenir struck in gleaming gold makes a fantastic gift or memento of this much-anticipated event.

Proof Quality 99.99% Pure Gold

The coin is struck by The Perth Mint from 0.5g of 99.99% pure gold.

Original Reverse Design

The coin’s reverse depicts a representation of a soccer player incorporating an Aboriginal motif and a map of Australia. The design also includes the inscription 2014 FIFA WORLD CUP BRAZIL™ and The Perth Mint’s ‘P’ mintmark.

Limited Mintage

The Perth Mint will release no more than 7,500 coins.

Australian Legal Tender

Issued as legal tender under the Australian Currency Act 1965, the coin depicts the Ian Rank-Broadley effigy of Her Majesty Queen Elizabeth II on the obverse.

Souvenir Presentation Packaging

The coin is presented in a prestigious display case and souvenir shipper that includes a specially designed numbered Certificate of Authenticity.