Australian gold production down 5% in March quarter

Australian gold output fell 5% from the December 2012 to March 2013 quarters, but improved slightly year-over-over, reported Peter Ker for The Age Monday.

Australia's number one producer, Newcrest Mining, has endured a tough month, watching its share price fall 5% in one day, reaching an 8-year low. As a result of the drop, Newcrest is no longer Australia's third largest miner behind BHP Billiton and Rio Tinto.

Mid-tier producer Alacer Gold said last week that it plans to sell its Australian assets, focusing its mining efforts in Turkey, the miner's other, lower-cost jurisdiction.

Recent Australian gold mining news has been littered with layoffs, including bad news from Barrick Gold's Western Australia operations earlier in June.

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