Speaking on the opening morning of IMARC in Melbourne today, Holmes said over the past year, revenue per share of global gold miners had actually fallen by 1%, despite the rise in the gold price.

But Australian miners had done an outstanding job, he said.

“Australian gold miners have much more upside relative to North Americans,” Holmes told delegates.

“There’s too much of a hang-up in Canada on a 10-year reserve life.”

Holmes said Aussie gold miners had three things working in their favour, the first being that Australia is a safe jurisdiction.

“I think that’s becoming more important,” he said.
 The fall in the currency had also been a big windfall for the sector.

Holmes also praised the sector’s leaders, which had shown great discipline.

“The storytelling is very different than it is in Canada,” he noted.

One who attracted Holmes’ praise was Evolution Mining executive chairman Jake Klein, who was on the same panel at IMARC.

Klein said the sector had learned from past mistakes.

“It’s been a remarkable period of transformation for the Australian gold sector,” he said.

“The industry is in a much healthier state.”

But Klein said the real test was yet to come.

He urged peers to maintain the discipline and not fall into the trap of pursuing growth for growth’s sake.

“The position you don’t want to get into is when balance sheet drives strategy,” he said.

At the end of the panel discussion, which was moderated by World Gold Council director John Mulligan, Holmes presented Klein with the Legend in Mining jacket as recognition of his service to the sector.