Peak gold approaching rapidly in Australia

THE world is on the verge of peak gold production, with Australia to reach the summit sooner than its offshore peers.

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Gold production is approaching its peak. Image: iStock/farakos

Global gold production reached an all-time high of 106.5 million ounces last year, and is expected to rise marginally to 108Moz this year before peaking at 111.7Moz in 2020, according to S&P Global Market Intelligence.

That would mark 12 consecutive years of growing gold production before it starts to decline, with S&P analyst Chris Galbraith saying falling output at existing operations would start to outpace new growth from 2021.

Current operations to fall short of 2017 production by as much as 3% and by almost 15% by 2022 - due to depletion or production decreasing due to falling grades

But Galbraith said some regions would see production fall sooner than others.

"In the case of Australia, despite production being on track to hit a 26-year hi...