Australia's Premier Gold Operations: A 2024 Production Overview

Australia remains a global powerhouse in precious metal extraction, holding the second-largest gold output worldwide alongside Russia. As bullion prices reach record valuations, understanding the landscape of major mining operations across the nation provides crucial insight for stakeholders. This guide examines the country’s most significant gold-producing assets and what drives their performance in 2024.

The Western Australian Dominance

Western Australia stands as the epicenter of domestic gold extraction, accounting for approximately 72% of the country’s total production in 2023. The state’s 211.22 tonnes of annual output substantially outpaced other regions, with the remainder of Australia contributing only 80.73 tonnes. This concentration reflects both geological advantages and established infrastructure that has attracted major operators including Rio Tinto and BHP.

Gold ranked as Western Australia’s second-highest revenue commodity in 2023, behind liquefied natural gas, with sales reaching a record AU$20 billion. The Pilbara region, while historically recognized for iron ore, has experienced renewed activity following the 2017 discovery by Novo Resources and Artemis Resources. Geological parallels with South Africa’s Witwatersrand Basin—home to 40% of worldwide production—suggest the Pilbara’s mesothermal deposits containing high-grade conglomerate gold could sustain output for decades.

Major Production Centers and Output Trends

Boddington: Leading Output Despite Declining Grades

Newmont’s flagship open-pit operation near Boddington, Western Australia generated 745,000 ounces during calendar 2023, though this represented a 7% decrease from 798,000 ounces in 2022. The operator expects production to contract further to 575,000 ounces in 2024 due to lower-grade ore bodies. However, planned laybacks in northern and southern pit sections signal production recovery anticipated by 2026. Second-quarter 2024 output reached 147,000 ounces.

Cadia Valley: Transitioning Underground Operations

Located in New South Wales, Cadia Valley transitioned to Newmont ownership following the 2023 acquisition of Newcrest Mining. Once Australia’s largest producer, the asset has seen output decline from 843,000 ounces in 2020 to 597,000 ounces in fiscal 2023. The PC1-2 project development and PC2-3 cave ramp-up drove 2023 reductions, with further declines projected for 2024 at 370,000 ounces as underground development continues. June 2024 quarterly production totaled 117,000 ounces.

KCGM: Expansion Targeting 900,000 Annual Ounces

Northern Star Resources’ Kalgoorlie Consolidated Gold Mines (KCGM) comprises the Super Pit, Mount Charlotte underground mine, and dual processing facilities along the legendary Golden Mile. Operations achieved 449,032 ounces in fiscal 2024 while maintaining 13.3 million ounces in reserves. The AU$1.5 billion expansion initiated mid-2023 targets 900,000 ounces annually by 2029 through grinding, crushing, and flotation cell upgrades. Q2 2024 production: 116,690 ounces.

Tropicana: Advancing Renewable Integration

Co-owned by AngloGold Ashanti (70%) and Regis Resources (30%), Tropicana spans 3,600 square kilometres across the Yilgarn Craton. Calendar 2023 production reached 442,887 ounces, with AngloGold’s stake generating 310,000 ounces. A 62-megawatt wind-solar facility under construction targets Q1 2025 completion, projected to eliminate 65,000 tonnes of annual emissions. Q2 2024 output: 102,763 ounces.

Tanami: Remote Operations Facing Grade Challenges

Newmont’s fully-owned Tanami operation in the Northern Territory’s remote Tanami Desert produced 448,000 ounces in 2023, down 7% year-over-year. 2024 guidance sits at 400,000 ounces as deeper mining encounters lower grades. The Tanami Expansion 2 project, announced October 2023, targets late-2025 commercial production and 150,000-200,000 annual ounce increases for five years, extending mine life beyond 2040. June 2024 quarterly: 99,000 ounces.

Cowal: Record Production and Strong Returns

Evolution Mining’s largest asset, Cowal in New South Wales delivered record fiscal 2024 production of 312,644 ounces versus 276,314 ounces previously. Stage H pit cutback completion and early underground mine commissioning drove this performance. Strong gold prices enabled capital cost repayment for acquisition and expansion, generating AU$604.9 million in fiscal revenue. Q2 2024: 94,826 ounces.

Jundee: Low-Cost Underground Producer

Northern Star’s Jundee in Western Australia’s Northern Goldfields operates solely through underground methods, maintaining competitive unit costs. Fiscal 2024 production of 280,963 ounces declined from 320,201 ounces, impacted by a Q4 processing plant fire causing 10 days downtime. Renewable integration—24 MW wind, 16.9 MW solar, 12 MW battery storage—will supply 56% of power by year-end, reducing Northern Star’s carbon footprint 36%. Q2 2024: 72,661 ounces.

St. Ives: Microgrid Transformation Under Way

Gold Fields’ St. Ives operation near Kambalda comprises multiple open-pit and underground mines generating 371,800 ounces in calendar 2023 (slight decline from 376,700 ounces in 2022). 2024 guidance: approximately 355,000 ounces. A March 2024-announced microgrid—42 MW wind, 35 MW solar—will supply 73% of electrical demand by late 2025, targeting 50% emissions reduction by 2030. Q2 2024: 70,147 ounces.

Duketon South: Underground Expansion Planning

Regis Resources’ Duketon operation in the North Eastern Goldfields combines Garden Well and Rosemont open-pit and underground mines. Fiscal 2024 production declined to 244,455 ounces from 252,672 ounces. May 2024 development approval for new Garden Well underground areas and Rosemont extensions targets 100,000-120,000 additional annual ounces by fiscal 2027. Q2 2024: 66,102 ounces.

Fosterville: Managing Grade Depletion

Agnico Eagle Mines’ Victorian underground operation has produced over 16 million ounces since 1989. Calendar 2023 output of 277,694 ounces declined from 338,327 ounces as Swan zone grades diminished. 2024-2026 guidance projects further declines (210,000, 150,000, and 150,000 ounces respectively) as Swan zone depletes, offset by Robbins Hill mining rate increases of 10%. Q2 2024: 65,963 ounces.

Investment Landscape and Market Access

Australian mining companies span established producers and development-stage explorers listed primarily on the ASX. International listings expand accessibility for North American and global investors through dual-listing arrangements. Risk profiles correlate inversely with operational maturity—established producers offer stability while junior explorers present higher volatility.

Portfolio theory frequently incorporates gold equities as hedge instruments against broader equity market exposure, as precious metals typically move independently from broader indices. Distinguishing between operational producers and development entities remains essential for aligning investment selections with individual risk tolerance.

The Australian gold sector maintains structural advantages through geological endowment, regulatory stability, and technological leadership. Continued capital deployment into sustainable operations and underground expansion ensures sustained relevance within global precious metal supply chains throughout the coming decade.