trending Market Intelligence /marketintelligence/en/news-insights/trending/eikqjyajvdfokhm25ka1na2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

Gold producers add A$54M to New South Wales government coffers in FY’16

Municipal-Run Fiber Tops 280000 Subscribers In 2018

The Essential Conference 2019 Highlight Reel

Mobile Payment Apps Driving Fintech Frenzy In India

Street Talk Episode 42: Banks losing consumer deposits to fintech, digital platforms, commercial might be next


Gold producers add A$54M to New South Wales government coffers in FY’16

The royalties paid by gold producers to the New South Wales government in Australia rose 12.5% in the 2016 financial year.

“New producers may not enjoy hearing this, but again we’d like to thank you for lifting your royalty contribution from A$48 million to some A$54 million, which of course goes into building our schools and hospitals,” state Industry, Resources and Energy Minister Anthony Roberts told delegates on the first day of the Precious Metals Investment Symposium in Sydney, Australia.

This is likely to increase further in the current financial year, with Newcrest Mining Ltd. expecting to produce between 730,000 ounces and 820,000 ounces of gold from its Cadia mine compared to 670,000 ounces last financial year.

Statewide production in the 2016 financial year rose more than 11% to just short of 1.9 billion ounces, from 1.7 billion ounces.

“At a time when there is widespread belief in some people in the Commonwealth, and also global investors, that low commodity prices has the entire resources industry in Australia on the ropes, can I say that it’s important that we make it very clear that it’s not,” Roberts said.

“Yes it’s been a challenging time for much of the resources sector, but for the last couple of years, the precious metals industry, for example, has been very much a positive outlier.”

While the gold price in Australian dollar terms has pulled back from a peak of about A$1,800 an ounce in the middle of this year, at roughly A$1,660 an ounce it is still about A$70 higher than it was a year ago, according to Roberts.

“That is despite our currency having gone up against the U.S. dollar over that same period and despite last week’s sell-off,” he said.