Survey: Australia's 2016 gold output highest since 1999 - RTRS

According to the survey by Australian mining consultancy Surbiton Associates released on Sunday, Australian gold output hit a 17-year high of 298 tonnes in 2016 on rising gold prices-led higher investments into the mining companies, Reuters reports.

Surbiton director Sandra Close noted, “Overall, the Australian dollar gold price has continued to be attractive, thanks to the combination of the U.S. dollar gold price and favorable exchange rates. This has encouraged the redevelopment of previously mined areas and the refurbishment of mothballed plants, thereby pushing Australian gold output higher."

Australia produced a record 314 tonnes of gold in 1997, added Close.

Meanwhile, Australia's gold miners' index on Friday reached its highest level since Nov. 11.