Australian Output Rose In First Quarter As Compared With Same Quarter A Year Ago

Yesterday, a report said Australian gold output dropped by 7% as compared with the previous quarter. Because 2010 saw strong growth in output, though, that drop still made for a 6% rise from the first quarter of last year.

Mining companies operating in the second biggest gold mining country in the world produced a total output of 65 tonnes or 2.1 million ounces of the yellow metal in Q1. In comparison with the same period of last year, production increased by 4 tons – or 6%. Heavy rains between January and March led to mine floodings in both western and eastern states of the country.

Given that 1Q '11 beat 1Q '10, it's quite likely that all of '11 will beat all of '10.