Presidential Address

This evening I intend to explain the position of the gold mining industry in the light of post war trends and events.I propose initially to comment on gold production throughout the World and then proceed to the state of the industry in Australia, with an account of the efforts made within the industry to maintain levels of production. This will be followed hy a statement on assistance granted to the industry by Federal and State Governments.Annual World gold production is estimated at 51,000,060 fine ounces, made up as followsSouth Africa - 27,300,000 fine ouncesCanada 4,200,000 " "U.S.A. 1,500,000 " "Australia - 1,000,000 " " Others 5,000,000 " "----- 39,000,000 " "Estimated Russianproduction - 12,000,000 " "Total 51,000,000 " "The opening up of new highly payable mines during the post war years has contributed to the preponderence of production in South Africa.In 1962 some 24 new mines produced 73 per cent of South Africa's gold, and contributed almost 90 per cent to the industrial profits.At the same time, 20 old mines were struggling to main...