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Gold boom here to stay, says industry group

The price of gold is at record levels, now worth more than $2000 an ounce.

But there are fears that Australia could be bumped down from the second largest exporter to the fourth, as older mines close.

Analysts argue Australia’s biggest gold mines are getting older without enough new mines large enough to match their production.

Association of Mining and Exploration Companies CEO Warren Pearce tells Ross Greenwood such claims are “unrealistic”.

“I’d cast a lot of doubt on those type of predictions, particularly in the short term.

“It really underestimates the ability of Australian gold miners to extend the life of their mines… I’d be confident they’ll be able to do that to a significant degree.”

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