Marketing for Gold Mining
Gold Mining Marketing in Australia
Since the discovery of gold in Australia way back in 1851, the economic and social life of the country has greatly developed. This great discovery brought a huge injection in both the Australian and global market. As a matter of fact, gold still remains the third largest export metal from Australia.
The gold mine is a major reduction of unemployment among the Australians, having a direct employment of 16,081 people as per data collected by Australian Bureau of Statistics back in 2011. The industry is a major source of revenue, royalties, and taxes to the government which has enhanced growth of infrastructure and social amenities in the region. But how is the marketing for a gold mining business done anyway? Let’s see how.
Australian Gold Market
Between the years 2017 and 2018, Australian gold production was, 291 tonnes which are a slight increase from 250 tonnes produced in 2012 which was 8.7% of the total world’s production. As a result of this production, Australia was second in goldmine production in the world. These statistics alone should give you a clue of how renown the Australian gold market is. In addition to the country being a major producer of gold, it is one of the key participants as far as gold refining is concerned.
One of the reasons why the marketing of gold mining in Australia has become widely spread worldwide is because of the way they refine their gold before they export. That alone makes them one of the pillars of gold mine production and refinery in the world, hence having a wider market range. Some of the key structural features of Australian gold industry are globalisation of the industry characterised by high levels of capital intensity. The market industry is very mature that it is not much affected by the market conditions rather its demand follows the economic activity trends very stable.
In the sustenance of gold production in the midst of many challenges, the Australian gold industry has logged in to very mechanised and technological advancements when it comes to mining and exploration. For proper marketing of gold mining in Australia, there have been key structural features that have enabled the enormous market for their gold. They include:
- Technological change
- Industry globalisation
- Intensifying regulation and policies
- Capital intensity
- Identifying market cycles
The market for gold still continues to be high due to its outstanding properties and features. In every market, gold is the most valued and in fact the highly traded metal globally. Its presentation in the market in terms of its depth, size, and volatility continue making it very attractive and wealth preservative agent. This metal is a major driver of the prosperity of Australia especially due to the fact that the country has a stable market characterised by very healthy competition because it is produced in every state.