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Overview
Australia officially surpassed China to become the world's top gold producer in 2021, and experts believe there's still plenty of room for growth. Gold production throughout Australia is expected to increase from 321 tons to 379 tons as mining companies flock to the country to capitalize on the world's latest gold rush. Considering Australia has 10 percent of the world's gold reserves, it's clear why this precious metal is important to the Australian economy.
Although gold is prevalent in small traces throughout most of Australia, Western Australia stands out among the other provinces due to the presence of significant greenstone deposits throughout the region, which are commonly associated with gold. These greenstone deposits are why Western Australia produces an impressive 70-percent of all of Australia's gold. Western Australia is also home to the Boddington mine and the famous Super Pit in Kalgoorlie , The two largest open pit operations in Australia and both very much still opperating and increasing production every year . All of these factors create a strong local workforce, mining-friendly policies and a skilled workforce that provide mining companies in Western Australia with favorable conditions for growth and expansion.
Altan Rio (TSXV: AMO) is a Canadian-listed gold exploration company focused on projects within Western Australia, the country's highest gold-producing province. Its flagship project is the Southern Cross project, covering 139.6 square kilometers in Yilgam Craton, Western Australia. Altan Rio holds the rights to 15 prospecting licenses throughout the project area that has been split up into two distinct zones, Corinthia North and Hopes Hill. Each of these zones has subsidiary targets within them that require further exploration with the potential for near-term cash flow.
Altan Rio presents a strong opportunity for North American investors to gain access to a prolific gold-producing region in Australia. Led by a strong management team with decades of applicable experience, Altan Rio has everything needed to become a prolific gold producer. Paul Stephen, the CEO, has direct experience holding directorships for public companies listed on ASX and London. This gives him the necessary experience of collaborating operations that are compliant across multiple jurisdictions. John Jones, the chairman, brings over 30 years of experience in the international mining sector with multiple successes and discoveries under his belt. One key member of the management team is Greg Wilson, the head of geology, who has significant experience with a track record of significant discoveries. His most notable discovery resulted in the identification of approximately 4 million ounces of gold.