A report by the Australian Bureau of Agricultural and Resource Economics (ABARE) says that gold production in the country may increase by 10% by next financial year.

The report predicts that gold output is likely to reach 267t by the end of June 2011.

The Boddington redevelopment is expected to be the largest contributor to this growth.

Gold’s four-fold rally since the end of 2000 has led companies such as Newmont, Newcrest and AngloGold Ashanti to increase their production levels.

ABARE forecasts that Australia’s production may remain between 266t and 276t in the next five years.

Australian gold exports are projected to reach $15bn in 2010-11 aided by stronger export volumes in 2011.