Sales of Australia’s new Nugget series of gold coins has already exceeded expectation. It was anticipated 130,000 oz would be sold by June 30 of this year, but sales to date have surpassed 155,000 oz.
The coins, which are 99.99% pure and come in four sizes, are in global competition with Canada’s Maple Leaf, the American Eagle and South Africa’s Krugerrand.
A fifth gold coin may soon be joining the group — the Britannia from Great Britain.
Writing in its annual report, CRA Ltd. of Australia says its 57%-owned Argyle Diamond Mines in 1986 “produced significantly more carats of diamond than any other mine in the world,” with total production exceeding forecasts by 20%.
While ore grades are high relative to other diamond mines, Argyle produces a high proportion of industrial quality diamonds and consequently the average quality is low.
Recently elected to a one-year term as chairman of the Zinc Institute, the industry’s New York City- based market-development group, was Michael Hughes, vice-president of sales for Falconbridge Ltd.’s Kidd Creek Mines.
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