05/03/2020

More Growth For Minerals Exploration and Jobs

Spending on minerals exploration in Victoria is at its highest level since records began, with new data showing expenditure reaching $34.7 million.

Australian Bureau of Statistics (ABS) data shows that since December 2015 Victoria’s average quarterly minerals exploration expenditure growth, the precursor to mining development and investment, has been 12.3 per cent — three times the national average.

This confidence is reflected by 30 exploration license applications being made to Earth Resources Regulation in February – the highest monthly total in five years.

Victoria’s most productive gold mine at Fosterville continues its meteoric rise, becoming the third largest gold operation in Australia. There is also potential for a second gold mine at the site, after new exploration uncovered high-grade deposits.

Overall the ABS data shows Victorian mining employment rose 41 per cent last financial year, supporting an average of 16,000 jobs across the state, benefitting regional Victorian communities.

The gold industry has been further buoyed by a rising gold price, which broke the $2,500 per ounce mark for the first time ever recently and is currently hovering at around $2,400 an ounce.

The Geological Survey of Victoria (GSV) estimates there may be more than 73 million ounces of undiscovered gold across the state, exceeding the total amount of gold unearthed over the past 170 years.

This week GSV has been promoting Victoria's minerals potential to North American investors at the Prospectors and Developers Association of Canada Convention. The event attracts more than 25,000 attendees from 132 countries.

More information is available to help you understand more about minerals exploration and Victoria’s mineral resources strategy.

Contact: Mark Farrugia

Phone: (03) 8392 6913