Victoria opens for more gold exploration
PERTH (miningweekly.com) – The Minerals Council of Australia (MCA) has welcomed the Victorian government’s announcement of the successful tenderers of the North Central ground release, saying it marked a major new step in the renaissance of the gold industry in the region.
The state government at the end of last week announced that the region would benefit from more than A$100-million to be spent on exploration in the coming years.
Fosterville Gold Mine was announced as the successful tenderer for blocks 1, 2 and 3, while Southern Star Exploration was the successful tenderer for block 4.
Fosterville Gold Mine is expected to spend some A$90-million on the project areas within the next five years, while Southern Star has slated a A$10-million spend.
The Geological Survey of Victoria predicts there may be as much as 75-million ounces of undiscovered gold across northern Victoria, and if exploration is successful, mining could bring a boom to the region.
The successful tenderers will now progress through to the licensing stage, which includes a 21-day period for the public to make submissions regarding the licence applications.
MCA’s Victorian executive director, James Sorahan noted that with gold exploration at record highs, Victoria would reap the benefits of exploration in the form of jobs it will bring to Central Victoria and support for local business from exploration investment.
“Minerals exploration and mining create more diverse regional economies and offer more job and training options for young regional people. Central Victorian explorers and mines employ over 1 000 people in Central Victoria paying A$115-million in wages annually in the region.
“More than 590 local businesses are supported by local mines and explorers with A$48-million spent on local suppliers last year,” said Sorahan.
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