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Victoria’s golden opportunity as new gold rush beckons
Tripling Victoria’s gold production through new and expanded mines by 2035 would deliver more than 10,000 new jobs across mining and related services putting $1.2 billion in wages in the pockets of Victorians.
A new report commissioned by MCA Victoria reveals the massive economic benefits the state can reap if gold production reaches its potential of at least 1 million ounces of gold within the next decade.
Despite the increased price of gold in recent years, production has fallen from its 2021 peak, reinforcing the need for better policies to encourage mining investment and exploration – converting advanced gold projects into new mines.
Tripling gold production would also quadruple gold royalties to $188 million per year to fund vital services and infrastructure across the state.
In this context, the Victorian Government should support new mines and increased production, because royalties on increased production will deliver significantly more for all Victorians – especially if a share of royalties is allocated to regions where mines are located.
The report confirms the benefits of increasing gold production in Victoria extend well beyond the mining industry, with regional Victoria standing to benefit the most from mining.
Victorian gold mines already operate in Bendigo, Ballarat and Stawell with projects on the horizon in Maldon, Kilmore and north of Bendigo in Loddon Shire.
As one of the world’s richest historic gold provinces, Victoria has more opportunity to extract gold with modern mining practices.
Realising this opportunity will depend on a policy and regulatory environment that supports exploration access, investment and mine development.
Given the potential for a bigger gold industry to bring a bonanza of economic benefits to the state, all parties contesting this year’s Victorian state election should commit to more efficient permitting processes, bringing more royalties back to local communities, investing in geoscience education and incentivising exploration and processing to make the most of Victoria’s mineral endowment and ensure workers share the benefits.
Victoria can take pride in gold as our state mineral, delivering well-paid, secure and long-term jobs for regional Victorians while investing back into our communities.