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Record year for Victorian minerals exploration and mining

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Global Mining Review,

The latest ‘Earth Resources Regulation Statistical Report’ confirms the growing contribution by Victoria’s mining and exploration sectors to jobs and support for more economically diverse regions.

Gold mining is now a AUS$1.8 billion industry with gold production reaching the highest level in decades, with Victoria producing four times the amount of gold it did only 5 years ago.

Data for 2019 – 2020 shows spending on gold mining increased by 33.3% reaching AUS$422.5 million and gold production increased almost 40% to 792 267 oz between 2018 – 2019 and 2019 – 2020.

Mineral exploration spending – vital to developing future mines and extending the lives of existing mines – reached AUS$124 million in 2019 – 2020, up from AUS$47.5 million, or 2.5 times the amount spent on exploration 5 years ago (2014 – 2015).

Gold exploration reached AUS$81.4 million in 2019 – 2020, an increase from AUS$16.4 million 5 years ago.

Mineral sands exploration almost quadrupled over 5 years, rising from AUS$6.5 million to AUS$23.9 million since 2015 – 2016.

The Murray Basin has the world’s largest known deposits of mineral sands attracting a number of mineral sands projects which will create job opportunities in regional Victoria, particularly in the Wimmera and east Gippsland.

Around 75% of spending by Victorian mines stays in Victoria through wages, goods and services and taxes.

The minerals industry employs Victorian geologists, geophysicists, field assistants, drillers, laboratory personnel and geoscientists across the state, with wages well above the all-industries average.

Providing jobs for young people to stay in regional areas, and creating opportunities for skilled Australians to move to regional Victoria is critical to the state’s development and reducing inequality gaps between Melbourne and the regions.

The Minerals Council of Australia member companies are committed to responsible community engagement and the highest environmental standards as this growing industry becomes a bigger part of Victoria’s future.

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