Premier Ted Baillieu and Energy and Resources Minister Michael O'Brien welcomed further signs of economic growth around the Ballarat area with the opening of the Boral Dunnstown Quarry Processing Plant.
"Boral is Australia's leading producer and supplier to the building and construction industry and makes an important contribution to the Victorian economy," Mr Baillieu said.
"The facility here at Dunnstown is incredibly significant to regional Victoria, and the new facility will be supporting ongoing operations and employees here at the quarry."
The stone extractives industry is extremely important to Victoria, with the industry valued at $760 million in the 2010-11 financial year.
This value is greater than the coal, mineral sands and gold sectors to the State.
The new Boral Dunnstown Processing Plant incorporates state-of-the-art technology, making it able to run at a higher capacity than the 30-year-old facility it is replacing, therefore increasing efficiency of production.
"We are committed to encouraging improvement in productivity through innovation and smarter processes," Mr Baillieu said.
"The facility here at Dunnstown is a great example of how a company can improve in this area through investment in more efficient technology."
Minister for Energy and Resources Michael O'Brien said the extractives industry was vital to Victoria and improved productivity would bolster the security of the industry.
"Productivity will be crucial to keeping costs down and critical for companies wanting to remain profitable in this highly competitive industry," Mr O'Brien said.
"It is essential for all industries and it is a priority for the Coalition Government.
"I anticipate Boral growing the business here and developing opportunities for the extractives industry in the future," Mr O'Brien said.