The Andrews Labor Government has extended Mining Licences for two of Victoria’s most successful gold mines, supporting local jobs and reinforcing the positive future for Victoria’s mining industry.
The two existing Licences at Fosterville and Stawell Gold Mines have been extended to 2035, providing certainty to the mine owners, investors, staff and local communities.
Minister for Resources Tim Pallas made the announcement at the International Mining and Resources Conference (IMARC) in Melbourne today.
Fosterville is an internationally-renowned success story with some of the highest gold grades reported in recent times. It employs 570 people – eight out of 10 live in the Greater Bendigo region.
As Victoria’s largest gold mine, it recently took out the major Australian Mining Prospect Award for delivering outstanding performance from a production and exploration perspective.
The Mine of the Year Award recognises Fosterville’s outstanding achievement in boosting gold production from just over 150,000 ounces in 2016 to potentially 300,000 in 2018.
It has gold reserves of 1.7 million ounces and their most recent ASX quarterly report detailed production of 90,618 ounces for the July to September period, 17% higher than the previous period.
Fosterville was a recipient of a Victorian Government TARGET grant in 2016 to help co-fund an expansion of exploration that supports the growth of the mine.
Minister Pallas visited Stawell Gold Mine back in August to celebrate their return to full production in 2019. With recruitment continuing at Stawell Gold Mine, Navarre Minerals having success in the area and the Stavely Project selecting six new potential explorers the economic outlook for western Victoria is strong.
Mr Pallas also flagged a further land release for minerals exploration north of Fosterville in an area with similar geology, to be known as the Lockington Project.
Recent Australian Bureau of Statistics data shows mineral exploration expenditure in Victoria is growing at a higher rate than other states, increasing 33 per cent from March to June 2018, compared to six per cent growth for all of Australia over the same period.
Quotes attributable to Minister for Resources Tim Pallas
“This is a great result for the local economy and demonstrates the positive impact the resources industry can bring to our regional areas.”
“The extension of these licences is a boost to the Bendigo region it’s great for jobs and allows the success story of these mines to continue.”
Reviewed 19 August 2020