Bendigo's Billion Dollar Gold Rush

04 August 2017

More than a billion dollars’ worth of gold has been discovered near Bendigo – setting the scene for a 21st century gold rush in Central Victoria.

Minister for Resources Wade Noonan toured Fosterville Gold Mine this week, where Kirkland Lake Gold has discovered more than a million ounces of gold, worth more than $1.1 billion.

The Eureka moment is not only great news for Kirkland Lake Gold – it’s great news for jobs and industry too.

Fosterville Gold Mine already supports 500 highly-skilled jobs. The gold reserve upgrade and record production will see a future expansion of the mine – creating more jobs and boosting the local economy.

The Andrews Labor Government provided nearly $140,000 to Kirkland Lake Gold through the latest round of the TARGET program.

TARGET grants help companies which want to expand mineral exploration in Victoria by covering up to half the cost of eligible mineral exploration activities – including geophysical surveys, drilling and sample analysis.

Round two of TARGET has provided more than $1.2 million for five projects across the northern part of the Bendigo Geological Province – a 14,000 square kilometre area stretching north of Bendigo to Echuca and Swan Hill on the Victorian border.

Fosterville’s recent record production signals great potential for more mineral exploration and mining across the region, meaning more jobs and prosperity for northern Victoria.

Quotes attributable to Minister for Resources Wade Noonan

“Bendigo is on the verge of another gold rush, and we are thrilled to get behind Kirkland Lake Gold as it ramps up exploration.”

"Fosterville hopes to mine more than a billion dollars’ worth of high grade gold – that’s great news for workers, their families and the Bendigo economy.”

Quote attributable to Member for Bendigo East Jacinta Allan

“Bendigo has a rich history of gold mining, and now the future of Fosterville Gold Mine has been sealed. This is an exciting new chapter for the Fosterville workforce.”

Quote attributable to Member for Bendigo West Maree Edwards

“Hundreds of local workers are employed at Fosterville, and these new gold discoveries will ensure their jobs are sustainable.”

Reviewed 19 August 2020

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