Saturday 23rd Mar, 2019

Fosterville Gold Mine to expand, creating new jobs

Victoria’s largest gold mine is set to expand, creating 60 additional jobs during construction of a new cement plant and 30 new ongoing full-time jobs.

Regulatory planning approvals have been made for an on-site cement plant at Fosterville Gold Mine which will enable production to increase.

The new cement infrastructure plant will enable by-product rock to be reinserted underground, reducing tailings and extending the life of the mine.

The mine, which already employs 600 staff, has some of the highest gold grades reported globally in recent years. Estimated gold reserves were recently upgraded by 60 per cent to 2.7 million ounces. Production in 2019 may reach 600,000 ounces, up from 350,000 ounces last year.

Mining licenses at Fosterville and Stawell Gold Mine were also extended to 2035, providing more certainty for mine owners, investors, staff and local communities.

More ground is set to be released for mineral exploration later this year in the Lockington area, a region with a rich history of gold production.

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The news follows the successful 2018 Stavely Ground Release in western Victoria, with six companies progressing towards exploration rights.

Exploration is the precursor to minerals development and can be a source of additional income in local areas. The six successful Stavely tenderers have an initial estimated exploration spend of more than $20 million.

“Fosterville was named Australian Mining, Mine of the Year in 2018, and expansions like this only continue to spur on the phenomenal growth of an international success story that is so good for the Greater Bendigo community,” Member for Bendigo East Jacinta Allan said.

Victorian Minister for Resources Jaclyn Symes said the State Government is supporting success stories like Fosterville to keep producing.

“Victoria’s wealth was built on gold mining and the industry remains integral to creating regional jobs,” Symes said.