Victoria has recorded record minerals exploration expenditure in the latest ABS quarterly statistics released today.
In the March 2021 quarter, $51.5 million was spent on minerals exploration in Victoria.
This comes on the back of a record December 2020 quarter, with over $150 million spent on exploration in the state in 2020.
Minerals projects play an important role in regional development in Victoria. Exploration and mining creates high paying jobs and supports a supply chain of innovative small and medium sized businesses.
Victoria’s gold mining sector employs regional Victorians form geologists and geophysicists to chemists and field assistants.
Exploration creates a pipeline of new gold projects to support Victoria’s growing gold mining sector employing thousands of workers, particularly in the Bendigo region, and in mines in Ballarat and Stawell.
Victoria’s mineral sands projects including Kalbar Resources’ Fingerboards HMS Project near Bairnsdale, Donald Mineral Sands’ project near Minyip, VHM Limited’s project near Swan Hill and WIM Resource’s Avonbank Project near Horsham have the potential to develop into a global hub for mineral sands (zircon and titanium) and rare earths.
Investments in geoscience by industry and government is helping to build a greater understanding of Victoria’s geology and resource endowment.
Victoria’s exploration and mining industry has a bright future and is critical to support more diverse regional economies.