Victoria’s earth resources sector continues to contribute to the state’s economic prosperity according the second annual Earth Resources Sector Indicators report.
Presenting 2017–18 data, the report shows the sector, which includes minerals, precious metals, quarry materials and gas produced in Victoria’s offshore waters, is going from strength to strength.
In 2017–18 mineral exploration expenditure in Victoria increased by 81 per cent, the state’s highest recorded increase since 2009–10. There was also a 136 per cent increase in the number of minerals exploration licences granted, the precursor to exploration and mining investment.
Victorian gold continues its renaissance. Gold production increased by 16.7 per cent in 2017–18, and the value of production increased by 18 per cent. The ongoing revival of gold exploration activity across Western Victoria is likely to result in higher gold production in the future.
Major government infrastructure projects are driving the demand for construction materials. The sale of quarry materials grew by 11.6 per cent in 2017–18 and demand for quarry resources is expected to continue increasing.
Employment in the sector remains stable. At the end of the May 2018 quarter, the number of people working in earth resources was 800 more than the yearly average. Around 50 per cent of resources jobs are in rural and regional Victoria.
The second release of the Earth Resources Sector Indicators delivers on the government’s commitment to provide industry and community with credible, easily accessible information about the earth resources sector.
The Indicators inform stakeholders on the health of the sector, highlight its value to Victoria, and enable effective government decision-making.
The ongoing publication of annual Indicators will track how the sector is performing over time, helping communities and industry to better understand the benefits of resources sector activities, promote jobs growth and secure earth resources for Victoria’s essential needs.