Two Victorian icons combine – Gold and Melbourne Cup

The symbol of next week’s event has been created from 1.65 kilograms of 18ct gold mined at Fosterville, near Bendigo.

Fosterville Gold Mine is making a significant contribution to economies and communities around Bendigo. The mine employs over 600 people, most living in the region, and supports a range of local supply and services businesses.

During the first nine months of 2020 Fosterville Gold Mine produced 476,459 ounces of gold at an average grade of 36.6 grams per tonne, making it the nation’s highest grade and lowest cost operation. The mine is on-track to produce more than 610,000 ounces of gold for the second consecutive year.

The emergence of Fosterville as a world-class gold operation demonstrates that Victorian gold deposits can be responsibly and economically developed. Our most recent data shows the state’s gold production is up by about 55 per cent, reaching a level not seen in over 100 years.

With the Geological Survey of Victoria estimating that northern Victoria still has undiscovered gold resources of about 75 million ounces the state’s minerals sector continues to go from strength to strength.

According to Australian Bureau of Statistics data, Minerals exploration spending within the state is currently six times higher than it was in 2015 and it shows no sign of slowing. Spending during the June 2020 quarter surpassed the March quarter as the new highest quarterly mineral exploration expenditure figure ever recorded in Victoria.

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