Continued funding in the 2021 State Budget for Earth Resources Regulation and for geoscience will help reduce the backlog of mining exploration approvals and increase knowledge of Victoria's geology for exploration investment.
Mining and exploration is a growing industry in Victoria contributing to regional development and employing thousands of Victorians while taking a responsible and responsive approach to community consultation and sustainability.
Victoria's rich minerals endowment is prospective for gold, base metals and mineral sands. Exploration investment in Victoria was worth $152 million in 2020 - a significant increase over the past five years.
Victoria was home to growing gold mines - including Australia's third largest gold mine by production - in 2020, and major mineral sands projects are advancing at various stages of approval.
More government investment is required as the industry grows to deliver more efficient approvals, increase investment certainty and boost community confidence.
The industry paid $110 million in royalties in 2019-20. Victoria is projects to reap around $140 million in royalties across the resources sector in coming years annually.
With the potential to create more jobs and sustain community growth while helping to make the products Victorians use every day, the development of Victoria's minerals industry should be a high priority for regional development.
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