Fosterville is celebrating a golden decade, 10 years after a major gold discovery transformed the mine and helped spark a resurgence in Victoria’s minerals sector.
Minister for Energy and Resources Jaclyn Symes visited Fosterville Gold Mine to celebrate the milestone and its impact on mining across the state.
In 2016, miners discovered the Swan Zone – a major new deposit of ultra-high-grade gold deep beneath Fosterville.
The find turned Fosterville into a global mining success story, putting Victorian gold back on the map and driving a new wave of exploration and investment.
Since then, minerals exploration investment has reached record levels, Stawell Gold Mine has reopened and Victoria’s annual gold production has hit its highest level in more than a century.
Fosterville is now Victoria’s largest gold producer and is closing in on its five millionth ounce of gold.
Last year, the Carroll Labor Government approved the next stage of Fosterville’s expansion, supporting more than 1,000 workers and $1.3 billion in regional investment over the next decade.
Now, a new generation of projects is building on that success.
Victoria has some of the world’s richest deposits of critical minerals and rare earth elements, with more than a dozen projects currently in development.
This week, a mining licence was approved for the Avonbank Mineral Sands Project in the Wimmera – expected to deliver billions in economic benefits and thousands of regional jobs.
Labor’s updated Critical Minerals Roadmap is focused on getting more projects moving and creating more jobs and value here in Victoria.
Quotes attributable to Minister for Energy and Resources Jaclyn Symes
“Ten years ago, the Swan Zone discovery changed the game for Fosterville – putting Victorian gold back on the map and bringing jobs and investment to regional Victoria.”
“Fosterville is now closing in on five million ounces of gold, and its success has helped drive a resurgence in mining and exploration right across our state.”
“Victoria has the minerals the world needs – we’re getting more projects moving to create thousands of regional jobs and billions of dollars in investment.”