Victoria's minerals sector has been booming in recent years. With the gold price now riding high at record levels, over three thousand Australian dollars an ounce, interest will undoubtedly stay strong.
This week key players from the minerals sector are gathering in Melbourne for the Victoria Gold Mining & Exploration Forum. The mood should be upbeat with the outlook remaining positive for continued good results.
In addition to the Minister for Energy and Resources, the Association of Mining and Exploration Companies and the Minerals Council of Australia, attendees at the forum will hear from those having success exploring for and producing resources across the state.
Gold is a key part of the resources sector in Victoria. In recent times, gold production has hit the highest statewide levels in over a century and exploration expenditure has recorded dramatic growth. While production and exploration totals have now reduced from record highs, they remain strong compared to levels over recent decades.
The strong results have seen new mineral explorers investing in Victoria. The search for minerals beyond gold has set the scene for critical minerals development across the state.
The demand for critical minerals has soared due to the global shift to renewable energy technologies. Similar to gold, Victoria has great potential to expand development for critical minerals with globally significant mineral sand deposits containing titanium, zirconium and rare earth elements.
Victoria is also home to Australia's only antimony mine at Costerfield, around 50 kilometres east of Bendigo. Antimony is a critical mineral used as an alloy to improve the hardness and strength of metals. It is also mixed with other materials to help them be fire-retardant. Interestingly, the Costerfield mine produces gold as a by-product of antimony mining, demonstrating that multiple metals can be present within the same mineral deposit.
