In the June 2021 quarter, $55.7 million was spent on minerals exploration in Victoria, bringing total minerals exploration expenditure in the 2020-21 financial year to $184.9 million - the highest annual expenditure on record since the ABS commenced exploration data collection in 1988.
Victorian exploration spending is critical to delivering new mining projects in the future to employ regional Victorians, and to increase knowledge of Victoria's geology.
A recent survey by the MCA found that minerals exploration companies and mines in Central and Northern Victoria employ 1,000 locals directly, pay $115 million in wages and spent $48 million supporting 590 local businesses - more than half their total Australian supplier spend - in the region in 2020.
Mines and explorers in Stawell, Ballarat, the North-East and Gippsland also support local business and local jobs, with that contribution set to grow as minerals exploration companies invest in geoscience across the state in gold, base metals and mineral sands exploration.
Money invested in exploration for minerals will lead to more mines and more regional opportunities.
Victoria's minerals industry looks forward to the state government's North Central Victorian Goldfields ground release stretching from just east of Bendigo to Lockington which will create more jobs and investment.
Victoria has an opportunity to diversify regional economies and transform this modern gold revival to create regional jobs, reduce social disadvantage, connect young people to jobs in the regions, and improve community infrastructure.
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