Western Australian gold miners today launched a dedicated group to promote and champion the gold industry.
The Gold Industry Group, chaired by former Minister for Mines, the Hon. Norman Moore, will represent the interests of gold producers, explorers, prospectors and the companies which serve the sector.
“WA is the heart of Australia’s gold industry and ensuring the long term sustainability and strength of the industry is vital,” Mr Moore said.
“By working together, gold miners will be able to promote the industry and ensure all Western Australians understand the significant social and economic contribution the sector makes.”
Mr Moore said the Gold Industry Group would advocate on gold-specific issues, champion gold-related educational and community initiatives and promote gold as an investment and asset class.
“In the past year, members of the gold industry worked together to successfully resist calls for an increase in the gold royalty rate,” he said.
“We now have the opportunity to build on these efforts to ensure continued recognition for the important role played by our industry.
“The Gold Industry Group will provide a single, united voice for the industry in Western Australia and I look forward to working to raise the profile of this vital sector.”
The founding members of the WA chapter of the Gold Industry Group include Gold Fields, Gold Road Resources, Doray Minerals, Norton Gold Fields and Ramelius Resources.
Chairman of Gold Road Resources, Ian Murray, said the Group would acknowledge the unique status of gold, not just as a commodity, but also as a currency.
“It is important for us to promote gold as an international and universally accepted investment,” he said.
“There is great potential for us to market this precious metal as a viable and reliable investment for superannuation and wealth funds.
“As the result of being a single commodity group we will have a dedicated focus and a deliberate marketing strategy for gold.”
WA’s gold mines produce more than 70 per cent of Australia’s gold and the industry directly employs more than 20, 000 Western Australians.
In 2014 gold was the second most valuable mineral in Western Australia with production sales of $8.7 billion. Gold is our third largest export industry, totalling $13 billion in exports last year.
More than 70% of Australian gold royalties are paid to the Government of Western Australia and in 2014 more than $300 million in state royalties and taxes were paid.