The Gold Industry Group’s role is vital to educating and engaging with the wider community on the historic, social and economic importance of the gold industry to Western Australia.
“By leading community and industry initiatives we can create change that will positively influence future generations and ensure the industry stays strong,” said Richard Hayes, Gold Industry Group Chairperson.
Through long-term community engagement and education projects such as the #heartofgold Discovery Trail being launched in Perth on Saturday October 7, the important story of gold, its history and its importance now and to our future will be told.
“Gold miners face a challenging operating environment in which deposits are deeper, costs are relatively higher and margins are tighter.
“To secure and build gold’s contribution to our economy, the industry relies on a healthy flow of capital,” said Mr Hayes.
The Hon. Bill Johnston MLA addressed members of the gold industry at the Gold Industry Group’s recent annual event confirming his commitment to make Western Australia an attractive investment destination.
“Protecting the reputation of our mining sector is a key role for government. The Government’s support is vital to remaining viable and competitive in a global market,” said Mr Hayes.
Exploration is the lifeblood of Australia’s gold industry. Without new discoveries, gold production will fall over time. In Australia, greenfields minerals exploration expenditure has declined by almost 70% over the past five years. However, of all expenditure on mineral exploration in Australia last year, gold explorers and miners invested close to 50%, which was valued at $617.6 million.
“The Gold Industry Group encourages the support of both the Federal and State Governments to ensure a strong and sustainable future for Australia’s gold industry and welcomes the Federal Government’s new exploration incentive scheme,” said Mr Hayes.
On the weekend, Australian Prime Minister Malcolm Turnbull announced a new A$100 million tax incentive scheme for junior explorers. The new initiative replaces the Federal Government’s Exploration Development Incentive and will encourage investment and risk-taking to drive the next wave of discoveries.
The gold industry is critical to the social and economic fabric of our nation’s most remote societies, and in many regional towns, gold mining is the main source of economic activity.
Research conducted by Deloitte Access Economics recently affirmed the gold industry’s importance to the sustainability, social fabric and financial future of the nation and its most remote regional communities.
“There are currently 66 operating gold mines in Australia including 14 of the world’s largest, 11 of which are in Western Australia. More than 80,000 people live in gold mining towns or regions across the country with some 26,000 people directly employed by this sector,” said Matt Judkins, Deloitte Access Economics Partner.
The research highlighted the economic contribution and creation of jobs, with gold mining contributing more than $13.4 billion to the economy last financial year.
“Our role in working with our communities is essential. The gold industry supports local communities by way of funding medical research, sustaining educational and community programs, and providing vital emergency services,” said Mr Hayes.
“The strength of our industry affects many companies who employ men and women in a wide range of skilled jobs, and partner with local businesses to supply goods and services.”