Resources Sector Rocks On With More Growth
|19th Feb 2021
Victoria’s resources sector has continued its strong growth with high demand to meet the Andrews Labor Government’s big infrastructure agenda delivering record production and more jobs across the state.
Minister for Resources Jaclyn Symes updated Parliament today on the sector’s continued strong performance in minerals exploration expenditure and quarry production.
The Earth Resources Regulation 2019-20 Annual Statistical Report reveals that quarry production has now grown by twenty-five per cent over the last six years – providing over sixty-three million tonnes of sand, rock and gravel last financial year to help deliver new housing and infrastructure development.
Minerals exploration spending in Victoria has grown – according to Australian Bureau of Statistics data expenditure increased by a third in 2019-20 compared to the previous year. Over the same period, gold mining expenditure also increased by a third and gold production by nearly forty per cent.
World-leading geoscience has underpinned this minerals boom. The Geological Survey of Victoria estimates that around 75 million ounces of gold is yet to be found. The news of Victoria’s exploration and mining potential has sparked an increase in minerals licensing, total applications for 2019-20 up seventy-five per cent to 154.
This track record of growth has raised Victoria’s profile globally as a hub for resources production. Melbourne will again be on show when it hosts the 2021 International Mining and Resources Conference (IMARC), Australia’s largest annual mining and resources event.
IMARC 2021 will take place from 25 to 27 October at the Melbourne Showgrounds, allowing organisers to include an outdoor exhibition space into its program for the first time.
An extra $1.1 million was provided in the recent Victorian Budget 2020/21 to process the unprecedented number of applications and ensure the sector can ramp up its works to help the state’s economic recovery.
Earth Resources Regulation has undertaken significant reform through the actions identified in Getting the Groundwork Right: Better regulation of mines and quarries report. Action has been taken to support the growth of the sector with safeguards in place to better protect public safety and the environment.
Quotes attributable to Minister for Resources Jaclyn Symes
“Minerals and quarry products play an essential role in our everyday lives – they make up the houses we live in, the train tracks we ride on, and the computers we work from. Our resources sector helps us all.”
“The resources sector has kept going all throughout this pandemic – supporting jobs and our everyday needs. IMARC 2021 will be a fantastic chance for those businesses to reconnect and celebrate this continuing, strong success.”