Government seizes golden opportunity
VICTORIAN treasurer Tim Pallas has taken Victorian gold miners by surprise after imposing a 2.75pc gold royalty on the sector. Miners say they were not consulted about the increase from zero to 2.75pc, and that it appeared to be a reaction to the renaissance of Victoria’s all but washed out gold industry. The Kirkland Gold Eagle zone discovery at its Fosterville mine in 2015 kickstarted a wave of investment that had not been seen for decades. Arete Capital followed Fosterville’s lead and doled out $50m to restart the Stawell goldmine which employed about 200 people, up from only 10 people when Arete acquired it in 2017. AuStar Gold resumed mining at the Morning Star mine in January, 2019, and recorded…