Mining in Victoria: Regulating the gold rush
WITH the gold price at an all-time high, and Victoria’s largest mine at Fosterville forecast to produce 550,000-610,000 ounces of gold in 2019, there’s been a significant resurgence in domestic and international interest in Victorian gold. In response, the Victorian state government budget 2019-20 will introduce a 2.75pc gold royalty from January 1, 2020, which will bring Victoria in line with other states and is expected to generate $56m. Small miners will be exempt but Minerals Council of Australia Victoria branch executive director James Sorahan said the tax is reckless, poorly considered and will hurt regional communities and threaten jobs in a growing industry. “Without changes, the royalty will have an unfair and significant impact on the operating costs of…