The Victorian Government, through Resources Victoria, has given the green light to the development of a new tailings storage facility at Fosterville Gold Mine.
Approval of the new facility – also known as TSF5 – at Victoria’s largest gold mine is a key step in Fosterville’s continued operations, allowing the mine to increase its processing capacity while creating a safer waste rock storage within the existing mine footprint.
The Fosterville Gold Mine Sustained Operations Project will deliver a major boost to regional employment as the project is anticipated to support more than 1,000 workers over the next 10 years. This development is also expected to inject about $1.3 billion in investments into the regional economy over the next decade.
Gold mining is a cornerstone of Bendigo’s economy, with Fosterville Gold Mine recognised as one of the highest-grade mining operations in the world. The mine’s continued success is boosting the State’s international reputation, attracting strong investor interest and capitalising on record-high gold prices.
The mine currently has over 650 full-time personnel and 200 contractors, most of whom live in the Bendigo region. The newly approved tailings facility will further strengthen the regional economy and drive long-term job security.
This approval follows the Environment Effect Statement (EES) assessment that found potential environmental impacts to be manageable with appropriate safeguards.
Fosterville Gold Mine is owned by Canadian company Agnico Eagle.
“We’re backing regional jobs and securing the future of Victoria’s biggest gold mine.
“Fosterville’s success is putting Victoria on the global mining map – showcasing our world-class resources, attracting international investment, and creating good local jobs for our regional communities,” Premier Jacinta Allan said.
“Victoria has a long, proud history of gold mining and this approval ensures Fosterville continues to build on that,” Minister for Energy and Resources Lily D’Ambrosio said.
“This secures the future of Fosterville and the livelihoods of hundreds of regional workers in Bendigo,” Member for Bendigo West Maree Edwards said.
Victoria has some of the world’s richest deposits of critical minerals and rare earth elements, with more than a dozen projects currently in development.
Last year, Victoria’s Critical Minerals Roadmap was launched and it is already working to attract new investment and investigate production and processing opportunities.
While critical minerals are in the spotlight, the State’s gold sector remains strong and is underpinned by generations of strong local workforce as well as expertise and record gold prices.
Source: Premier of Victoria – Media Centre; Australian Mining; Agnico Eagle