World's largest gold producer to explore NSW gold fields

The search for more gold in NSW is on, with the world’s largest gold producer set to begin exploration works in the Central West.

The U.S.-based Newmont Mining Corporation is the latest international company to invest in new minerals exploration in NSW.

NSW has gone from producing very little gold in the 1990s to becoming Australia’s second leading gold producer, behind Western Australia.

Newmont Mining Corporation recently signed a joint venture agreement with the 2004 NSW Explorer of the Year, Alkane Exploration Limited, to explore for gold and copper in the Orange region.

The exploration project is worth $5 million over five years, including a minimum of $600,000 in the first year.

Gold production in NSW is expected to reach an all-time high of 30 tonnes this year, with an estimated value of $540 million.

Newmont’s interest in the Central West gold fields could see the State’s gold production increase even further.

If the exploration works uncover significant gold reserves, it would not only be a great boon for the local industry, but it would be a real win for Central West communities.

Newmont Mining Corporation’s interest in NSW gold fields was peaked after seeing some of the ground-breaking geoscience as part of Exploration NSW – a $30 million, 7-year project designed to accelerate mineral and petroleum exploration investment in the State.

Funded by the NSW Government and carried out by geological experts within the NSW Department of Primary Industries, Exploration NSW work has encouraged investment leading to a host of new minerals and petroleum projects in recent years, with more in the pipeline. 

One of the major focal points of exploration in NSW is gold, and new discoveries continue to be made. Newmont’s recent joint venture means the world’s top two gold producing companies are investing right here in NSW.

The broader NSW minerals and mining industry generates over $9 billion in economic activity, including $8 billion in exports, and provides direct employment for 30,000 people in NSW.

Additional Gold Facts

• Gold production NSW 2004/05 is expected to reach an all time record of 30 tonnes this year, with an estimated value of $540m.
• This is expected to increase further with new mining projects starting production and new exploration projects.
• Gold production in NSW 2003/04 was 28 tonnes, valued at around $490m
• Key gold mining areas in NSW are in the Central West and far west, near Cobar.
• Key Gold Mines in NSW
• • Northparkes - 27km NW of Parkes
  • Ridgeway - 20km SW of Orange
  • Cadia - 21km SSW of Orange
  • Peak Gold Mine - Cobar
  • Cowal - 45km NE of West Wyalong.  Construction for this mine is underway and production is planned for early 2006.