Gold Mines In WA
The gold sector is WA’s second most valuable mineral commodity. Sales volumes increased for the third consecutive year, reaching a record 212 tonnes in 2017–18. Increased volumes, combined with some improvement in prices, delivered a 5 per cent increase in the production value of the sector, from $10.9 to $11.4 billion in 2017–18.
Future gold production is heavily reliant on exploration – an extremely costly and high-risk exercise, requiring numerous lengthy approval processes before companies even start construction.
There have been no major gold deposit discoveries in Australia for a number of years and there is little new supply in the pipeline to replace diminishing reserves. The delay between discovery and development for a new gold mine is 13 years, which is why WA’s gold sector continues to invest a significant amount of funds into exploration. Between 2016-2018, its investment in exploration totalled more than $1.6 billion.
*Sources: World Gold Council, DMIRS.