Golden opportunity: NSW gold shines bright with record prices and expanding operations

Gold production in NSW exceeded $4.2 billion last financial year, more than half the total value of the state’s mineral output, highlighting the critical role gold plays in the state’s economy and its future.

 

Gold mining has been part of NSW’s economic fabric for more than 175 years and will continue to be for decades to come, providing regional employment, delivering billions in royalties and providing the resources that continue to drive local economies and global industries.

 

Alongside these record highs for the gold industry, Minister for Natural Resources, Courtney Houssos, has congratulated Evolution Mining on the 20th anniversary of its Cowal Gold Operations near West Wyalong, marking two decades of production and significant economic contribution to NSW.

 

A major extension of Cowal Gold Operations approved by the NSW Government late last year will extend mining operations until 2042. The extension will support the continuation of 500 local jobs and contribute an anticipated additional $910 million to the economy, signalling confidence in the future of mining in NSW and the jobs and economic benefits it will provide.

 

Since the first gold was poured at the mine in 2006, Cowal Gold Operations has produced around five million ounces of gold, contributing hundreds of millions of dollars in royalties to the NSW economy during the past 20 years. In the past financial year alone, Cowal Gold Operations spent $200 million in regional investment and salaries, employing a mostly local workforce of around 480 employees and 600 contractors.  

 

Gold from Lake Cowal is refined locally in Marrickville’s ABC Refinery, one of just two London Bullion Market Association-accredited refineries in Australia, processing around 23 per cent of the nation’s gold.

 

The NSW Government is backing the sector with strong regulatory support, the provision of pre-competitive geophysical and geological data and a dedicated mining concierge service to streamline investment services for explorers and producers, meaning there’s never been a better time to invest in NSW.

 

 

“With gold prices reaching record highs, NSW continues to stand out as a globally competitive and stable destination for mining investment.

 

“For 20 years, Cowal Gold Operations has been a cornerstone of the West Wyalong region, driving local employment, supporting community programs, and contributing billions of dollars in royalties and regional procurement.

 

“The NSW Government approval of Cowal Gold Operations extension to 2042 reflects our commitment to supporting mining and investment, and the jobs that support so many of our regional communities.

 

“The NSW Government is investing in the future of gold. With world-class geology, cutting-edge technology, and a clear regulatory system, NSW is well positioned to attract continued investment in gold exploration and production.

 

“The Geological Survey of NSW estimates a gold endowment exceeding 100 million ounces, with 70 million ounces still to be mined. With 15 projects in active development, NSW has a range of opportunities ready for investment.

 

“Our gold is mined and refined locally then exported globally to places like Hong Kong, Singapore, New York and Zurich, showing the international reach of our resources sector.

 

“Evolution Mining’s success at Cowal is a powerful reminder of what can be achieved when industry, government and communities work together to deliver world-class projects that support both long term economic growth and environmental responsibility.”

 

 

”Evolution Mining has evolved from humble beginnings into a globally relevant gold mining business, with the decision to acquire Cowal Gold Operations in 2015 a key enabler of our growth. Today, Cowal is one of our cornerstone assets and a leading producer of gold in NSW. Under our ownership, Cowal’s mine life has been extended time and time again. Its world-class orebody is adding significant economic value and creating positive social outcomes for Central West NSW.

 

“We are delighted to welcome Minister Houssos to Cowal to mark 20 years of operations. This is an important milestone for Evolution and our stakeholders and we thank the Minister, and the NSW Government, for their support and backing of our sector.  

 

“Thank you to our employees and contractors for their commitment and our community for their ongoing support. With two decades of operations safely achieved at Cowal, we look forward to continuing to deliver stakeholder value for many more decades.”