Gold Stocks in Victoria

Gold is a staple in Victoria, and the Australian state has a long history with the precious metal.

Discovered mere months after the colony was created in the mid-1800s, gold has been a foundation of Victorian identity since that time. Many of the grand buildings in the capital city of Melbourne, along with the former boomtowns of the central goldfields, were funded by the vast wealth that was mined in the small Australian state.

That wealth made Melbourne one of the richest cities in the British Empire in the 1800s, while the lure of prosperity made it the second largest at the time, behind only London.

Today Victoria is third in the lineup of Australia's gold-producing states, but it's notable for a re-emerging gold development community. In fact, in mid-2022, the Minerals Council of Australia called for urgent reform to Victoria’s Mining Act to recognise mining as a priority industry for the state. This is because, according to the organisation, “Victoria stands on the cusp of a second mining rush.” In mid-2023, legislation was introduced to reform the current works approval process. This legislation would update the Mineral Resources (Sustainable Development) Act 1990 to make processes more efficient.

Putting Victoria's gold output into a national context, the Australian government's March 2023 Resources and Energy Quarterly report shows that 24 of the country's 315 tonnes of gold output came from Victoria during the 2021/2022 period. While gold reserves in Victoria are low in comparison to other Australian states, its output continues to rise.

There are not many producers in the state today, but Melbourne is home to the headquarters of some of the largest mining companies in the world, with Newcrest Mining (ASX:NCM,OTC Pink:NCMGF), BHP (ASX:BHP,LSE:BHP,NYSE:BHP) and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) hosted in the city, pointing to a healthy industry for raising capital.

Victoria's largest gold-producing mine is Fosterville, which is owned by none other than Agnico Eagle Mines (TSX:AEM,NYSE:AEM). Read on to learn more about Fosterville, as well as Victoria's other gold-centric operations and projects.

Data for the companies below was current as of September 13, 2023.

This is an updated version of an article first published by the Investing News Network in 2021.

Don’t forget to follow us @INN_Australia for real-time updates!

Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.