The Fosterville gold mine is this year celebrating a one-decade milestone, with the game-changing discovery of the high-grade Swan Zone deposit sparking a wider resurgence across Victoria’s resources sector.
Minister for Energy and Resources Jaclyn Symes visited the mine to mark 10 years since miners uncovered the ultra-high-grade gold deposit deep beneath Fosterville.
The 2016 discovery transformed the site into a global success story, reinvigorating Victorian mining and driving record investment in minerals exploration across the state.
Today, Fosterville stands as Victoria’s largest gold producer and is closing in on its five millionth ounce. The site’s expansion is set to support more than 1,000 workers and deliver AU$1.3 billion in regional investment over the coming decade.
The momentum generated by Fosterville has been felt statewide. Annual gold production in Victoria has reached its highest level in more than a century, while operations like the Stawell Gold Mine have reopened.
Attention is also turning toward critical minerals and rare earth elements. Victoria currently has more than a dozen critical mineral projects in development, boosted by an updated Critical Minerals Roadmap designed to streamline approvals and secure regional jobs.
Recent progress includes the approval of a mining licence for the Avonbank Mineral Sands Project in the Wimmera, which is slated to generate billions in economic benefit.
Symes highlighted the broader economic impact of the discovery during her visit.
“Ten years ago, the Swan Zone discovery changed the game for Fosterville – putting Victorian gold back on the map and bringing jobs and investment to regional Victoria,” the minister said.
“Fosterville is now closing in on five million ounces of gold, and its success has helped drive a resurgence in mining and exploration right across our state.
“Victoria has the minerals the world needs – we’re getting more projects moving to create thousands of regional jobs and billions of dollars in investment.”
