Resources Victoria has approved the construction of a new tailings storage facility at the Fosterville gold mine, Victoria’s largest gold mine.
The new facility, also known as TSF5, will be built within an existing tailings area and will allow the mine to increase its processing capacity and create a safer waste rock storage.
Victorian Premier Jacinta Allan said the state is “securing the future of Victoria’s biggest gold mine”.
“Fosterville’s success is putting Victoria on the global mining map – showcasing our world-class resources, attracting international investment, and creating good local jobs for our regional communities.”
Fosterville is recognised as one of the highest-grade mining operations in the world and currently employs more than 650 full-time personnel. The new tailings facility will strengthen the regional economy and drive long-term job security.
Fosterville is also expected to pump AU$1.3 billion of investment into the regional economy over the next 10 years.
Fosterville’s Canadian owner Agnico Eagle Mines received Ministerial endorsement in May for its sustained operations project in the mine.
Part of the work plan was the establishment of TSF5, which covers approximately 23 hectares. Its design allows integration with existing facilities to form one continuous landform. The company is also working on an additional southern ventilation shaft to support deeper underground mining.
The regulatory approval follows the Environment Effects Statement assessment, which found potential environmental impacts could be manageable with appropriate safeguards.
Victoria has some of the world’s richest deposits of critical minerals and rare earth elements. The state is already working to attract new investment and investigate production and processing opportunities.
Victorian Minister for Energy and Resources Lily D’Ambrosio said: “Victoria has a long, proud history of gold mining and this approval ensures Fosterville continues to build on that.”
