The central west could contain as much gold as the fairytale Rumpelstiltzken’s lair and sending the region laughing all the way to the bank.
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Last week it was announced Clancy Exploration strategic partner Gold Fields forecast almost $2 million expenditure on projects near Parkes, Wellington and West Wyalong within the September quarter.
WA-based Alkane Resources’s Dubbo Zirconia project has also recorded positive signs in past months.
Total mineral royalties for NSW are expected to exceed $1.5 billion for 2008-09, an increase of nearly $950 million over 2007-08, according to Department of Mineral Resources data.
Mineral resources minister Ian Macdonald has talked up the benefits of the industry and NSW Minerals Council chief executive officer Dr Nikki Williams backed up his words.
“New mineral discoveries have provided an economic and employment boost to many of these areas and there are more opportunities for further exploration,” Mr Macdonald said.
“Mining is the lifeblood of many regional towns in the central west and provides jobs to rural communities and helps keep people, especially young people at home.
“Wages and salaries in areas with a significant mining industry are on average $7000 higher than those without mining, according to an analysis conducted by Charles Sturt University’s Western Research Institute.
“Exploration companies remain positive about the long-term demand for resources, especially gold - despite the impact of the financial volatility and falls in commodity prices.”
Clancy Exploration managing director Mark Stewart on Friday said that the gold price was doing well.
It hadn’t suffered as much as other mineral commodities, he said.
Should Gold Fields find viable gold in the Clancy Exploration projects, some of the product will be exported, but some could be sent to Perth Mint to make gold bars, Mr Stewart said. The NSW Minerals Council has also watched local developments keenly.
“A diverse, robust minerals sector is vital to the sustainable economic health of the central west region and the State,” Dr Williams said.
faye.wheeler@ruralpress.com