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New WA gold mine boosts investor confidence

Posted On May 21, 2013

Hon Bill Marmion BE
MBA MLA

  • Norton Gold Fields opens $110million gold mine near Kalgoorlie-Boulder
  • Mine will produce around 550,000 ounces of gold in the next five years
  • 80 people to be employed

Mines and Petroleum Minister Bill Marmion has commended today’s opening of a new gold mine near Kalgoorlie-Boulder by a Chinese controlled miner, saying it demonstrated continued confidence in the sector.

One of Australia’s largest domestic gold producers, Norton Gold Fields will open its $110million Enterprise Mine in Ora Banda later today.

“From November, the mine will begin producing approximately 110,000 ounces of gold a year and employ 80 staff for the next five years - which is great for the Goldfields and the broader Western Australian economy,” Mr Marmion said.

The fact the company was majority controlled by China's largest gold producer Zijin Mining showed continued confidence in the sector, he added.

“This move solidifies Western Australia’s reputation as a global mining investment destination, and I welcome Norton Gold Field’s position as a long-term WA gold miner,” the Minister said.

“While the price of gold has taken a modest drop during the past year, the current price is still around 60 per cent higher than the 10-year average - something that is certainly driving development like this from Norton Gold Fields.”

The Enterprise Mine will supply the bulk of the ore to the company’s 3.3 million tonne per annum Paddington Mill.

Gold remained WA’s second most valuable mineral sector in 2012, reaching $9.4billion in sales - a 6 per cent increase from 2011.

          Fact File

  • WA gold sales reached 5.8million ounces in 2012
  • Last year, Norton Gold Fields produced more than 150,000 ounces of gold in WA
  • Norton Gold Fields is 89% owned by China's largest gold producer Zijin Mining Group

Source: ProjectLink.com.au

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