Gold, News

MCA takes a trip down memory lane

gold

The Minerals Council of Australia (MCA) has released a new publication exploring the impact of gold and its ongoing contribution to the Australian economy.

Titled ‘Golden: The Rise of Industrial Gold’, the report was launched in Melbourne by Newmont president and chief executive officer Tom Palmer.

The report takes a deep dive into Australia’s historic relationship with gold and gold mining, along with the roles gold currently plays in the economy.

“Today, gold’s role extends beyond wealth storage and jewellery,” the MCA said. “It plays a critical role in space exploration, telecommunications, and advanced manufacturing, demonstrating its value across millennia. 

“In electronics, gold is indispensable for efficient electrical signal transmission in the circuitry of the world’s most sophisticated devices.”

Australia is home to the world’s largest known gold resources, with the valuable ore taking home the title of Australia’s third-largest mineral export.

Currently, the gold industry directly employs about 26,000 people in Australia.

“These skilled workers navigate complex geological terrains, push technological boundaries, and ensure that Australia remains at the cutting edge of sustainable mining practices,” the MCA said.

“However, the path forward is not without challenges. Golden addresses the need to harness the full potential of Australia’s gold industry by overcoming investment barriers and fostering an environment conducive to innovation.  

This includes streamlining regulatory approvals and enhancing international competitiveness to ensure the industry’s sustainable growth and continued contribution to the global economy.

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