With the commodity losing confidence from investors around the world, gold producers in Australia launched a new Gold Industry Group (GIG) last week to speak for the domestic industry.
Launched at a Diggers and Dealers breakfast with speeches by chairman and former WA mines minister Norman Moore, and Gold Road Resources chairman Ian Murray, the new lobby group will represent the interests of gold producers, explorers, prospectors and suppliers to promote the importance of the gold sector in Australia.
Doray Minerals, Ramelius Resources, Norton Goldfields, Gold Road Resources have all had a hand as founding members of the new group.
GIG chairman Norman Moore said the group would advocate on issues relating to gold, and pointed out the successful resistance over the past year to increases in the gold royalty rate.
“We now have the opportunity to build on these efforts to ensure continued recognition for the important role played by our industry,” he said.
“The Gold Industry Group will provide a single, united voice for the industry in Western Australia and I look forward to working to raise the profile of this vital sector.”
Gold Road resources chairman Ian Murray said it was important to promote gold as an international and universally accepted investment in the form of currency, not merely as a commodity.
“There is great potential for us to market this precious metal as a viable and reliable investment for superannuation and wealth funds,” he said.
“As the result of being a single commodity group we will have a dedicated focus and a deliberate marketing strategy for gold.”
GIG said the WA gold industry produces 70 per cent of Australia’s gold and directly employs 20,000 people.
Gold was Australia’s third largest export industry with $13 billion worth of exports last year.
The GIG is also affiliated with the Gold Royalties Response Group and #heartofgold.