On Tuesday, Minister for Resources Tim Pallas announced Stawell Gold Mine as well as the Fosterville Mine, will have their licences extended until 2035.

The Stawell Gold Mine licence was set to expire in May 2020. 

Stawell Gold Mines general manager Troy Cole said the extended licence is nothing but positive. 

“The approval for the licensing gives us confidence in the investment in Stawell Gold Mine,” he said.

“It gives a level of security that the mine is in a fit condition to continue when we are ready and to do so into the near future.”

Mr Pallas said extending the licences will benefit the local economies where the mines are situated.

“This is a great result for the local economy and demonstrates the positive impact the resources industry can bring to our regional areas,” he said.

The mine has slowly been getting closer to being fully operational after going into care and maintenance in December 2016.

Arete Capital Partners and its associates bought the mine from Canadian company Kirkland Lake Gold in December 2017.

Since taking over, the workforce at the mine has increased from 12 to “about 120” people.

“We have come a long way really quickly,” Mr Cole said.

“We have about 12 people engaged at the moment which is a combination of Stawell Gold Mine employees and contract workers.”

Mr Cole said that number is expected to grow to about 150 early in the new year and will continue to improve throughout 2019.

“I’m projecting by the middle of next year we will have gold mine employees around the 150 mark, not including contractors,” he said.

“There has been considerable investment in infrastructure and there has been plenty of construction going on.

“Over the next few months the construction side of things will be replaced by operations.”

Mr Cole said there is a hope of achieving the target of producing gold by the end of January 2019.

“We are targeting commission of the mill in January and subject to the success of commission we will begin processing ore,” he said.