The Minerals Council of Australia has released its latest report, Golden: The Rise of Industrial Gold, which explores the transformative impact of gold across a range of modern industries.
Released at a Melbourne Mining Club event on 6 June by Newmont President and CEO, Tom Palmer, the report highlights gold’s essential role in high-tech electronics, advanced medicine, industrial nanotechnology and its ongoing contribution to the Australian economy.
Gold’s unique properties, including unparalleled malleability, conductivity and resistance to corrosion, have made it an invaluable asset in the evolution of technologies at the forefront of human progress.
The report delves into how these properties are harnessed in various applications, exploring gold’s significance far beyond traditional uses.
MCA CEO, Tania Constable, said Australia’s relationship with gold is both historic and dynamic, and that gold mining has profoundly influenced Australia’s development, contributing to economic growth and shaping its identity on the global stage.
In the 2022-23 financial year, Australia’s gold exports generated $24.4 billion in revenue.
Gold plays a critical role in space exploration, telecommunications and advanced manufacturing.
In electronics, gold is indispensable for efficient electrical signal transmission in the circuitry of the world’s most sophisticated devices.
In modern medicine, gold’s biocompatibility and inertness make it a key player in diagnostics, drug delivery systems and cancer treatments.
The report illuminates how gold’s industrial applications contribute to modern innovation, often working behind the scenes but playing a crucial role in the future.
The report emphasises that in modern Australia, the gold industry is thriving and pivotal to the nation’s economic fabric.
Home to the world’s largest known gold resources, Australia is at the forefront of meeting global demand for this precious metal. Gold is Australia’s third-largest mineral export and a key contributor to its merchandise trade.
The gold industry directly employs about 26,000 Australians and supports an additional 55,000 jobs indirectly.
These skilled workers navigate complex geological terrains, push technological boundaries and ensure that Australia remains at the cutting edge of sustainable mining practices.
However, the path forward is not without challenges. The report 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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