Mining for economic success

Mining for economic success

Queensland's Minister for Natural Resources and Mines Andrew Cripps opened the latest mine extension at Glencore's Ernest Henry Mine in north-west Queensland on June 25.

Operations have been focussed on pit mining, but the new development will allow underground shaft mining to commence - a significant shift forward for the industry.

Employment boost in mining sector

Homeowners with variable home loans in the area may benefit from the latest move, given that the development is set to open up employment opportunities, which could boost demand for properties in the area.

"The $589 million commitment to continue to grow the mine will provide a major boost to Queensland's economy and has secured jobs that would not have otherwise existed," Mr Cripps noted in a statement.

"It proves the sector is on board with the state government's strong plan for Queensland's resources sector to ensure a brighter future for generations of Queenslanders."

The shift towards underground shaft mining will allow operations run to at least 2026, as well as providing over 500 jobs. Production will double to roughly six millions tonnes of ore annually by 2015 onwards.

Four pillar focus

Boosting mining infrastructure feeds into the government's four pillar program, which focuses on growing the state's key industries: resources, construction, agriculture, and tourism.

"Mining is now a larger employer of full-time workers in the State than both the agricultural or hospitality sectors, which highlights the importance of the sector to Queensland families as well as economic growth," Mr Cripps noted.

With employment opportunities looking positive in north-west Queensland, securing a fixed home loan and settling down in the state could be a good option. With job prospects favourable for the years to come, house prices may see consistent growth over the years.

Image credit: dyet

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