The gold rush era has restarted in outback Queensland after a three-decade hiatus
The gold rush has resurfaced in northwest Queensland 30 years after being abandoned as mining companies profit from soaring prices for the precious metal. Key points: Exploration and mining has resumed in the gold-rich Cloncurry area of northwestern Queensland The gold industry contributes $23 billion to the Australian economy in 2021 Australia is the world’s second largest gold producer, lagging behind China The Cloncurry region was once home to a thriving gold mining industry, but was almost deserted when gold prices fell below $240 an ounce in 1991. But now, with spot prices more than 10 times higher, the area known as the Golden Mile is starting to come to life, with new players on the field hoping it will once again live up to its reputation. Director of mineral resources advice and promotion at Geoscience Australia, Allison Britt, said gold was seen as a “safe haven” in difficult times. “Gold has been one of the commodities throughout history that has value for humans,” he sai