Spending on minerals exploration in Victoria is at its highest level since records began, with new data showing growth reaching $34.7 million.

The Australian Bureau of Statistics (ABS) statistics show exploration spending growth is now almost seven times more than when the Andrews Labor Government was elected in 2014.

This confidence is reflected in the number of exploration licenses being issued, with 30 applications submitted in February – the highest monthly number in 5 years. This number is expected to grow with the North Central Victorian Goldfields Ground Release tender process.

Victoria’s most productive gold mine at Fosterville continues its meteoric rise, becoming the third largest gold operation in the nation. There is also potential for a second gold mine at the site, after new exploration uncovered high-grade deposits.

Overall the ABS data shows Victorian mining employment rose 41 per cent last financial year, supporting an average of 16,000 jobs across the state, benefitting many regional Victoria communities.

The gold industry has been further buoyed by a rising gold price, which broke the $2,500 per ounce mark for the first time ever last week and is currently hovering at around $2,400 an ounce.

The Geological Survey of Victoria (GSV) estimates there may be more than 73 million ounces of undiscovered gold across the state, exceeding the total amount of gold unearthed over the past 170 years.

This week GSV has been promoting Victoria’s minerals potential to North American investors at the Prospectors and Developers Association of Canada Convention. The event attracts more than 25,000 attendees from 132 countries.