The Victorian government has approved a new tailings storage facility at the state's largest gold mine, Fosterville, a move Premier Jacinta Allan says will safeguard regional jobs and strengthen Bendigo’s economy for the next decade.

Allan and Energy and Resources Minister Lily D’Ambrosio on Friday announced approval of the Fosterville gold mine sustained operations project, which includes construction of a fifth tailings storage facility (TSF5) within the existing mine footprint. The approval, granted by Resources Victoria, is a key step in extending the life of the mine and maintaining its position as one of the world’s highest-grade gold producers.

The project is expected to support more than 1 000 workers and inject about A$1.3-billion into the regional economy over the next ten years. Fosterville currently employs more than 650 full-time personnel and 200 contractors, most of whom live locally, making the mine a cornerstone of Bendigo’s economy.

“Fosterville’s success is putting Victoria on the global mining map – showcasing our world-class resources, attracting international investment, and creating good local jobs for our regional communities,” Allan said.

The new tailings facility will increase the mine’s processing capacity and improve waste rock storage management. It follows an environment effects statement assessment that found potential environmental impacts could be managed with appropriate safeguards.

D’Ambrosio said the approval would help ensure Victoria continued to build on its proud gold mining legacy. “This approval ensures Fosterville continues to build on that,” she said.

Member for Bendigo West Maree Edwards said the project “secures the future of Fosterville and the livelihoods of hundreds of regional workers in Bendigo".

Gold mining has been a key contributor to Victoria’s economy for more than 170 years, and the sector remains strong amid record-high gold prices. While the state’s focus expands to include critical minerals and rare earths, gold continues to underpin investment and employment across regional communities.