Soaring global gold prices are breathing new life into Australia’s outback mining industry, with a renewed focus on the historic Cloncurry goldfields. According to a recent report by ABC Australia, companies such as AuKing Mining (ASX:AKN) and Orion Resources are strategically positioned to benefit from the rally in gold, which recently surpassed $3,350 per ounce.
The Cloncurry region, once a thriving mining hub, saw a prolonged decline beginning in the 1990s as gold prices stagnated. However, the latest price surge has sparked renewed interest in both exploration and the revival of long-dormant sites. Central to this resurgence is the Cloncurry Gold Project, which spans over 400 square kilometers and includes plans to re-lease 20 historical gold mines.
Among the key assets in the region is the Ernest Henry Copper-Gold Mine, a site estimated to contain up to 2 million ounces of gold. The area’s untapped potential and existing infrastructure make it a compelling opportunity for both domestic and international investors.
“Orion Resources and AuKing Mining Limited plan to re-lease 20 historic gold mines in the region, bringing them back to life under the banner of the Cloncurry Gold Project,” the ABC report noted.
Paul Williams, Managing Director of AuKing Mining, told ABC that the company is in a strong position to take advantage of the current environment. “It’s a great gold price environment, and we have access to a wealth of historical data from earlier exploration efforts. That puts us in a very good position,” Williams said.
As global demand for gold continues to rise amid economic uncertainty and geopolitical risk, Queensland’s mining revival may represent a broader trend in resource-rich regions worldwide—where historical assets are being reevaluated under a new economic lens.
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