Contributing to Economic Development
We recognise that miners and explorers have an important role to play in contributing to sustainable economic development in and around local communities.
As an emerging producer, Golden West's contribution to economic development will impact the full hierarchy of communities, from the township (and broader Shire) of Wiluna, through to the broader Midwest region, to the state of Western Australia, and ultimately at the national level.
Economic contributions can flow from both the taxes and royalties paid to the Australian and Western Australian Governments, through to the "downstream" benefits resulting from our financial contributions to local business through our local presence in communities.
A study undertaken by Economic Consulting Services in April 2007 considered the economic benefits of expanding iron ore mining in Western Australia's Midwest region.
According to the report, key economic benefits from expanding iron ore mining in the region over a 25-year period has the potential to deliver:
- 1,360 jobs a year during construction;
- 4,254 direct jobs a year for a conservatively estimated 25-year operational period;
- A total of 12,000-plus direct and indirect jobs a year in Western Australian from the increased economic activity;
- An addition of $1.5 billion a year to Gross State Product (the overall measure of the State's economy); and
- About $7 billion in taxes and duties to the Federal Government and around $3.5 billion in royalties and other payments to the State Government.
The full results of the study are available here.