A mine for gold, diamonds, rare minerals and diamonds?
Not so much.
A report from the Australian Institute of Mining and Technology shows that the Australian gold mine for uranium and uranium ore, Goldfields in South Australia, was $4.5 billion and cost $2.5bn to build.
The report shows that this is less than half of the estimated cost of the project.
“The Australian gold industry had a history of very high cost overruns,” said John Houlihan from the Institute.
Mr Houlich said the mining boom in South Australian has also put pressure on the state government to get the project completed.
“[Goldfields] is one of the first projects that we have had to deal with in this industry that is a significant factor in our economy,” he said.
“It’s been one of those things that we haven’t seen in a long time, and we’ve got a lot of people with expertise and expertise to deal it out.”
In an attempt to reduce the costs, Mr Houli said the state Government has spent about $400 million in capital projects to reduce cost.
However, Mr Moulson said the project would be better off if it was finished sooner.
It was due to open in 2020, but he said the mine had not been fully operational and it was too early to say if the mine would reopen or not.
When the mines opening was announced, the Government said it would use the project to develop the state’s mineral wealth.
Labor and the Greens have opposed the project, with Labor accusing the mining industry of making too many concessions to the mining sector, and the Liberals claiming it would create jobs and increase the value of the mines.
Opposition mines spokeswoman Catherine King said the Government should have started construction as soon as possible.
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