The land of plenty!

Newcrest Mining Limited is Asia Pacific's largest gold producer and the fourth largest gold company in the world by market capitalisation. Headquartered in Melbourne, Australia, Newcrest is among the top 20 companies listed on the Australian Stock Exchange by market capitalisation of around  A$29 billion.  The Company has around 5,100 employees and long term contractors.

Cadia Hill is one of the largest open pit gold-copper mines in Australia and has been operating since August 1998.  The positive impact that this has had on our local economy, infrastructure and community cannot be ignored.  At a time when global financial markets are in turmoil, and Australia's safety net is it's resource boom - the mining in our region could protect us and help us to continue to weather the economic storm. 

An Australian Local Government Association report released in June found that the 80 per cent of Australia that is reliant on non-mining trade-exposed industries are feeling the pressure of a strong Australian dollar and high interest rates.  Orange is fortunate to be part of the 20 per cent of Australian regions experiencing the positive effects of the mining boom.

Unlike many other 'mining' towns, Orange existed well before mining in the area and is a successful city in many other industries.  Orange Health Service, the University, local agriculture, tourism and the contriubtion of other large organisations like Electrolux are also major contributors to our local economy.

However, it cannot be ignored that the mining boom has significantly contributed to the growth of our city, when many others are not enjoying such prosperous times.  At the time of the Ridgeway project launch in 2002, it was predicted that the two combined projects (Ridgeway and Cadia) would inject $47 million household income into the region and provide 650 jobs with the flow on effect supporting a further 1200 jobs in the region. 

“Mining has enabled Orange to grow, and ensure there are more elaborate and efficient services.  [Orange] will be bigger and more robust in the long run.” said Tom Murphy - Central West Business Chamber CEO.

Orange Business Enterprise Centre executive officer Bruce Buchanan acknowledges that Orange has greatly benefited from the mining industry, with employees’ high deposable income practically sheltering the city from any affects of the global financial crisis.

When reviewing the most recent financial news, one message remains constant, the resources boom (particularly demand for Australian resources) is set to continue - this is great news for Orange! 

Sources:
www.newcrest.com.au
http://www.centralwesterndaily.com.au/news/local/news/general/mining-oranges-silver-lining/2200899.aspx