The news feeds on this site are independently provided by Adfero Limited © and do not represent the views or opinions of the World Gold Council.

Monday, 24th July 2006 (3965 views)

The gold industry is set to give the New Zealand town of Reefton a much-needed economic boost.

According to local people the community has had a hard time recently, TVNZ reports. But the recent increase in the price of gold and the opening of the Globe Hill gold mine, together with a new coal mine, is set to give the area a shot in the arm.

"The town has been waiting for a long time for this project and it's a good time to start, with gold prices high," said Gareth Thomas of operator Oceangold.

Gold was originally discovered in a quartz reef located near Reefton in 1866, resulting in a brief gold rush, which eventually tailed off.

Now the mining developments are bringing new jobs to the area, as well as leading to a small-scale building boom that has seen a spate of new houses built so far this year. House prices are also on the up.

"Old houses that were selling for $30,000 two years ago are $130,000 now," said local councillor Bert Waghorn.

 

« Back to Gold News stories