Wednesday, 23rd January 2008 (1077 views)

An Australian town is enjoying the economic yields of a gold mining "boom", a new report suggests.

Healthy employment growth and community development are two of the positive trends witnessed by Cobar, New South Wales, due to a mining industry expansion, reports Cobar Age.

The publication notes that Peak Gold celebrated completion of its decline project last December, enabling access to additional ore reserves to capitalise on the current gold boom.

Meanwhile, house prices in the town continue to grow and employment figures look set to remain strong as 2008 gets into its stride.

"On the back of the mining boom, Cobar's property market remains at historically high levels, unemployment is at a record low and the many incomes based on the resource sector ensure an above average degree of prosperity," asserts the newspaper.

Situated some 711 kilometres north-west of Sydney, Cobar hosts the Festival of the Miner's Ghost each October.

 

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