A new underground gold mine near the current open-cut operations at Cowal has been given approval.
It's expected some 160 construction jobs and 230 operational jobs will be created through to 2039.
"The mine will extract an extra 27 million tonnes of gold ore, and generate around $175 million worth of royalties for NSW that will support the state's economic recovery from the pandemic," Member for Cootamundra Steph Cooke said.
"The project will also create more local job opportunities including 160 construction jobs and 230 operational jobs.
"This development will provide great economic flow on effects to local businesses that have been doing it tough in recent times through the added foot traffic in the area."
Minister for Planning and Public Spaces Rob Stokes said gold was a critically important resource for manufacturing modern technology.
"Gold is just one of the highly sought after metals and minerals we have in NSW, and projects like this will ensure we continue to be an essential domestic and international supplier," Mr Stokes said.
"What was once used for currency, jewellery and ornaments, is now powering smart phones, electric vehicles and even modern medicine."
The approval is for the construction of a new underground gold mine near the current open-cut Cowal Gold Mine Operation site.
The approval will enable the operator, Evolution Mining, to extract 27 million tonnes of gold ore, or 1.8 million ounces, from the underground operation until 2039.
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