New gold and silver mines will close in 2019, the Australian Government has announced.

The announcement comes as gold and precious metal prices fell, which the Federal Government hopes will help to prop up the economy.

It is understood that the closure of all mining operations in 2019 will lead to a $100 million reduction in the Commonwealth Government’s total mining revenue.

At the same time, mining operations are expected to be closed in the Gold Coast region, which is already facing an economic downturn.

More to come.