Gold Exploration Company Aureka Buys Three Vineyards in Victoria’s Great Western Region

In Victoria’s Great Western region, a new chapter is unfolding as gold exploration companies buy up vineyards, seeking profits both above and below the ground. For more than a century, this area on the edge of the Grampians in central west Victoria has been known for its small but respected community of vineyards. These wineries have long relied on the region’s shallow soils to produce healthy grapes and award-winning wines. However, the land also holds another valuable resource: gold.

Recently, gold exploration company Aureka purchased three vineyards in Great Western, including Miner's Ridge, Westgate, and a smaller grower. These acquisitions came during a surge in global gold prices and after several difficult years for Victoria’s wine industry. The wine sector has faced major challenges since 2020, when China imposed tariffs of up to 220% on Australian wine imports. This move sharply reduced demand from what had been Victoria’s largest export market. Combined with an oversupply of wine and changing consumer habits, many vineyard owners began to reconsider their future in the business.

Ben Thomson, a fifth-generation winemaker at Best’s Wines—one of Great Western’s two major wineries—described the situation as “really tough.” He noted that while he does not blame local growers for selling their properties, it is difficult to see the already small wine community shrink further. “It’s harder for us as a small wine region to take our little region to the world if we’ve only got three or four of us shouting ‘Great Western,’” Thomson said.

The vineyards sold to Aureka had previously supplied grapes to Best’s Wines. The owners who sold declined to comment publicly about their decisions. Aureka’s managing director James Gurry confirmed that three of the company’s four recent land purchases in the area included vineyards. He stated that Aureka plans to continue operating these properties as agricultural enterprises for now, though they may switch from grape growing to pasture depending on market conditions.

Gold mining has deep roots in Victoria’s west, dating back to the mid-1800s. Gurry emphasized that both wine and gold industries have coexisted in the region for generations and are not mutually exclusive. “Currently the gold price is at historical highs and the wine industry is suffering,” he said. “We would like to see both industries thrive.”

The timing of Aureka’s purchases aligns with record-high gold prices, which have surpassed $5,000 USD per troy ounce this year. Over the past five years, gold prices have tripled, including a 75% increase in just the last 12 months. This global boom has encouraged more investment in exploration and mining projects across Victoria.

Despite optimism among explorers, Gurry acknowledged that most exploration projects do not become active mines. Industry estimates suggest that only one out of every 300 to 1,000 exploration projects results in an operational mine. Additionally, holding an exploration license does not guarantee approval for mining.

While some vineyards are changing hands or shifting focus due to economic pressures, there are signs that Victoria’s wine industry is beginning to recover. The end of Chinese tariffs in 2024 has helped exports rebound sharply. After falling from $379 million in 2019/20 to $140 million in 2022/23, export sales jumped to $465 million in 2025.

Wines Victoria recently released an economic scorecard showing that the state’s wine industry contributed $10.8 billion to the economy in 2025—a 14% increase from 2024—and now supports 17,178 jobs statewide, up 25% over two years. Stephanie Duboudin, chief executive of Wine Victoria, said these results are encouraging after years of uncertainty caused by trade barriers and market changes.

Duboudin highlighted the broad impact of the wine sector across hospitality, tourism, agriculture, and other services throughout Victoria. She described it as a resilient industry with few equals in terms of economic reach.

As gold explorers continue their search beneath Great Western’s vineyards and wineries work toward recovery above ground, this historic region finds itself at a crossroads shaped by global markets and local decisions about how best to use its land and resources.