Gold Explorers Expand Ventures by Acquiring Wineries

Rowan Ashford

Published: March 11, 2026 4:27 PM ET

Victoria’s Great Western region is experiencing a unique intersection of its historic wine and gold industries. This area, known for its vineyards and cellar doors, has garnered attention as investors look to tap into its diverse resources.

Gold Explorers Expand Ventures by Acquiring Wineries

Last year, Aureka, a gold exploration company, made headlines by acquiring three vineyards in Great Western. These include Miner’s Ridge, Westgate, and another smaller vineyard. These acquisitions were driven by the burgeoning gold prices that surpassed $5,000 USD per troy ounce this year.

The Impact of Gold Prices

The price of gold has seen substantial growth, tripling in the past five years and experiencing a 75 percent increase in the last 12 months alone. This surge has prompted Aureka to invest in vineyards, aiming to explore potential gold resources beneath the surface.

Gold price history: Surpassed $5,000 USD per troy ounce in 2023.
Growth trend: Gold prices tripled over five years.
Recent increase: 75 percent rise in the last year.

James Gurry, managing director of Aureka, confirmed the company’s intentions to maintain agricultural operations on the vineyards. He emphasized that both the wine and gold industries can coexist, despite their varying successes over time.

The Local Wine Industry’s Challenges

The wine sector in Great Western has faced significant difficulties recently. Factors such as Chinese tariffs, oversupply, and shifting consumer preferences have led to a challenging economic climate. These tariffs, which reached up to 220 percent in 2020, severely impacted Australian wine exports, particularly to China.

Ben Thomson, a fifth-generation winemaker at Best’s Wines—a local winery established in 1866—expressed concern over the shrinking wine community. He noted that several vineyard owners have opted to sell their properties, a tough but understandable decision given the industry’s current state.

Signs of Recovery

Despite recent hardships, there are signs the wine industry is rebounding. The end of the tariffs in 2024 has allowed for a resurgence in exports. Reports indicate that Victorian wine exports rose to $465 million in 2025, an increase following the economic downturn.

2025 export sales: $465 million.
Economic contribution: $10.8 billion, up 14 percent from 2024.
Job support: 17,178 jobs, a 25 percent increase over two years.

Stephanie Duboudin, CEO of Wines Victoria, highlighted the industry’s resilience and its significant role in the Victorian economy. With a diverse reach across hospitality and tourism, the wine industry is essential for many regional communities.

As the gold exploration expands, it remains essential to balance these ventures with the rich tradition of winemaking in Great Western. Both industries have unique challenges and opportunities, shaping the future of this historic region.