Base metals, Battery minerals, Copper, Exploration/Development, Finance, Gold, News, Nickel

Records smashed in mineral exploration 

minerals

Mineral exploration is booming in Australia at an all-time high , the Australian Bureau of Statistics (ABS) has announced. 

According to new data, mineral exploration saw a 19.4 per cent increase from June 2021 to 2023, bringing the total expenditure to over $1 billion, up from $886.1 million in 2021. 

Greenfields exploration rose by 15.3 percent to $318.3 million and brownfields exploration rose 21.3 per cent to $751.6 million in expenditure. 

“Australian mineral exploration had a record June quarter in 2023, $8 million higher than the previous record of June 2012,” Association of Mining and Exploration and Companies chief executive officer Warren Pearce said. 

“As well as the second highest value to date for overall expenditure, only being surpassed by September 2022 at $1.09 billion.” 

Almost every state and territory saw an increase in mineral exploration. Western Australia saw an increase to $648.5 million and investment in ‘other minerals’ exploration recorded its highest expenditure at $127.1 million, an increase of 21 per cent. 

This follows the recent commitment by the WA government to boost funding for the Exploration Incentive Scheme (EIS) which aims to drum up exploration in the state for long-term sustainability in the resources sector. 

The scheme will be increased by $1 million a year, seeing the total available across the scheme’s two application rounds reach $7 million.  

New South Wales increased exploration 25 per cent to $97.9 million, recording the state’s highest levels of mineral exploration expenditure to date. 

Queensland saw exploration rise 29 per cent to $147.8 million, with exploration for copper up 35 per cent to $44.8 million and gold rising 30 per cent to $23.9 million. 

South Australia saw a 15 per cent rise to $72.1 million, while the Northern Territory increased 27 per cent to $48.6 million. 

“Nationally, copper was the big performer for the June quarter, recording a record high $176 million in expenditure,” Pearce said. 

“Mineral exploration remains historically strong, with a record June quarter.” 

Previous ArticleNext Article
Send this to a friend