Mining exploration fall needs to be addressed
“The mineral exploration statistics released this week by the Australian Bureau of Statistics (ABS) shows that mineral exploration in Australia continues to fall,” said Simon Bennison, Chief Executive Officer, Association of Mining and Exploration Companies (AMEC).
“This week the focus of the AMEC Convention will be on driving the next cycle. The latest ABS data shows that greenfields and brownfields mineral exploration meters drilled and expenditure are continuing a long term downward trend. Reversing this trend and increasing Australian mineral exploration is crucial for the future of Australian mining and driving the next cycle.”
“In original terms, total metres drilled fell 13.7%. Greenfields drilling fell 26.6% and brownfields fell 5.6% in the March 2017 quarter.”
“In original terms, mineral exploration expenditure fell 16.2% ($65.5m) to $337.6m in the March quarter 2017. Expenditure on greenfields exploration fell 21.4% ($28.0m) and expenditure in brownfields area’s fell 13.8% ($37.5m).”
“Lifting greenfield mineral exploration is vital to discovering the mines of tomorrow.”
“Senator the Hon. Matt Canavan, Minister for Resources and Northern Australia will attend the AMEC Convention, and falling mineral exploration will be on top of the list of issues we will be discussing.”
“There are vast areas of Australia that have never been explored, or are under explored and still highly prospective. The economic opportunities from discovering new mines to replace those that are coming to an end, are enormous. But, discovery will come from drilling holes in the ground.”
“The Government’s decision to axe the Exploration Development Incentive from the budget removed an incentive designed to increase investment in greenfields mineral exploration in the long term. It effectively increased the after-tax cost of exploration by 30% for many Australian junior greenfield explorers.”
“Economic growth and jobs are at stake for future generations of Australians for what is a small and sensible investment,” said Mr Bennison.