Mineral Exploration increases again this quarter
2 December 2019
Today the Australian Bureau of Statistics published the September quarter 2019 mineral exploration figures showing another increase in exploration from the previous quarter.
“Mineral exploration continues to rise and the steady increases every quarter show that the industry is committed to finding new mines with jobs, royalties and benefits for the local community,” said Warren Pearce, Chief Executive Officer of the Association of Mining and Exploration Companies.
Mineral exploration expenditure rose 7.7% ($51.5m) to $716.3m in the September quarter. Brownfield exploration rose 7.1% ($27.7m) and greenfield expenditure rose 8.7% ($23.8m).
Meters drilled for greenfields exploration rose 20.8%, and the largest increase by minerals sought came from expenditure on Selected Base Metals (up 10.7%, $20.1m).
“Australia needs greater greenfields mineral exploration, and the significant growth in greenfields mineral exploration expenditure in most states reflects the returning strength of the exploration sector.”
Total expenditure rose in Queensland by 18.7%, Northern Territory rose by 12.0%, Western Australia by 9.9%, New South Wales by 1.6%, Victoria fell by 3%, South Australia by 30.4%, and Tasmania by 39.2%.
“It has been a challenging investment environment for mineral exploration companies, however the statistics show that companies are finding ways to continue funding exploration programs, and supporting stronger growth in the industry.”
"Australia needs to continue to invest in mineral exploration to find the mines of the future and unlock the jobs and growth still waiting to be discovered,” said Mr Pearce.