The Australian Bureau of Statistics (ABS) has released the mineral exploration expenditure statistics for the September 2022 quarter.
Mineral exploration expenditure across Australia increased by 2.6 per cent in the September quarter, quarter on quarter, up by $27.6 million to $1.08 billion in original terms. The rise was led by Queensland who had a 21 per cent rise quarter on quarter and Western Australia expenditure that lifted again by three per cent.
The increase in greenfield mineral exploration is crucial to the discovery of new mines that will create new jobs and opportunities. Greenfield exploration rose by 9.7 per cent to $344 million, while brownfields exploration slipped slightly by 0.4 per cent to $740 million.
The total metres drilled during the quarter fell by 1.7 per cent to 3,048.9km. The distance drilled focussed on brownfields targets fell 5.9 per cent to 2,101.7km, while greenfields drilling searching for new discoveries rose 9.0 per cent to 947.1km.
Across Australia the mineral expenditure rose in Queensland (21 per cent), Northern Territory (21 per cent) and Western Australia (three per cent), and fell in Tasmania (-23 per cent), Victoria (-16 per cent), South Australia (11 per cent), and New South Wales (-8 per cent). The search for what the ABS broadly categorised as ‘other minerals’, which includes lithium and critical minerals, were up 37 per cent nationally to $140 million.
Nationally, gold exploration expenditure slipped by ten per cent, including by six per cent in Western Australia. However, gold is still the dominant metal, it is calculated that 35 cents in every dollar of national mineral exploration is invested in exploring for gold, and 26 of those cents are in Western Australia.
“As our industry continues to work through labour shortages, the commitment to mineral exploration is key for the industry. Our ability to remain an investment destination of choice is paramount if we are to discover the mines of the future and deliver long-term, wide-ranging social and economic benefits to Australia,” Chief Executive Officer of the Association of Mining and Exploration Companies (AMEC), Mr Warren Pearce, said.
The record mineral exploration expenditure of $1.08 billion in the September 2022 quarter is higher than the $1.06 billion in June 2012, and reflects the broad strong market appetite for opportunities in Australia.
