The Association of Mining and Exploration Companies (AMEC), has reported that mineral exploration reached a record high in Australia during the June 2023 quarter, with new statistics from the Australian Bureau of Statistics showing exploration is up across the nation.
Australian mineral exploration rose by 19.4 per cent ($174 million) from the previous quarter to $1,069.9 million in the June 2023 quarter. Greenfields exploration rose by 15.3 per cent ($42.2 million) to $318.3 million. Brownfield exploration rose 21.3 per cent ($131.8 million) to $751.6 million.
AMEC CEO, Warren Pearce, said that Australia’s record mineral exploration high in the June quarter was $8 million higher than the previous record of June 2012.
“As well as the second highest value to date for overall expenditure ($1,069.9 million), only being surpassed by September 2022 ($1,099.3 million),” Mr Pearce said.
“Nationally, copper was the big performer for the June quarter, recording a record high $176 million in expenditure.
“This is off the back of record copper expenditure in both New South Wales and South Australia, with $24 million (up 15 per cent quarter on quarter) and $43.9 million (up 33 per cent) respectively.
“New South Wales mineral exploration rose 25 per cent to $97.9 million, recording the state’s highest levels of mineral exploration expenditure to date.”
Mr Pearce said that while Western Australian mineral exploration rose quarter on quarter to $648.5 million, it did not quite reach the high of June 2022 ($674.8 million).
“However, investment in ‘Other minerals’ exploration recorded its highest expenditure at $127.1 million, an increase of 21 per cent.
“South Australia saw exploration rising 15 per cent in the June quarter to $72.1 million led by the hunt for copper.
“Victorian mineral exploration fell slightly by nine per cent to $43 million, while still recording strong expenditure for mineral sands.
“Queensland exploration rose by 29 per cent quarter on quarter to $147.8 million, with exploration for copper up 35 per cent to $44.8 million, and gold rising, up 30 per cent to $23.9 million.”
Mr Pearce said that as is the trend for June, quarter on quarter, mineral exploration rose by 27 per cent to $48.6 million in the Northern Territory, with the wet season coming to an end making it possible to get rigs on the ground.
“The meters drilled in the June quarter increased 16.8 per cent (407.8km) to 2,840.5km. Greenfield drilling increased by 30.1 per cent and brownfield drilling by 12.3 per cent.
“Mineral exploration remains historically strong, with a record June quarter.”
