New figures from the Australian Bureau of Statistics (ABS) show that South Australia has set a new record in mineral exploration spending, smashing the previous record which was held for eleven years.
ABS data published on 5 June shows $64.2 million was spent on exploration in the March 2023 quarter, up $16.7 million on the December 2022 quarter. This surpasses the $61 million spent on exploration in South Australia’s previous record-earning quarter of December 2012.
It represents an incredible rise of almost 92 per cent compared to the March 2022 quarter.
The state’s mineral exploration spend has been bolstered by BHP’s ramp-up in exploration activity at its Oak Dam prospect. This – coupled with recent Rare Earth Element discoveries in the South-East, Eyre Peninsula and Northern Gawler Craton – is driving renewed activity and investment across South Australia.
Exploration expenditure is expected to remain strong as the world’s appetite for copper continues to grow, with South Australia in a prime position to fuel the growing demand.
Nationally, the exploration spend increased 0.7 per cent in the quarter and was four per cent higher than 12 months ago.
Petroleum exploration for the March quarter reached $20.7 million, with national expenditure reaching $244 million, up 16.3 per cent from the December 2022 quarter.
