Figures released by the Australian Bureau of Statistics (ABS) have shown the country’s mineral exploration expenditure has risen, enjoying a record-high March quarter.
Total mineral exploration expenditure clocked in at $910.4 million for the quarter, despite a decrease in greenfield and brownfield exploration.
Expenditure on greenfield exploration to discover new deposits decreased by 23 per cent to $278.6 million, while brownfield exploration decreased 16 per cent to $789.4 million.
This is typical of the March quarter, as the wet season restricts exploration activity across much of Northern Australia.
South Australia saw its highest value of greenfield expenditure at $47.2 million, eclipsing the previous high set last quarter at $44.4 million.
A large portion of this can be attributed to the effort to define the copper resource at BHP’s Oak Dam, one of the world’s most significant deposits of copper, gold, and uranium.
Association of Mining and Exploration Companies chief executive officer Warren Pearce weighed in on the results.
“Following December’s record quarter, a new March record shows a two per cent ($14.5 million) year-on-year growth,” he said.
“However, (it) more accurately portrays the impact of rising costs within the exploration sector.
“Continually strong investment to discover critical and base metals, highlights the importance of Government co-funded investment programs, and the diversity of investor demands.”
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