Exploration stats expand
Official stats show there has been an increase in mining exploration across Australia.
Mineral exploration statistics for the June 2022 quarter show exploration expenditure across Australia increased by 23.18 per cent, up by $198.3 million to $1.05 billion and backed by record expenditure of $673.1 million in Western Australia.
Greenfield exploration expenditure was up $52.6 million to $312.9 million, an increase of 20.21 per cent, while exploration on existing deposits also saw an increase of 24.49 per cent to $740.7 million.
Association of Mining and Exploration Companies (AMEC) chief executive officer Warren Pearce says the stats show Australia’s minerals sector remains resilient.
“Despite the challenges impacting the ability to staff operations and access to tenements, greenfield expenditure has grown by 1.85 per cent and brownfield expenditure by 22.3 per cent, year-on-year,” he said.
“Metres drilled for this quarter increased by 17.43 per cent, with drilling of existing deposits increasing by 20.88 per cent, and greenfield drilling by 9.87 per cent.
“Whilst staffing shortages have significantly impacted drilling programs across the nation for the quarter, heightened demand for drill rigs and exploration drilling remains.”
The greatest increase in expenditure this quarter was for iron ore, which increased by 44 per cent to $201 million. Nickel and cobalt saw a strong 24 per cent lift to $80.2 million.
WA has recorded its highest levels of expenditure ever, with an increase of 28 per cent in exploration expenditure this quarter.
The Minerals Council of Australia says the results are encouraging, but urged more action for Australia to compete with emerging, low cost mining jurisdictions around the world.
MCA chief executive Tania Constable says Australia needs to retain its geoscience technology advantage through public investment in research and development.
The mining lobby also wants a national program of pre-competitive geological surveys such as Geoscience Australia’s successful Exploring for the Future program.
“The government should provide competitive regulatory settings on tax, workplace relations, safeguards mechanism and streamlined environmental assessments and approvals with states and the Northern Territory,” she said.