Despite a national drop of three per cent in the December quarter, Australian mineral exploration expenditure reached a record high in 2023.
Silver, lead and zinc exploration led the way, increasing by 25.1 per cent to $34.9 million. Coal exploration increase by 5.6 per cent to $90.9 million.
Spending in the nickel and cobalt category recorded the lowest result since March 2022, due in part to the reductions in share price and commodity price.
Queensland, New South Wales and South Australia all recorded increases in mineral expenditure, with Queensland recording the highest at 4.3 per cent to $168.1 million.
NSW reached $98.6 million in a 6.9 per cent increase and South Australia recorded a 3.9 per cent increase to $79.7 million.
Expenditure fell in Western Australia, down $34.8 million from the September quarter record high of $709.8 million.
Victoria, Tasmania and the Northern Territory also reported decreases of 4.4 per cent, one per cent and 15.2 per cent respectively.
“Overall, these results are a clear sign that the mineral and exploration industry is delicately poised,” AMEC (Association of Mining and Exploration Companies) chief executive officer Warren Pearce said.
“It also further strengthens calls for support from both State and Federal Governments to ensure the sector rebounds and can provide the platform needed for the ongoing energy transition.”
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