Australian mineral exploration is at an all-time record high, according to new data released by the Australia Bureau of Statistics (ABS).
Mineral exploration rose by 19.4 per cent to $207 million, up from $886 million. Greenfields exploration also rose to $318.3 million from $42.2 million.
The mineral exploration numbers set a new record from the previous in June 2012.
“New South Wales mineral exploration rose 25 per cent to $97.9m, recording the state’s highest levels of mineral exploration expenditure to date,” Association of Mining and Exploration and Companies chief executive officer Warren Pearce said.
“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.”
The Western Australia Government has recently announced an increase in mineral investment for the state, opening round 28 of the of the Exploration Incentive Scheme (EIS) co-funded drilling program.
Elsewhere in the country, South Australia recorded an exploration rise of 15 per cent, while Victoria saw a fall by nine per cent to $43 million.
In Queensland, exploration rose 15 per cent to $72.1 million, lead mainly by copper exploration. The Northern Territory recorded a rise of 27 per cent to $48.6 million.
Mineral exploration remains historically strong, with a record June quarter,” Pearce said.