South Australian Minister for Mineral Resources Development Paul Holloway has announced that spending on mineral exploration in that State rose to a record quarterly high of $95.2 million in the June quarter.
Australian Bureau of Statistics (ABS) figures show mineral exploration expenditure in South Australia rose 3.2% in the 12 months to the end of June 2008 to $355.2 million compared with the 12 months to the end of March 2008.
“Exploration in the June quarter was an increase of more than 20% compared with the previous three-month period,” Holloway said.
Holloway said ABS figures show the State remained in third place among the States, behind resource-rich Western Australia and Queensland.
“However, South Australia is level pegging with Queensland in terms of total mineral and petroleum exploration – $563.2 million for Queensland and $551.5 million for South Australia in the 12 months to the end of June,” he says.
The figures show total exploration expenditure in the 12 months to the end of June was more than triple the $100 million target set by South Australia’s State Strategic Plan.
Holloway also cautioned the State’s ability to attract new exploration spending is expected to ease as mining companies switch focus from the search for new minerals to investment in constructing new mines.