Mineral exploration expenditure in Australia up 33% in June quarter y-o-y, metres drilled jumped 47% - report
(Kitco News) - The Australian Bureau of Statistics (ABS) reported today that the total domestic seasonally adjusted mineral exploration expenditure rose 3.7% (+$31.3 million) to $878.3 million in June quarter 2021 compared to the previous quarter.
ABS added that compared to June quarter 2020, total exploration expenditure in Australia in June quarter 2021 increased by 33%.
According to the report, exploration expenditure at the existing mineral deposits in Australia rose 24.7% (+$119.0 million) to $601.5 million in June quarter 2021; and at new deposits, exploration expenditure rose 23.1% (+$58.2 million) to $310.5 million.
ABS noted that gold exploration expenditure recorded the largest rise (+$69.6 million) to $429.8 million in June quarter 2021, up 19.3% compared to the previous quarter; whereas iron ore exploration expenditure rose by $49.6 million to $150.8 million in June quarter 2021 and was up 49% compared to the previous quarter.
The authors of the report also pointed out that exploration metres drilled in Australia in June quarter 2021 were 3,469.8 thousand metres, an increase of 5.5 % compared to the previous quarter and an increase of 47% compared to 2,365.6 thousand metres drilled in June quarter 2020.