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Mineral exploration expenditure in Australia up 32% in September quarter 2021 y-o-y - report

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(Kitco News) - The Australian Bureau of Statistics (ABS) reported today that the total domestic seasonally adjusted mineral exploration expenditure rose 4.5% (+$39.5 million) to $925.9 million in September quarter 2021 compared to the previous quarter.

Importantly, ABS said that compared to September quarter 2020 (year-over-year), total mineral exploration expenditure in Australia in September quarter 2021 increased by 32%.

According to the report, mineral exploration expenditure at the existing mineral deposits in Australia rose 5.8% (+$34.8 million) to $636.3 million in September quarter 2021 compared to the previous quarter; and at new deposits, exploration expenditure rose 11.5% (+$35.6 million) to $346.1 million.

ABS noted that exploration expenditure in other minerals category recorded the largest rise (+$25 million) to $91.1 million in September quarter 2021, up 37.8% compared to the previous quarter; whereas iron ore exploration expenditure rose by $23.8 million to $174.6 million in September quarter 2021 and was up 15.8% compared to the previous quarter.

On the other hand, gold exploration expenditure in Australia remained flat in September quarter 2021 at $429.7 million.

The authors of the report also pointed out that seasonally adjusted exploration metres drilled in Australia in September quarter 2021 amounted to 3,388.3 thousand metres, a decline of 1.9 % compared to the previous quarter and an increase of 23% compared to 2,753.3 thousand metres drilled in September quarter 2020.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.