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