Total mineral expenditure in Australia was up 18.5% in the June quarter, compared with the previous corresponding period, new data from the Australian Bureau of Statistics (ABS) has shown.
The Association of Mining and Exploration Companies (Amec) said on Monday that the data showed confidence within the industry, and that the resources sector was committed to finding new mines to deliver jobs, royalties and benefits for the local communities.
Mineral exploration expenditure rose 11.91%, or A$72.7-million, in the June quarter 2020, with brownfield exploration rising 17.45%, or A$67.5-million, to A$454.3-million and greenfield expenditure rising 2.37%, or A$5.3-million, to A$229-million.
Meters drilled for greenfield exploration grew 5.57% while brownfield exploration rose 13.67%. The largest increase by minerals sought came from expenditure on gold, up 11.54% to A$304.4-million, and iron-ore, up 30.73% to A$98.7-million.
“Today’s figures have held up against the tough Covid-19 induced financial environment for mineral exploration companies around the world. They show that companies are finding ways to fund exploration and support stronger growth in the industry,” said Amec CEO Warren Pearce.