Resources - More Exploration In Western Australia
Industry spending on mineral exploration is at a five-year peak according to the Australian Bureau of Statistics (ABS), with 3.6 percent growth to $561.4 Million in the September quarter. That's up 25.7 percent year on year.
Western Australia led the growth, contributing a 4.7 percent increase. The mineral the industry is looking for is gold, increasing exploration budgets by 8.5 percent, or $18.8 Million.
And the mining industry wants to break new ground: While spending on exploration of current deposits actually fell by 2 percent, the ABS reporting a rise of 13 percent in exploration of new deposits. That's $25.7 Million poured into looking for new sources of gold.
The ABS figures also show that Queensland, Western Australia, and South Australia all saw a rise in drilling expenditure. But New South Wales, Tasmania, and Victoria saw declines in drilling expenditure.