AMEC calls for action amid exploration decline

The Australian Bureau of Statistics (ABS) has released its Q1 CY25 mineral and exploration statistics which has highlighted a decline in exploration activity across the country.

The data shows an 18.4% decrease in total exploration from the Q4 CY24, representing $181m decline in exploration expenditure. Year-on-year this shows an 11.5% drop or $105m decrease.

There was a 21.9% drop in new exploration drilling and there was a 11.6% decline in total metres drilled.

Association of Mining and Exploration Companies (AMEC) chief executive Warren Pearce says the data demonstrates what the association has been concerned about.

“The barriers to exploration have never been higher and it’s extremely difficult to raise funds for exploration,” he said.

“As an industry we keep being told how important we are to the economic security of our country, but we’re not seeing that support on the ground where it matters.

“Changes are needed to buck this trend, from land access and environmental approvals to coexistence issues with the renewables sector.”

In 2023, national exploration expenditure exceeded $1b consistently, this figure has now dropped to $800m.

WA saw the biggest decline, with statewide exploration expenditure dropping nearly $200m or 19.5% down from the previous quarter.

Exploration spend in both Queensland and the Northern Territory has significantly decreased, reflecting the impact of recent severe weather event that limit activities.

Both Victoria and NSW saw their quarterly expenditure increase, 18.1% and 6.1% respectively. Victoria’s growth has been attributed to recent strong gold and mineral sands exploration.