Metals and minerals exploration on the rise
According to data released today by the Australian Bureau of Statistics (ABS), near record levels of investment in exploration for minerals and metals is continuing to back Australia’s economic recovery. Investment in minerals exploration has increased 14% to $3.2b in 2020-21, the highest spending since the peak of the mining boom in 2012. Gold exploration – up 32% – has been the main driver of this growth, accounting for 48% of all exploration investment in Australia for the last financial year. Victoria and Queensland have shown particularly strong trends in exploration expenditure in 2020-21. In the June 2021 quarter, $55.7m was spent on minerals exploration in Victoria, bringing total minerals exploration expenditure in the 2020-21 financial year to $184.9m –…