australia's identified mineral resources 2005 - Geoscience Australia

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AUSTRALIA’S IDENTIFIED MINERAL RESOURCES 2005 Expenditure Mineral exploration expenditure for a range of commodities is collected quarterly by ABS. The following discussion is based on the survey data for 2003–04 (year ended 30 June 2004) and calendar year 2004. Differentiation of exploration spending into commodity groups prior to 1980 is based largely on a breakdown of ABS totals by Geoscience Australia. Financial Year 2003–04 Australian mineral exploration spending in 2003–04 rose by 7.4% to $786.7 million, which was the highest financial year current dollar spending since 1998-99. In constant 2003–04 dollars spending was also at its highest since 1998–99 (Figures 2 & 3). FIGURE 2. Australian mineral exploration expenditures by commodity in constant 2003–04 dollars (Based on ABS data deflated by Consumer Price Index series). FIGURE 3. Australian mineral exploration expenditures, excluding gold and base metals, in constant 2003–04 dollars (Based on ABS data deflated by Consumer Price Index series). 78
AUSTRALIA’S IDENTIFIED MINERAL RESOURCES 2005 Gold dominated exploration spending (50.5%) and, at $397.1 million, was at its highest level since 1998–99 (Figure 4). Iron ore, nickel and uranium recorded strong growth with increases of 43.5% (to $63.7 million), 27.8% (to $84.2 million) and 52.2% (to $10.5 million) respectively. Copper exploration fell by 4.8% to $37.8 million and zinc-lead-silver exploration fell by 18.9% to $29.7 million. Mineral sands exploration spending fell again in 2003–04 to $23.8 million, a fall of 12.8%. Although in constant 2003–04 dollars gold remained the dominant commodity sought, the level of spending grew only slightly and was less than in 2000–01 and less than half the 1996–97 level and less than half the 1987–88 peak (Figure 2). Similarly, base metals showed only a small increase and was less than a quarter of the 1970–71 high. Spending on iron ore exploration was the highest recorded for the period for which data is available. In contrast, diamond exploration was at its lowest level for the period for which data is available. FIGURE 4. Australian mineral exploration spending by commodity (Source: ABS) All States except New South Wales and the Northern Territory recorded increases in mineral exploration activity. Western Australia dominated with $465.8 million, 59.2% of total Australian mineral exploration expenditure in 2003–04 (Figure 5). Queensland with $125.2 million, an increase of $11.2 million, was the second largest State with 15.9% of the national total. A spending increase of 16% resulted in Victoria surpassing New South Wales as the third State with a total of $53.5 million. Expenditure in New South Wales fell by 14% to $50.5 million and in the Northern Territory it fell by 13.5% to $42.4 million. At $41.7 million (up 13.6%), South Australian spending was at its highest level since 1998–99. Tasmania recorded a massive 76.7% rise in exploration to reach $7.6 million. 79
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australia's identified mineral resources 2005 - Geoscience Australia

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