australia's identified mineral resources 2005 - Geoscience Australia

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.
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