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Latest data shows annual exploration growth

Mineral exploration expenditure lifted significantly in Queensland last financial year, the Association of Mining and Exploration Companies says.

But AMEC has raised concerns about the impact of tight border restrictions on more recent activity in the state.

The total exploration spend in Queensland (other than petroleum) hit $403.4 million in 2019/20 compared to $313.4 million the previous year, according to the latest Australian Bureau of Statistics figures.

The figures also showed total Queensland exploration expenditure in the June 2020 quarter (other than petroleum) was $105.2 million, up on the March quarter ($81.2 million).

AMEC Queensland manager Kate Dickson said the majority of mineral exploration expenditure statewide in the June 2020 quarter went into coal, with $61 million spent, or 58 per cent of the total expenditure.

The majority of the remainder was spent on ‘selected base metals’, gold and copper.

But while the lift in spending shown in the latest ABS data seemed like good news, Ms Dickson said the data was already two months old – reflecting a time when explorers and contractors could travel interstate with exemptions.

“Now companies are struggling to get staff with appropriate qualifications to get work done,” she said.

“Staff are now making the difficult decision to leave their families for extended periods of time so they can keep their jobs and get the work done before the wet season puts a stop to it.”

Nationwide, investment in brownfield exploration hit $454.3 million in the June quarter and greenfield expenditure hit $229 million.

Australiawide the largest increase by minerals sought came from expenditure on gold (up 11.54 per cent to $304.4 million) and iron ore (up 30.73 per cent to $98.7 million), AMEC said.



 



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