With the Australian mineral exploration sector producing another record year in expenditure, the Association of Mining and Exploration Companies (AMEC) is urging the industry to keep this momentum going.
Recent statistics from the Australian Bureau of Statistics (ABS) shows mineral expenditure nation-wide reached $4.2 billion in the 2023–24 financial year (FY24), an increase of 1.6 per cent on FY23.
Greenfield exploration similarly increased by 9.4 per cent to $26 million, while brownfield exploration increased to $712 million in a 12.6 per cent jump.
AMEC chief executive officer Warren Pearce said these were positive signs, but that doesn’t mean the industry should rest.
“It is encouraging to see the latest mineral exploration expenditure figures increase from the previous quarter,” Pearce said.
“However, there are signs for caution with clouds over the horizon compared to this time last year. The industry and investors needs certainty moving forward, to build on the last quarter and finish the year strongly.”
Each state and territory, except New South Wales, recorded a jump in total expenditure, with Western Australia leading the way at $52.9 million for nickel expenditure.
Queensland recorded an overall 10.2 per cent increase to $139.9 million in total expenditure, and Victoria and Tasmania exploration expenditure rose by 15.6 and 14.7 per cent respectively.
Pearce said the numbers were encouraging even though they remained in a “holding pattern”.
“Member companies are telling us they are baring the full brunt of risks in exploration at the moment,” Pearce said.
“There are positive signs, but there remains plenty of work to be done.”
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