Today’s Minerals and Petroleum Exploration data from the Australian Bureau of Statistics confirms the ongoing strength of the Australian resources sector.
An estimated $919.3 million was spent on total mineral exploration (other than petroleum) in the September quarter 2011, an increase of 6 per cent on the June quarter 2011 estimate, which stood at $865.5 million. The current quarter estimate is 45.4 per cent higher than the September quarter 2010 estimate of $632.4 million.
The trend estimate for metres drilled rose 4.5 per cent this quarter. The September quarter estimate is 28.7 per cent higher than the September quarter 2010 estimate.
The seasonally adjusted estimate of mineral exploration expenditure rose 6.9 per cent (or $59.8 million) to $921.7 million. The largest rise this quarter was in Queensland (up 12.5 per cent or $27.7 million) followed by Western Australia (up 3.8 per cent or $16.4 million).
Expenditure on petroleum exploration for the September quarter 2011 fell 8.1 per cent (or -$69.1 million) to $780.2 million. Expenditure on exploration on production leases rose 7.3 per cent (or $9.8 million) to $144.7 million, while exploration on all other areas fell 11.0 per cent (or -$78.9 million) to $635.5 million this quarter.
Offshore exploration fell 19.8 per cent (or -$131.3 million) to $531.6 million, while onshore exploration expenditure rose 33.4 per cent (or $62.2 million) to $248.6 million.
The Minister for Resources and Energy, Martin Ferguson AM MP, said the figures reflected the continued strength of the industry.
“Exploration is a visible sign of confidence and is the first step in the development of the next generation of projects,” Minister Ferguson said.
“Australia has the natural resources, skilled workforce and balanced policy framework to go on prompting exploration on a vast scale.
“These figures indicate that some of the investment decisions we’ve seen recently may soon be followed by more of the same. Each one representing increase export earnings and more jobs.
“The draft Energy White Paper I released yesterday will lay the foundations for a strong energy and resources industry for years to come.”
For the full ABS release visit www.ausstats.abs.gov.au