Today’s Australian Mineral Exploration Review 2011 compiled by Geoscience Australia confirms spending on mineral exploration in Australia continues at high levels with almost $3 billion invested during 2010/11.

Increased expenditure occurred in all jurisdictions except Victoria. Western Australia dominated spending with $1590 million, an increase of 28 per cent on the previous year, followed by Queensland with $664 million, up by 52 per cent, South Australia with $225 million also up by 52 per cent, the Northern Territory with $195 million, up by 31 per cent, New South Wales with $153 million, up by 17 per cent and Tasmania $37 million, an increase of 80 percent.

Western Australia also enjoyed the highest level of investment with 54 per cent of the total expenditure in Australia followed by Queensland with 22 per cent and South Australia with 9 per cent.

Expenditure was directed largely to areas around existing mines, which accounted for $1914 million, and to the search for undiscovered mineralisation in new, so called greenfields regions, where a total of $1037 million was invested.

Exploration expenditure increased for most commodities including coal (up 62 per cent to $520 million), copper (up 60 per cent to $323 million), lead, zinc and silver (up 46 per cent to $76 million), nickel and cobalt (up 33 per cent to $271 million), iron ore (up 27 per cent to $665 million, uranium (up 27 per cent to $214 million) and gold (up 13 per cent to $652 million).

Minor falls were observed in diamond exploration (down 14 per cent to $9 million) and mineral sands (down eight per cent to $26 million).

“As well as details about exploration expenditure the publication highlights the results from selected drill intersections announced by exploration and mining companies during 2010/11.

The Minister for Resources and Energy, Martin Ferguson AM MP said, “The positive exploration figures are good news and reflect the continued strength of the industry.

“They are a sign of confidence in our economy and demonstrate the continued interest in Australia for investment.

“Our natural resources, skilled workforce and balanced policy framework will go on prompting exploration on a vast scale.

The publication also presents summaries of Federal, State and Northern Territory government initiatives which assist the mineral exploration sector.

The review is available from the Geoscience Australia website http://www.ga.gov.au

19 February 2012