Minerals exploration booms

During a global pandemic, Victoria has recorded its highest ever quarterly minerals exploration expenditure value, according to the Australian Bureau of Statistics.

Spending on minerals exploration peaked at $42.6 million in the December 2020 quarter. This represents a 23.1 per cent increase on the previous quarter, well out-pacing the national growth rate of 2.5 percent.

Year-on-year exploration spending in Victoria grew by 22.8 per cent.

Minerals exploration expenditure is a measure of industry confidence and a precursor to future mining investment. It has been trending upwards for six years.

Last month Earth Resources Regulation released its annual statistical report (PDF – 1.1 MB) covering 2019-20.

Victoria’s minerals sector remains resilient and the outlook positive.

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