Annual mineral exploration in SA hits post GFC high
News Release |
Hon Tom KoutsantonisMinister for Manufacturing, Innovation and Trade |
Thursday, 15 December 2011
Minister for Mineral Resources and Energy Tom Koutsantonis said today total spending on mineral exploration in South Australia has grown to the highest level since the Global Financial Crisis.
Australian Bureau of Statistics figures show expenditure on mineral exploration in the 12 months to September quarter grew to $282.0 million, the highest 12-month level since spending peaked at $355 million before the GFC.
Spending in the 12 months to September eclipsed the annual growth of $254.6 million in 2010/11 and rose 68.8% compared with the same 12-month period in 2009/10.
“South Australia’s mining sector continues to recover supported by strong international commodity prices and the State Government’s Plan for Accelerating Exploration – PACE 2020,” Mr Koutsantonis says.
“Spending on exploration already exceeds the Government’s new target of maintaining annual expenditure of $200 million as set out in the updated South Australian Strategic Plan.
“I remain confident that continued strong demand from new markets such as China and India will further underpin this sector in the years ahead.
“This latest result is a strong base to build on and when restrictions on exploration in the Woomera Prohibited Area are eased in the coming year, I would expect the momentum in exploration to pick up in 2012.”
Mr Koutsantonis says exploration eased to $74.7 million in the September quarter compared with the previous three months expenditure of $85.2 million.
“But expenditure in the September quarter of this year is 57.6% growth compared with the same three months in 2010,” he says.
“We already have opened 18 major mines in South Australia and there are more in the pipeline.
“Those new projects should add to our total mineral production in the years ahead, particularly copper, iron ore, gold, uranium and mineral sands.”
- Page URL: http://www.pir.sa.gov.au/minerals/press_and_events/news_releases/annual_mineral_exploration_in_sa_hits_post_gfc_high
- Page Last Modified: February 3, 2012