Western Australia leads Australian mineral exploration spending

Western Australia has emerged as the leader in Australian mineral exploration, spending $843.6 million during the June quarter. This figure represents more than 70 per cent of the nation’s total mineral exploration expenditure.

According to data from the Australian Bureau of Statistics, total national spending on mineral exploration rose by nearly 25 per cent compared to the previous three-month period, reaching approximately $1.19 billion. Gold was the primary focus of investment, accounting for $565.6 million of the national total. In Western Australia specifically, gold exploration investment exceeded $460 million, marking a record high since 1988.

Iron ore also saw significant investment, with over $230 million spent in the June quarter, the highest level since March 2013. Conversely, nickel exploration spending fell to its lowest level since March 2017. The Association of Mining and Exploration Companies noted that while drilling activity remains high, the industry is facing rising costs and potential future impacts from capital gains tax changes announced in the May federal budget.