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8412.0 - Mineral and Petroleum Exploration, Australia, Jun 2008  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 10/09/2008   
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NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
September 2008 10 December 2008
December 2008 11 March 2009
March 2009 10 June 2009
June 2009 9 September 2009



CHANGES TO THIS ISSUE

The MinEx collection now uses ARIMA modelling where appropriate for seasonal adjustment of individual time series. The ARIMA model is assessed as part of the annual reanalysis and following the 2008 annual reanalysis 100% of directly adjusted MinEx series made use of an ARIMA model. For more information on the details of ARIMA modelling see feature article: Use of ARIMA modelling to reduce revisions in the October 2004 issue of Australian Economic Indicators (cat. no. 1350.0).


INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Neel Tikaram on Sydney (02) 9268 4792.


SUMMARY COMMENTARY


MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)


TREND ESTIMATES

The trend estimate for total mineral exploration expenditure rose $42.1m (6.5%) to $685.8m in the June quarter 2008. The estimate is now 41.3% higher than the June quarter 2007 estimate.

Mineral Exploration, Seasonally adjusted and trend series
Graph: Mineral Exploration (Time Series Estimate): Expenditure and Metres Drilled, ; Total deposits , Australia


The largest contributions to the rise this quarter were in Western Australia (up $30.6m or 9.3%) and Queensland (up $8.3m or 7.9%). The largest fall was in South Australia (down $1.7m or 1.9%).

The trend estimate for metres drilled rose 2.7% this quarter. The current estimate is now 15.4% higher than the June quarter estimate for last year.


MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)


EXPLORATION EXPENDITURE

The seasonally adjusted estimate of mineral exploration expenditure rose $41.6m (6.4%) to $691.3m in the June quarter 2008. The largest rises this quarter were in Western Australia (up $37.7m or 11.5%) and Queensland (up $9.8m or 9.2%).

In original terms, mineral exploration expenditure rose $184.1m (33.8%). Western Australia had the largest rise of $109.8m (40.5%), followed by Queensland which rose $40.5m (46.9%).

In original terms, exploration on areas of new deposits rose $81.8m (36.6%), while expenditure on areas of existing deposits rose $102.4m (32.0%).

In original terms, the largest rise by minerals sought came from expenditure on iron ore exploration (up $54.7m or 59.5%), with Western Australia more than fully accounting for this rise. The next largest rise came from expenditure on gold exploration (up $31.5m or 22.1%). The only fall in exploration expenditure by minerals sought this quarter was on diamonds (down $0.8m or 13.1%).

Mineral Exploration, Original series
Graph: Mineral Exploration: Expenditure and Metres Drilled, ; Australia , Total deposits



MINERAL EXPLORATION (OTHER THAN FOR PETROLEUM)


METRES DRILLED

In seasonally adjusted terms, total metres drilled rose 6.3% in the June quarter 2008. In original terms total metres drilled rose 36.1%. Drilling in areas of new deposits rose 57.0% and drilling in areas of existing deposits rose 24.2%.

Metres Drilled, Original series
Graph: Metres Drilled, Original series



PETROLEUM EXPLORATION


OVERVIEW

Expenditure on petroleum exploration for the June quarter 2008 rose $147.8m (20.8%) to $857.2m.

Expenditure on exploration on production leases rose $5.3m (3.6%), while exploration on all other areas rose $142.4m (25.3%) this quarter.

Offshore exploration rose $116.4m (18.9%) in the June quarter 2008, while onshore exploration expenditure rose $31.4m (33.2%).

Petroleum Exploration, Original series
Graph: Petroleum Exploration Expenditure



REGIONAL DATA

In the June quarter 2008, Western Australia had the largest rise in petroleum exploration expenditure of $118.2m (23.7%). Northern Territory had the largest fall of $51.8m (61.4%).


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