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8412.0 - Actual and Expected Private Mineral Exploration, Australia, Jun 1999  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 20/09/1999   
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  • Exploration expenditure at lowest levels since 1993-94 - ABS (Media Release)

MEDIA RELEASE

September 20, 1999
Embargoed 11:30am (AEST)
108/99

Exploration expenditure at lowest levels since 1993-94 - ABS

For the last two financial years, the trend estimates for mineral exploration expenditure has been falling for each consecutive quarter, according to figures released today by the Australian Bureau of Statistics (ABS).

Expenditure for the year ended June 1999 ($838 million) was 21% lower than the previous year ($1,067 million) and the lowest reported annual expenditure since 1993-94 financial year.

Trend figures show June quarter 1999 was 10% lower than the March quarter, and 26% lower than the corresponding 1998 June quarter. These figures show that quarterly mineral exploration expenditure has fallen by 40% since the peak of $302 million reached in June quarter 1997.

Drilling was also at its lowest annual reported figure since 1992-93, with 8.1 million metres drilled for exploration to the year ended June 1999. This was 28% down on the previous year.

Similarly, petroleum exploration was also down 12% on the previous year, with reported expenditure of $868 million for 1998-99.

Total expenditure on petroleum exploration during the June quarter 1999 was $191 million. This is 16% lower than the March quarter and a fall of 43% from the June quarter of 1998.

Details are in Actual and Expected Private Mineral Exploration, Australia, June Quarter 1999 (cat. no. 8412.0) available from ABS bookshops.

A summary of the publication is available on this site. The ABS encourages media organisations with online news services to link to the summary. Please phone us if you need assistance to do this.

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