Rising minerals exploration an investment in Australia’s future

The Australian mining industry is still backing Australia’s economic recovery with near record levels of exploration investment in 2020-21, according to data released by the Australian Bureau of Statistics today.

Minerals exploration investment has increased 14 per cent to $3.2 billion in 2020-21, the highest spending since the peak of the mining boom in 2012.

Gold exploration – up 32 per cent – has been the main driver of this growth, accounting for 48 per cent of all exploration investment in Australia last financial year.

Exploration is the foundation of mining activity. It is essential for keeping existing mines operating as well as identifying the mineral deposits that will drive new mining investment, create jobs and support new local businesses around Australia.

Since the start of the COVID-19 pandemic the minerals industry has been the backbone of the Australian economic recovery. While helping to keep workers, families and local communities safe, it has been supporting national recovery through new jobs, record exports and the modern exploration boom.

The industry was able to use its existing strong safety culture and safety systems to rapidly respond to the pandemic and put strict protocols in place.

Attracting new exploration investment is essential to Australia’s post-COVID economic recovery – providing jobs for thousands of Australian geologists, drilling crews and laboratory workers every year – and is vital for discovering the mines that will produce minerals critical to global economic progress such as battery minerals, base metals and rare earth elements.

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