Gold exploration fell slightly in the third quarter

Sydney (Nov 30)  Australian Bureau of Statistics (ABS) reported that gold was down in terms of exploration expenditure for the 3rd quarter. Iron ore however made up ground by $23.8 million. Exploration for the yellow metal dropped just $100,000 to $429.7 million over the quarter, but it remained well above the pack.

"Other minerals' recorded the largest rise of $25 million, and iron ore's jump of 15.8 percent to $174.6 million was the second-largest gain of the quarter. Existing deposits received attention worth $636.3 million (up 5.8 percent) and new deposits jumped 11.5 percent to $346.1 million.

In general, Australia's overall mineral exploration increased by 4.5 per cent to $925.9 million for the September quarter, seasonally adjusted, despite metres drilled falling for the first quarter since June 2020. In terms of state by state, Western Australia led the way with a new quarterly record of $596.1 million splashed on exploration, while Queensland placed second with $114.7 million.

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