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FURTHER INFORMATION For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or John Blanchette on Sydney 02 9268 4429. SUMMARY OF FINDINGS MINERAL EXPLORATION EXPENDITURE (OTHER THAN PETROLEUM) Trend Estimates The trend estimate for total mineral exploration expenditure increased by 1.8% to $188m in the June quarter 2003, the fifth consecutive increase in this series. The trend estimate is now 16.5% higher than the corresponding estimate in the June quarter 2002. MINERAL EXPLORATION EXPENDITURE, Trend and Seasonally Adjusted estimates June 1995 to June 2003 All states recorded an increase in trend estimates except South Australia, which recorded a slight decrease and Tasmania, which has remained unchanged for the past three quarters. The trend estimate for metres drilled increased by 5.8%, the third consecutive quarter of steady growth. The current trend estimate is 22.0% higher than the estimate for the June quarter 2002, but remains 2.4% lower than the estimate for June quarter 2001. Most states contributed to the overall increase in the June quarter 2003. The largest increase was recorded by Western Australia (up $21m or 22.9%), with exploration for Gold and Nickel and Cobalt driving the increase. Queensland (up $12m or 50.6%), Northern Territory (up $7m or 103%) and South Australia (up $5m or 83.3%) also recorded significant increases. The increase in Queensland exploration expenditure was mainly driven by Coal and for both Northern Territory and South Australia the increase was spread across various commodities. In seasonally adjusted terms, the biggest increase was in Queensland, up $2m (6.8%). In terms of expenditure by minerals sought, most commodities recorded an increase in the June quarter 2003. The largest increases came from Gold (up $15m or 17.4%), Coal (up $13m or 90.7%) and Nickel and Cobalt (up $9m or 70.7%). MINERAL EXPLORATION EXPENDITURE, by mineral sought September 2001 to June 2003 Metres Drilled In original terms, total metres drilled increased by 41.1% in the June quarter 2003 (up 0.8% in seasonally adjusted terms). Metres drilled on production leases increased by 53.2% and metres drilled on all other areas increased by 36.3%. MINERAL EXPLORATION, metres drilled September 2001 to June 2003 PETROLEUM EXPLORATION EXPENDITURE Overview In the June quarter 2003, expenditure on petroleum exploration fell by $26m or 9.9% to $240m, which is still 33.0% higher than the June quarter 2002. There was a significant increase in exploration on production leases (up $14m or 136.6%) which was more than offset by a decrease in exploration on all other areas (down $40m or 15.7%). While onshore exploration expenditure increased significantly by $11m (36.1%), offshore exploration decreased by $37m (15.7%), with drilling activity contributing strongly to the offshore decrease. PETROLEUM EXPLORATION EXPENDITURE Sept 2001 to June 2003 Regional Data In the June quarter 2003, Western Australia (down $40m or 21.0%), Victoria (down $23m or 59.2%) and Northern Territory (down $8m or 60.3%) recorded significant decreases in exploration expenditure, mainly due to decreased offshore drilling activity by a small number of companies. The remaining states recorded increases, with Queensland increasing by $10m (85.8%).
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