The Australian Bureau of Statistics (ABS) has released the March quarter’s Mineral and Petroleum Exploration findings, showing that the sector is continuing to display healthy growth.

 

The seasonally adjusted estimate of mineral exploration expenditure rose 12.3% (or $118.8m) to $1086.0m in the March quarter 2012. The largest rise this quarter was in Western Australia (up 19.0% or $95.5m) followed by Queensland (up 13.4% or $31.7m).

In original terms, mineral exploration expenditure fell 15.1% (or -$156.3m) to $876.1m in the March quarter 2012. Queensland had the largest fall (down 22.4% or -$57.5m), followed by Western Australia (down 7.9% or -$41.8m).

In original terms, exploration on areas of new deposits fell 23.2% (or -$75.0m), while expenditure on areas of existing deposits fell 11.5% (or -$81.3m).

In original terms, the largest fall by minerals sought came from expenditure on iron ore exploration (down 14.1% or -$43.9m), with the largest fall occurring in Western Australia. The next largest fall came from expenditure on coal exploration (down 18.5% or -$40.2m).

 

However, petroleum exploration failed to perform during the March quarter, falling 33.6 per cent, or $301 million, to finish at $596 million.