Tuesday 3 January 2023

New Australian Bureau of Statistics data reveals South Australia recorded its highest private spend on mineral exploration in almost a decade.

Seasonally adjusted data released earlier this month showed that private mineral exploration in South Australia reached $38.4 million dollars in the September quarter – a 9.7% rise ($3.4 million) from the previous quarter, and the highest since June 2013.

A total of $136.8 million was spent in the 12 months up to September 2022, smashing the previous 12 months’ private mineral exploration spend by $40 million.

The state is recording broad growth in exploration figures, including advanced-stage copper exploration at Oak Dam and exploration programs for rare earth elements, graphite, iron ore, mineral sands (zircon) and gold.

South Australia’s resource inventory includes critical minerals that are increasingly in demand to support the global transition to a decarbonised future. One such critical mineral is copper.

ABS export figures also released this month show that refined copper and copper product exports recorded a 17% growth ($300 million) in the 12 months to October 2022 compared with the previous 12 months.

This growth was just part of the economic boost seen over the 12 months to October 2022.

South Australia’s overseas goods exports reached a new record – $16.0 billion, up 23% ($3.0 billion) compared with the previous 12 months.