During a global pandemic, Victoria has recorded its highest ever quarterly minerals exploration expenditure value, according to the Australian Bureau of Statistics.
Spending on minerals exploration peaked at $42.6 million in the December 2020 quarter. This represents a 23.1 per cent increase on the previous quarter, well out-pacing the national growth rate of 2.5 percent.
Year-on-year exploration spending in Victoria grew by 22.8 per cent.
Minerals exploration expenditure is a measure of industry confidence and a precursor to future mining investment. It has been trending upwards for six years.
Last month Earth Resources Regulation released its annual statistical report (PDF – 1.1 MB) covering 2019-20.
Victoria’s minerals sector remains resilient and the outlook positive.