Mineral exploration expenditure fell 9.6% (or -$46.8m) to $438.8m in the June quarter 2014 according to the latest figures from the Australian Bureau of Statistics (ABS).
The largest contributor to the fall in the trend estimate this quarter was Western Australia (down 14.5% or -$38.4m). The current quarter estimate is 34.3% lower than the June quarter 2013 estimate.
The seasonally adjusted estimate for mineral exploration expenditure fell 7.5% (or -$35.8m) to $444.0m in the June quarter 2014. The largest contributor to the fall this quarter was Queensland (down 24.5% or -$30.2m).
In original terms, mineral exploration expenditure rose 16.2% (or +$66.0m) to $474.0m in the June quarter 2014. Exploration on areas of new deposits rose 19.0% (or +$23.0m) and expenditure on areas of existing deposits rose 15.3% (or +$44.0m).
In original terms, the largest rise by minerals sought came from expenditure on iron ore exploration (up 29.3% or +$33.8m). The next largest rise came from expenditure on gold exploration (up 27.2% or +$22.2m).
METRES DRILLED
The trend estimate for metres drilled fell 4.9% in the June quarter 2014. The current quarter estimate is 19.5% lower than the June quarter 2013 estimate.
The seasonally adjusted estimate for metres drilled fell 1.4% in the June quarter 2014.
In original terms, metres drilled rose 39.6%. Drilling in areas of new deposits rose 14.7% and drilling in areas of existing deposits rose 48.3%.
PETROLEUM EXPLORATION
TOTAL EXPENDITURE
The trend estimate for total petroleum exploration expenditure rose 12.7% (or +$157.5m) to $1,402.5m in the June quarter 2014. Exploration expenditure on production leases fell 2.9% (or -$11.1m), while exploration expenditure on all other areas rose 17.4% (or +$150.5m).
The seasonally adjusted estimate for total petroleum exploration expenditure rose 21.6% (or +$265.2m) to $1,493.7m in the June quarter 2014. Exploration expenditure on production leases fell 44.0% (or -$217.7m) and exploration expenditure on all other areas rose 65.9% (or +$482.9m).
The largest contributor to the rise in the trend estimate was South Australia (up 39.9% or +$54.8m) and the largest contributor to the rise in the seasonally adjusted estimate was Northern Territory (up 210.8% or +$156.6m).
ONSHORE
The trend estimate for onshore petroleum exploration expenditure rose 16.7% (or +$55.5m) to $388.7m in the June quarter 2014. Expenditure on drilling rose 0.1% (or +$0.2m), while other onshore petroleum exploration expenditure rose 29.2% (or +$45.6m).
The seasonally adjusted estimate for onshore petroleum exploration expenditure rose 19.8% (or +$67.8m) to $410.3m in the June quarter 2014. Expenditure on drilling fell 15.8% (or -$32.4m), while other onshore petroleum exploration rose 73.1% (or +$100.2m).
OFFSHORE
The trend estimate for offshore petroleum exploration expenditure rose 11.3% (or +$102.1m) to $1,007.6m in the June quarter 2014. Expenditure on drilling rose 9.4% (or +$66.5m), while other offshore petroleum exploration expenditure rose 17.8% (or +$35.6m).
The seasonally adjusted estimate for offshore petroleum exploration expenditure rose 22.3% (or +$197.4m) to $1,083.4m in the June quarter 2014. Expenditure on drilling rose 25.5% (or +$171.2m), while other offshore petroleum exploration expenditure rose 12.2% (or +$26.2m).
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