Western Australia mineral exploration activity records a five-year high!
July and August figures showed a 63 per cent increase on the 195 monthly average for applications and processing in the last five years. The report also shows 70 per cent of applications received in July and August were gold exploration.
In August, the Department of Mines, Industry Regulation and Safety received 317 Programme of Work applications and approved 99 per cent of all the applications it received that month.
“These encouraging figures indicate that Western Australia’s exploration sector is thriving.”
“The timeframe reduction will have a direct benefit to the mining industry and we can see it is already promoting economic activity in the regions.”
The Association of Mining and Exploration Companies with its chief executive officer Warren Pearce said that the increase in the results were encouraging and showed notable strength in the exploration industry.
According to Mr. Pearce,
“Twenty-eight companies were able to raise funds of $10 million or more, up from 12 companies in the March 2020 quarter, with gold companies ahead.”
“The ability of the state government to prevent the spread of COVID-19 in WA has provided certainty around land access”
“This has meant that companies were able to focus their efforts on projects in the state.”
Updated data from the Australian Bureau of Statistics showed that Western Australia’s total exploration expenses increased by $45.3 million over the June quarter, to record $412.4 million.