Updated: 26 August 2005

Australian Mineral Exploration: A Review of Exploration for the Year 2002

Summary

Global mineral exploration budgets fell by almost 14% in 2002 to US$1.9 billion (US$2.2 billion in 2001).
Australia was displaced by Canada as the world’s leading exploration destination, but Australia’s share of world exploration budgets rose marginally to 17.6%.
Mineral exploration in Australia in 2001-02 totalled $640.6 million, down 6% on 2001-02, and the lowest since 1992-93.
Western Australia was the leading state for exploration spending accounting for $381 million (59%).
Gold was the principal commodity sought with $331 million spent accounting for 52% of all exploration.
Exploration spending was up in coal, copper, diamonds, mineral sands (a record), but down in nickel and zinc on the previous year.
Exploration spending in the September quarter 2002 was up significantly