South Australian exploration investment tops nation
The South Australian Chamber of Mines and Energy (SACOME) has welcomed the release of new data showing South Australia has the highest growth rate of exploration investment in the country.
Australian Bureau of Statistics data shows exploration investment in South Australia rose 55% to $85 million in 2018-19. This was well above the national growth rate of 19% with Victoria the next fastest growth state with a rise of 39% to $102 million.
Copper accounted for the largest share of exploration investment in South Australia.
SACOME Chief Executive Rebecca Knol said the sharp rise in South Australia reflected increasing confidence within the resources sector.
“This is an exceptional result for the industry and a positive sign for the pipeline of projects, future job creation and the overall export performance in the State,” Ms Knol said.
“Exploration investment is crucial in discovering new deposits and realising the true value of the resources we have available to us in South Australia.
“We see this positive momentum continuing given exploration incentive programs SACOME has consistently lobbied for are now also back in place in South Australia.”
In the 2019-20 State Budget, the State Government included a $10 million ‘Accelerated Discovery Initiative. Exploration incentive programmes are a proven economic multiplier and those previously operating in South Australia were responsible for catalysing an extra $700 million in mineral exploration investment between 2002 and 2014 and have contributed to an increase in State mining revenue of $2.4 billion over that time.
The South Australian resource sector is the engine room of the South Australian economy employing 26,000 people directly and indirectly, delivering $6.1 billion in production, $4 billion in exports and $237 million in royalties to South Australians.
Media contact: Rebecca Knol, CEO SACOME, 0409 012 007
Australian Bureau of Statistics data shows exploration investment in South Australia rose 55% to $85 million in 2018-19. This was well above the national growth rate of 19% with Victoria the next fastest growth state with a rise of 39% to $102 million.
Copper accounted for the largest share of exploration investment in South Australia.
SACOME Chief Executive Rebecca Knol said the sharp rise in South Australia reflected increasing confidence within the resources sector.
“This is an exceptional result for the industry and a positive sign for the pipeline of projects, future job creation and the overall export performance in the State,” Ms Knol said.
“Exploration investment is crucial in discovering new deposits and realising the true value of the resources we have available to us in South Australia.
“We see this positive momentum continuing given exploration incentive programs SACOME has consistently lobbied for are now also back in place in South Australia.”
In the 2019-20 State Budget, the State Government included a $10 million ‘Accelerated Discovery Initiative. Exploration incentive programmes are a proven economic multiplier and those previously operating in South Australia were responsible for catalysing an extra $700 million in mineral exploration investment between 2002 and 2014 and have contributed to an increase in State mining revenue of $2.4 billion over that time.
The South Australian resource sector is the engine room of the South Australian economy employing 26,000 people directly and indirectly, delivering $6.1 billion in production, $4 billion in exports and $237 million in royalties to South Australians.
Media contact: Rebecca Knol, CEO SACOME, 0409 012 007