Authors / CoAuthors
Abstract
In 2002, Australia's economic demonstrated resources (EDR) of bauxite, diamond, gold, iron and manganese ore, lithium, tin, tungsten and uranium increased, while those of black coal, ilmenite, tantalum, cadmium, zinc and vanadium decreased. EDR of brown coal, cobalt, lead, magnesite, rutile, zircon, nickel, niobium, phosphate, shale oil and silver remained at levels similar to those reported in 2002. The reductions in EDR were due mainly to production, with low commodity prices a subsidiary factor. Australia's EDR of base metals (zinc, lead, silver) nickel, mineral sands and uranium remain the world's largest, while bauxite, black coal, brown coal, cobalt, copper, gold, iron ore, lithium, manganese ore, rare earth oxides and gem/near gem diamond rank in the top six worldwide. Strong growth in gold prices in 2002 contributed to an increase in its EDR. The duration of gold's EDR (20 years at current production rates), however, signals the need for ongoing successful exploration in the short and medium term for this commodity, which is currently Australia's third largest export commodity. Similarly, there is a need for significant new discoveries of base metals to produce these commodities at current output levels beyond the next 20 to 25 years. Australian mineral exploration expenditure fell by 6% to $640.5 million in 2001-02, the lowest financial year current dollar amount since 1992-93. Spending for the calendar year, however, rose by $13.8 million (2%) to $678.2 million. A world survey of exploration budgets for 2002 by the Metals Economics Group saw Australia displaced by Canada as the world's leading exploration destination. In response to the low levels of exploration expenditure, industry and governments initiated studies to examine the economic implications of the downturn and ways at building industry recovery, including policy measures that may facilitate future mineral exploration activity in Australia.
Product Type
nonGeographicDataset
eCat Id
61113
Contact for the resource
Custodian
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Custodian
Cnr Jerrabomberra Ave and Hindmarsh Dr GPO Box 378
Canberra
ACT
2601
Australia
Keywords
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- GA PublicationReport
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- resource assessment
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- commodities
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- mineral deposits
- ( Theme )
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- mineral exploration
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- AU
- Australian and New Zealand Standard Research Classification (ANZSRC)
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- Earth Sciences
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- Published_External
Publication Date
2003-01-01T00:00:00
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unknown
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geoscientificInformation
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Unknown
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Extents
[-44.0, -9.0, 110.0, 156.0]
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