The preliminary results of the 2002 Bonaparte Basin assessment indicate that there is a mean expectation of finding 334 million barrels of oil, 2.96 TCF of gas, and 116 million barrels of condensate in the next ten to fifteen years. This assessment represents a fall of some 41% from the 1998 oil assessment but an increase of 30% in the amount of gas. This is mainly due to the methodology attempting to model the expectation for the next ten to fifteen years rather than modelling the ultimate potential.

A medium term forecast of undiscovered hydrocarbon resources for the Bonaparte Basin has been generated by Geoscience Australia and reveals that there is the potential to discover 56 gigalitres (350 million barrels) of oil, 82 billion cubic metres (2.9 trillion cubic feet) of gas, and 18 gigalitres (115 million barrels) of condensate in the next ten to fifteen years.

How much oil and gas remains to be discovered? At the Australian Petroleum Production and Exploration Association (APPEA) Conference in Hobart in 2001, Dr Trevor Powell, Chief of the Petroleum and Marine Division, delivered a paper discussing the future of Australia?s hydrocarbon production1. Australia has enjoyed a high level of self-sufficiency for its liquid hydrocarbon requirements but forecasts of future production suggest that as early as 2005, the level of production will drop by about 33% and by 2010, production will be down by about 50%. This production forecast includes forecast production from already developed and soon to be developed fields, as well as a component from fields yet to be discovered.

Australia's Identified Mineral Resources is an annual national assessment that takes a long-term view of Australian mineral resources likely to be available for mining. The assessment also includes evaluations of long-term trends in mineral resources, world rankings, summaries of significant exploration results and brief reviews of mining industry developments. This entry is for the revised (minor edits - 2014) version of AIMR 2012 GeoCat #75326

A map showing selected mines, mineral deposits and historice mines on the radiometric map of Australia. 1:5 million scale.

Map shows lead and zinc resources of Australia.

Resource estimates for individual mineral deposits reported by companies using the Joint Ore Reserves Committee Code are compiled in Geoscience Australia's national mineral resources database and used in estimating national resource inventories which are reported in categories of the National Mineral Resources classification system. The national inventory provides a long term national perspective of potentially mineable resources and the results are published online in 'Australia's Identified Mineral Resources'. Analyses of resource trends show that growth in Australia's resources have generally been strongly influenced by: - discoveries of new deposits, and extensions of resources at known deposits, - advances in metallurgical techniques and mining methods which have stimulated the exploration and development of new ore types and low grade deposits previously considered uneconomic, - availability of cheaper energy, - increases in prices of mineral commodities driven largely by the massive demand from China. From the early 1970s, Australia's iron ore mines have been based on large resources of direct shipping hematite ores in the Hamersley Basin. From 2003, Australia's Economic Demonstrated Resources (EDR) of iron ore grew to record levels as increased demand for iron ore generated renewed interest in magnetite ores. As a result, large increases in magnetite resources were recorded as development of large magnetite deposits in the Pilbara (Sino Iron project) and mid-west regions of WA (eg Karara deposit) commenced. Trends in Australia's EDR of black coal, gold and other major commodities are discussed.

Spiralling nickel metal prices (740 times increase from 2001 to a record level of US$33 400/tonne in August 2006) driven by the urbanisation and industrialisation growth of China, dwindling global stockpiles, and exploration expenditures and activities at all-time highs collectively indicate that the nickel industry of Australia is currently experiencing a `boom phase' of unparalleled opportunities. Geoscience Australia has just published (Ore Geology Reviews) a comprehensive synthesis 'Nickel sulfide deposits in Australia: Characteristics, resources, and potential' by Dean Hoatson, Subhash Jaireth, and Lynton Jaques, that for the first time, reviews the geological settings and resources of Australia's nickel sulphide deposits at a national scale and places them in a global context. It summarises the key factors that determine the fertility of nickel-bearing magmatic systems with a predictive focus that should be of considerable interest to companies exploring for nickel deposits.

Shows operating mineral mines, deposits where development has commenced or where a decision to mine has occurred. Closed mines or mines not currently operating are generally not shown

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.