Exploration beginning to grow in certain parts of Australia

Despite the expected 30% increase in resource and energy export earnings forecast by the Department of Industry, Innovation and Science, Australia’s exploration expenditure has continued to contract, although the pace of decline has slowed. In its Resource and Energy Quarterly report, the government noted that the pace of decline in mineral exploration expenditure, which has declined by about 10% year-on-year since late 2012, has slowed considerably in recent quarters.