ABS figures recently released show mineral exploration expenditure in Victoria reached its highest level on record in the December 2007 quarter.
Mineral exploration expenditure reached $24.3 million (seasonally adjusted), 26% higher than the previous quarter, and 12% higher than the December quarter 2006.
The increase of exploration expenditure was mainly attributed to significant growth of exploration for coal deposits and gold.
The ABS figures also highlighted an 83% increase in exploration for new deposits.
These figures follow the release in February of ABS December quarter data which highlighted an 18% increase in capital expenditure in Victoria’s resources sector compared to the previous quarter.