How does Australia’s discovery record shape up to the rest of the world?

Presentation to the AMEC 2010 National Mining Congress, Perth, June 2010

The key observations were:

  • Between 1975-2009 Australia accounted for 17% Western World’s exploration expenditures
  • With this the country found 20% of the Western World’s mineral deposits by number, and 17% of the Tier 1 & 2 deposits
  • Australian explorers are currently finding around 5-10 greenfield deposits each year, at an average cost of ~US$200m per (Moderate) deposit
  • The local Industry good at finding moderate-sized deposits – but its track record on Major + Giant discoveries is deteriorating
  • This is due to an over-reliance on brownfields exploration
  • Australia’s long term future hinges on making giant greenfield discoveries
    • The proposed Resource Super Profits Tax discourages this
    • Need to develop effective methods for exploring under deep cover

Note: Since writing the presentation the Australian Government has dropped its proposed Super Profits Tax on the industry

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