Fed: Mining exploration down two per cent

AAP General News (Australia)
12-20-2000
Fed: Mining exploration down two per cent

CANBERRA, Dec 20 AAP - Mining exploration fell two per cent in the September quarter.

The Australian Bureau of Statistics said today the small fall, which brought exploration
spending to $166 million seasonally adjusted, should almost be the end of 12 consecutive
quarters of decline in exploration.

One of the biggest falls was in gold, with exploration for the precious metal down
16 per cent to $17 million, with most of the fall off in Western Australia.

Base metals such as copper, silver, lead, zinc and nickel were also down three per cent.

The news is better in oil exploration which climbed 33 per cent.

More than $220 million was spent on oil exploration, although almost all of the increase
was due to increased exploration overseas.

There was substantial increases in oil searching around the Ashmore and Cartier Islands
area off Western Australia.

AAP sw/daw/mg

KEYWORD: MINING

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