Record investment in iron-ore exploration: Logan

27 January 2007 | 06:11 Code : 12554 Geoscience events
Mr Logan said the latest figures from the Australian Bureau of Statistics showed.....

  For the first time in Western Australian exploration history, more money is being spent on iron ore exploration than any other mineral, says Western Australian Resources Minister Francis Logan.

Mr Logan said the latest figures from the Australian Bureau of Statistics showed mineral exploration expenditure in WA rose by 24% in the three months to September 2006.The national increase was 18%.Mr Logan said the statistics showed iron ore exploration now exceeded all commodities, including gold, for the first time.“Iron ore exploration expenditure in WA rose by a remarkable 40 per cent, from $47.4million in the June quarter to $66.4million in the September quarter,” he said.The Minister said the Western Australian State Government’s decision to amend the Mining Act and create the Office of Development Approvals Coordination had started to pay dividends. The Carpenter Government had also provided additional funding for Geological Survey of WA, resulting in the release of new airborne geophysical information which allowed explorers to look through thick sand cover in remote parts of the State.“The particularly impressive upturn in petroleum exploration expenditure, up 72%, shows the domestic gas reservation policy has not jeopardised investment in WA as predicted by Federal Resources Minister Ian Macfarlane,” Mr Logan said.He said he hoped the small increase in gold exploration expenditure, from $63.5 million to $64.7 million, would mark the start of a rally in interest in gold.Nickel exploration expenditure increased by 25%, from $25million to $31.3million.

tags: QAZVIN

Your Comment :