Drilling drops as miners bunker
Resource exploration has continued to decline nationwide in the September quarter, with Queensland the worst hit.
According to the latest Australian Bureau of Statistics (ABS) figures, mineral exploration fell 3.6 per cent on the national trend estimates.
In dollar value, it was down by $16.5 million to $446.9 million for the quarter.
But the number in Queensland fell by over 10 per cent, down $10.7 million.
Western Australia fell by 7.7 per cent, or $21.7 million in seasonally-adjusted figures.
In real terms mineral exploration is down 11.7 per cent to $455 million for the quarter.
This includes a loss of $60 million worth of investment in the industry. Greenfields searching is down $15 million and brownfields down $45 million.
The quest for iron ore has seen the greatest drop in investment, as the sector switches to a production phase, down 24.4 per cent cut (or $46.1 million) from expenditure in the previous quarter.
Gold was second, with investment down 13.4 per cent or $13.9 million.
Total metres drilled were down 1.8 per cent on the previous quarter, and an estimated 13 per cent lower than the 2013-14 figure.
In non-seasonally-adjusted terms, greenfields metres drilled are actually up 28.5 per cent, while brownfields fell 8.2 per cent.