Australia’s gold exploration expenditure increased to $304.4 million in the June quarter of 2020, according to the Australian Bureau of Statistics.
The prospect of discovering another project the quality of Fosterville in Victoria is part of what has led to an exploration revival as prices for the commodity have also risen. Australian gold companies have also continued to stay the course in growing their portfolios.
Leading Australian gold producer Northern Star Resources spent $288.7 million on its exploration and evaluation assets in the 2020 financial year. Saracen Mineral Holdings invested $273 million on growth projects and exploration in the same period to prepare its business for the future.
In October 2020, the joint Super Pit owners agreed to a merger-of-equals worth $16 billion. Bellevue Gold, an emerging gold company, plans to spend $35 million on its exploration projects in the 15 months from October 2020.
International companies are also investing in Australia, with South Africa’s Gold Fields spending $US58.3 million ($81.3 million) on exploration during 2019.
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