PROSPECTING – AUSTRALIA

Mine prospecting booms as explorers look past China dip

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Original article by Elouise Fowler
The Australian Financial Review – Page: 15 : 27-Mar-24

Data from advisory firm BDO Australias shows that resources companies in the pre-revenue stage spent a total of $1.01bn on exploration in the December quarter. This was the highest level of exploration expenditure in the final three months of a calendar year in the last decade. Meanwhile, exploration companies raised a total of $2.68bn from investors during the quarter, which is 32 per cent higher than the previous three months.

CORPORATES
BDO AUSTRALIA LIMITED

Belts tighten across exploration sector: BDO

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Original article by Peter Ker
The Australian Financial Review – Page: 30 : 11-Jun-19

ASX-listed companies spent $363 million on exploration for minerals, oil and gas in the first three months of 2019, according to accounting firm BDO Global. It was the lowest quarterly exploration expenditure since the three months to June 2017, when just $338 million was outlayed. BDO also found that the average cash balance among exploration companies had declined from $5.79 million to $5.62 million, while the number of exploration companies listed on the ASX is on the decline.

CORPORATES
BDO GLOBAL, BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Industry baulks at Pauline’s gas pact

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Original article by Matt Chambers
The Australian – Page: 4 : 23-May-18

The Australian Petroleum Production & Exploration Association has warned that oil and exploration costs would rise under proposals put forward by One Nation leader Pauline Hanson. The Federal Government had agreed to a number of concessions in return for One Nation’s support for its company tax package, including changes to the Petroleum Resource Rent Tax and a gas reservation scheme in Western Australia. One Nation subsequently withdrew its support for the tax package, although LNG producers still anticipate some changes to the PRRT.

CORPORATES
AUSTRALIAN PETROLEUM PRODUCTION AND EXPLORATION ASSOCIATION LIMITED, ONE NATION PARTY, CHEVRON AUSTRALIA PTY LTD, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

Gold exploration spending needs to double, report finds

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Original article by Peter Ker
The Australian Financial Review – Page: 18 : 16-Oct-17

Australia’s gold production totalled 9.7 million ounces in 2016, but a report from Minex Consulting warns that a big rise in exploration expenditure is needed to avert a sharp downturn in production within five years. The Office of the Chief Economist is also bearish about the outlook for the nation’s gold sector, forecasting that the value of gold exports will fall to $A17.1bn in 2017-18 and $A16.9bn in 2018-19. This compares with around $A18bn in 2016-17.

CORPORATES
MINEX CONSULTING PTY LTD, AUSTRALIA. OFFICE OF THE CHIEF ECONOMIST, LIBERAL PARTY OF WESTERN AUSTRALIA

Gold mining M&A too expensive: CEOs

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Original article by Tess Ingram
The Australian Financial Review – Page: 13 & 24 : 9-Aug-17

Gold Fields CEO Nick Holland says the South Africa-based company has ramped up spending on exploration to almost $A100m a year, citing factors such as a dearth of acquisition opportunities in the gold sector and the high cost of gold assets. He adds that exploration budgets had been slashed globally in recent years, while a number of gold assets in Australia are likely to reach the end of their mine life in coming years. Evolution Mining and Saracen Mineral Holdings are among the Australian-listed companies that are increasing their exploration programs.

CORPORATES
GOLD FIELDS LIMITED, EVOLUTION MINING LIMITED – ASX EVN, SARACEN MINERAL HOLDINGS LIMITED – ASX SAR, ST BARBARA LIMITED – ASX SBM, DIGGERS AND DEALERS FORUM, GOLD ROAD RESOURCES LIMITED – ASX GOR, RIVERSGOLD LIMITED

Giants join juniors in the hunt for minerals

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Original article by Paul Garvey
The Australian – Page: 17 & 20 : 24-Jul-17

Newcrest Mining has established a joint venture with Encounter Resources to explore for gold in Western Australia. The alliance is part of a growing trend for major global miners to enter joint venture arrangements with smaller Australian explorers. Encounter Mining MD Will Robinson says it is a cost-effective way for large miners to undertake greenfields exploration programs. He adds that more big miners are starting to ramp up their exploration in the wake of cutbacks following the downturn in the resources sector.

CORPORATES
NEWCREST MINING LIMITED – ASX NCM, ENCOUNTER RESOURCES LIMITED – ASX ENR, ASSOCIATION OF MINING AND EXPLORATION COMPANIES, RIO TINTO LIMITED – ASX RIO, ANGLOGOLD ASHANTI LIMITED – ASX AGG, ORINOCO GOLD LIMITED – ASX OGX

Explorers splash cash as prices improve

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Original article by Tess Ingram
The Australian Financial Review – Page: 16 : 22-Sep-16

Data from accounting firm BDO shows that Australian-listed resources companies spent an average of $A418,000 on exploration in the June 2016 quarter. This is 16 per cent higher than in the March quarter, and represents the first quarterly increase in more than two years. The median exploration budget of small explorers increased from $A91,000 to $A115,000. There was also a large increase in the number of resources groups that raised at least $A10m from investors during the quarter.

CORPORATES
BDO CHARTERED ACCOUNTANTS AND ADVISERS, AUSTRALIAN INSTITUTE OF GEOSCIENTISTS

Drill rigs start spinning as exploration recovers

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Original article by Tess Ingram
The Australian Financial Review – Page: 16 : 3-Aug-16

Delegates at the annual Diggers & Dealers conference have been told that there has been a sharp increase in exploration activity following several lean years for the Australian mining industry. There has been particular emphasis on brownfields exploration, including older gold projects that were previously thought to have been exhausted. Independence Group MD Peter Bradford has urged investment in technology to access deeper deposits that are difficult to reach with the equipment that is currently available.

CORPORATES
INDEPENDENCE GROUP NL – ASX IGO, DIGGERS AND DEALERS FORUM, DACIAN GOLD LIMITED – ASX DCN, EVOLUTION MINING LIMITED – ASX EVN, RIO TINTO LIMITED – ASX RIO, GOLD FIELDS LIMITED

Australia overdue a big minerals find: Rio Tinto

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Original article by James Thomson
The Australian Financial Review – Page: 16 : 2-Aug-16

Rio Tinto’s head of exploration, Stephen McIntosh, is among the speakers at the annual Diggers & Dealers Forum on 2 August 2016. He will outline Rio’s plans to team up with smaller resources groups to find the next big minerals deposit in Australia, noting that the nation’s last major Tier 1 discovery was more than two decades ago. He will also stress the need for regulatory reform to reduce the compliance burden for exploration projects. Meanwhile, BC Iron has posted a 2015-16 net loss of $A80m and revenue of $A151.3m.

CORPORATES
RIO TINTO LIMITED – ASX RIO, DIGGERS AND DEALERS FORUM, BC IRON LIMITED – ASX BCI, FORTESCUE METALS GROUP LIMITED – ASX FMG

A golden bet on Dacian that paid off for the ‘Kalgoorlie Mafia’

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Original article by Paul Garvey
The Australian – Page: 19 & 22 : 7-Jul-16

Shares in Dacian Gold reached a record high of $A3.38 on 6 July 2016, compared with less than $A0.30 in early 2015. Dacian is poised to become one of Australia’s 10 largest gold producers when the Mount Morgans project is commissioned in 2018. Dacian will shortly release the results of a drilling program at its Westralia deposit, while drilling will commence at its Callisto prospect in August. CEO Rohan Williams and a group of investors injected $A10m worth of seed capital into Dacian in 2012.

CORPORATES
DACIAN GOLD LIMITED – ASX DCN, RANGE RIVER GOLD LIMITED, BLUE OCEAN EQUITIES PTY LTD, GOLD FIELDS LIMITED