Exploration picks up in WA

PERTH (miningweekly.com) – Exploration activity in Western Australia is on the increase, according to data released by the Department of Mines and Petroleum (DMP).

The DMP has noted a 50% year-on-year increase in mineral exploration Programme of Work applications in the March quarter, with a total of 639 applications received.

“Increased exploration is a positive sign of private sector confidence,” Mines and Petroleum Minister Bill Johnston said.

“Resource exploration in Western Australia supports thousands of jobs and is fundamental in the discovery of the state’s next resource projects.”

Across the March quarter, the department received a total of 1 679 approval applications from the minerals sector and 183 from the petroleum and geothermal sector, and finalised 97% of all applications within target timelines for the quarter.

The Association of Mining and Exploration Companies (Amec) said that the new DMP figures showed that Western Australia’s mineral sector is returning to growth.

“The near record number of exploration Programme of Work applications reflects the improving sentiment in the sector,” said Amec CEO Simon Bennison.

“The number of initial public offerings from the mining sector has also risen, with six already listed on the ASX in the first quarter, and a further eight expected in the next couple of months. Given that there were only eight mining companies listed last year, this marks the beginning of investors returning to the market.”

“This increase in activity will have a multiplier effect and a flow on benefit to the broader community in jobs and revenue."

Bennison said that the high number of approvals being processed within the target timeline indicated that the DMP had capacity to reduce the target timeframes, with AMEC now calling on the DMP and the Minister to reduce the timeframes to a maximum of 20 days.

“Reducing timeframes for approvals will cut the cost of doing business in Western Australia and help the mining and mineral exploration sector,” said Bennison.