Record Gold Investment Drives Australia’s Booming Mineral Exploration Sector

What does the latest in mineral investment mean for our mining exploration sector? The industry is booming and is exactly the economic recovery we need in a post-covid world. In fact, many argue mining helped our country weather the covid storm. It stood strong whilst lockdowns and restrictions stunted the economic growth of most industries. Amid covid’s rampage, Australia’s mining industry shipped $299.6 billion in exports in the 2020-2021 financial year. Mining remains a pillar of our nation’s economy, employing 267,800 people, which is roughly 2% of Australia’s workforce. 

A brief history of mining in Australia 

Australia plays host to an abundance of minerals. We are one of the leading producers of iron ore, gold, lithium, lead, diamond, uranium and zinc. And with 80% of Australia still an untapped resource when it comes to mining minerals, you could say the best is yet to come. Why is mineral mining so important? With our ever-increasing technological world, these minerals are in high demand. You use them every day, the computer or mobile device you are reading this on are made from components derived from these minerals. And with new advancements in renewable energy and lithium batteries, it’s a great time to invest in the mineral industry.

What is mineral exploration? 

Mineral exploration is the process of searching for mineral deposits in the ground to see if there are any future mining possibilities at that site. It involves various techniques like mapping, surveying from ground level or above, testing soil and water samples or drilling. Mineral exploration can only be conducted if you have an exploration license, giving you the right to search for a specific mineral only within the governed area. The mineral exploration team must report to the landowner as well as manage environmental impacts, take public safety into account, take the opinions of the local community into account and share all exploration activities done under the licence. 

 Another gold rush 

Australia’s mining industry experienced its second-highest exploration investment last year. According to the Australian Bureau of Statistics, mineral exploration increased by 14 per cent to $3.2 billion in the 2020-21 financial year. This is the largest investment since the mining boom reached its peak in 2012. And this rush shows no signs of slowing down. Data from business advisor BDO shows in the September quarter alone; investors put over $2.55 billion in the mineral exploration sector. 

So mineral exploration and mining is continuing to keep our Australian economy alive, what has this got to do with us at ACE? At Australian Ceramic Engineering, we are leaders in protective wear solutions to combat the excessive wear and tear in mining equipment. We specialise in ceramic wear liners to supply our clients in the mining industry with a high-quality product to improve the function of their equipment. Thanks to ceramic’s properties, wear liners protect equipment from the highly abrasive materials flying through the machinery at high speeds. By protecting these assets, you are increasing their lifetime. Whilst Australia continues to be explored for its mineral potential, we will be here providing protection for the equipment to do so.