So much for all the doom and gloom about high taxes, such as the mining and carbon tax coming from the mining industry.
Companies large and small continue to spend big on mineral exploration in the March quarter.
But there was a fall in spending on petroleum exploration (the cyclones off the WA coast in January and February would help explain that).
Figures from the Australian Bureau of Statistics show a healthy rise in exploration expenditure in the three months to March.
The ABS said the seasonally adjusted estimate of mineral exploration expenditure rose 22.2% (or $145 million) to $797.4m in the March quarter 2011.
The largest rise this quarter was in Western Australia (up 25.4% or $92.1 million), followed by Queensland (up 17.4% or $22.9 million).
In original terms, mineral exploration expenditure fell 8.3% (or -$58.7m). Western Australia had the largest fall (down 8.0% or -$31.5m), followed by Queensland (down 12.2% or -$17.1m).
In original terms, exploration on areas of new deposits fell 23.6% (or -$64.7m), while expenditure on areas of existing deposits rose 1.4% (or $5.9m).
In original terms, the largest fall by minerals sought came from expenditure on uranium exploration (down 33.5% or -$21.9m); with the largest fall occurring in Western Australia.
The next largest fall came from expenditure on gold exploration (down 12.5% or -$20.9m).
In seasonally adjusted terms, total metres drilled rose 13.7% in the March quarter 2011. In original terms total metres drilled fell 15.9%.
Drilling in areas of new deposits fell 33.4% and drilling in areas of existing deposits fell 4.4%.
Expenditure on petroleum exploration for the March quarter 2011 fell 9.8% (or -$83.5m) to $766.1m.
Expenditure on exploration on production leases fell 46.7% (or -$124.8m) to $142.6m, while exploration on all other areas rose 7.1% (or $41.3m) to $623.5m this quarter.
Offshore exploration fell 4.7% (or -$30.3m) to $612.9m, while onshore exploration expenditure fell 25.8% (or -$53.2m) to $153.2m.
In the March quarter 2011, petroleum exploration expenditure in Queensland fell 29.7% (or -$37.2m) while Western Australia rose 8.5% (or $47.8m).
