Australia devotes quarterly record amount of money to mineral mining
Exploration for minerals during the first quarter of the year in Australia proved to be the most costly yet, according to Mineweb.
The record amount of $1.09 billion in Australian currency represents the first time more than one billion dollars has been spent in one quarter. The development came from Treasurer Wayne Swan whose weekly economic note also cited expenditures for exploration also have gained.
"In fact, exploration expenditure has risen by about 35% since a price on carbon pollution was announced, and nearly 80 percent since the Minerals Resources Rent Tax was announced," the Treasurer's Economic Note stated. "It's yet another reality check for those who try to talk down the outlook for our resources sector or make ridiculous claims that important economic reforms are hurting investment."
The nation relies on coal for roughly 85 percent of its generation of electricity, underscoring the importance of mine optimization of the mineral.
For that reason, the country represents a topper-capital emitter of carbon.
He pointed to an increasing push for additional minerals native to the country.
"What's often not appreciated is that Asia's rise will create demand for a lot more than just our iron ore and coal," according to the treasurer of Australia. "That means there will be opportunities for more than just our resources sector."
The nation is projected to raise nearly $25 billion in Australian currency during the next four years from the tax since the nation is driving toward minimizing emissions and prompting investment in energy sources considered more clean, The Sydney Morning Herald reports.