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Commodity Price Surge Spurs Australian Explorers to Get Digging

  • Exploration spending hit 7-year high in June quarter: study
  • Supply constraints putting upward pressure on copper, nickel

Australian companies’ spending on resources exploration at home and abroad hit the highest in seven years in the June quarter, spurred by strong price gains across a range of commodities as the global economy recovers from the pandemic. 

Explorers listed on the Australian Stock Exchange spent A$666 million ($488 million) in the three months to June 30, according to a study by business advisory firm BDO. That was 34% above the two-year average and the highest quarterly spend since the March quarter of 2014.