03 Nov Australian mining and resources booming ahead of 2022 IMARC event
Despite a period of disruption since the arrival of the COVID-19 pandemic, Australia’s mining and resources sector is continuing to provide stability as profits extend their record-breaking run.
According to latest statistics, more than 11% of Australia’s economic activity comes from mining and resources. This highlights the importance of events like the International Mining and Resources Conference (IMARC), which enables the likes of Geoscience Australia to showcase their achievements.
As Australia’s most influential mining event, IMARC connects global mining leaders with technology, finance, and the future. “This past year has been one of the most difficult on record for businesses to not only continue to operate, but also to be able to talk about their achievements and milestones,” said Geoscience Australia director of mineral resources and promotions, Allison Britt.
“This coming year looks to be returning the industry to some semblance of normality with events opening up such as IMARC in 2022, enabling us to network again and to gather again as an industry,” she continued.
Gold continues to be the most explored commodity in Australia with expenditure in 2020-21 amounting to just over A$1.5 billion, a 32% increase on 2019-20. Copper and iron ore remain the next most sought-after commodities.
Exploration for critical minerals or ‘energy metals’ such as lithium and rare earth elements has been increasing for the last four years and accounted for $222 million of mineral exploration expenditure in the 2020-21 period.