$4.4bn
$XX.Xbn
5,602
2,770
$XXX.Xm
Mineral exploration's role in the mining supply chain is to identify a pipeline of economically proven resources for the future development, production and export of minerals. Mineral explorers locate ore bodies that can be mined and provide data so that companies can evaluate the viability of deposits. Industry activity is often taken as a lead indicator for mineral output, and the industry's performance moves ahead of that of extraction industries in the mining division. Global prices for different mineral commodities, the strength of the Australian dollar and sentiment in the Mining division influence spending on exploration activities. Weaker commodity prices reduce the value of potential discoveries, making it more difficult for exploration companies to access funding. The connection between industry activity and commodity prices also underpins high revenue volatility.
Industry revenue has grown at a CAGR of 9.6 % over the past five years, to reach an estimated $4.4bn in 2024.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2024 | Revenue ($short_0)
2024 |
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There are no companies that hold a large enough market share in the Mineral Exploration in Australia industry for IBISWorld to include in this product.
Industry revenue is measured across several distinct product and services lines, including Iron ore exploration, Gold exploration and Base metals and silver exploration. Iron ore exploration is the largest segment of the Mineral Exploration in Australia.
Rising prices have driven gold exploration expenditure higher
Industry firms explore for minerals either on their own account or on a contractual basis. The industry excludes firms that explore for crude petroleum and natural gas.
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ANZSIC 1012 - Mineral Exploration in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Rising commodity prices and demand for critical minerals have driven exploration activity higher. Demand for commodities like nickel, copper and lithium, which are key inputs...
Learn about an industry's products and services, markets and trends in international trade.
Exploration for base metals is the industry’s fastest growing service segment. Commodities like copper, nickel and cobalt are key inputs for batteries and renewable energy in...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Most exploration activity is focused in Western Australia. The state is home to most of Australia’s iron ore, gold, bauxite, and lithium production
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Joint ventures allow explorers to spread the risk and cost of exploration activities across multiple parties. Large mining companies develop their portfolios through both exp...
Learn about the performance of the top companies in the industry.
Mineral exploration is characterised by a large number of small businesses. Over 95% of mineral exploration companies have fewer than 20 employees.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Rising commodity prices have driven mineral exploration expenditure higher. However, there has been significant volatility within different commodity segments, especially in ...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Exploration activity is typically considered an expense rather than a revenue generating activity. Returns are then generated when a discovered deposit is sold or developed a...
Including values and annual change:
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IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Australia include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Mineral Exploration industry in Australia is $4.4bn in 2024.
There are 2,770 businesses in the Mineral Exploration industry in Australia, which has grown at a CAGR of 4.4 % between 2019 and 2024.
The market size of the Mineral Exploration industry in Australia has been growing at a CAGR of 9.6 % between 2019 and 2024.
Over the next five years, the Mineral Exploration industry in Australia is expected to decline.
Iron ore exploration and Gold exploration are part of the Mineral Exploration industry.
The level of competition is high and steady in the Mineral Exploration industry in Australia.