NEW REPORT CONFIRMS NICKEL COLLAPSE & MINING/PETROLEUM EXPLORATION PLUMMETS

• New report confirms mining exploration expenditure drops by 10%; as uncertainty remains after Blayney Gold decision.
• In the midst of an energy crisis, petroleum exploration expenditure drops by 12 per cent.
• Nickel exports collapse by 67% under Labor’s watch.

The Albanese Labor Government must do an urgent U-turn on its anti-mining policies following the release of

today’s September Resources and Energy Quarterly (REQ) that confirms plummeting investment in exploration, and the consequence of the nickel industry collapse in Western Australia.

Shadow Minister for Resources, Senator Susan McDonald, said the updates report was yet another damning indictment by the Government’s own experts, that Labor’s anti-mining policies were crippling Australian jobs and Australian income.“This latest report highlights the impacts of two years of compounded anti-mining policies” Senator McDonald said.

“In the June quarter alone, mineral exploration expenditure has fallen by 10 per cent. We know this will only now get worse as a result of Labor’s decision to try and scuttle the Blayney Gold Mine in New South Wales thanks.

“In the midst of an energy crisis, Labor has overeen a 12 per cent drop in petroleum exploration expenditure in just one quarter.

“This Government’s record of failure is having real impacts on the future investments in resources – exploration expenditure is a key indicator of industry certainty, and Labor is failing the test.

“In just 10 months, since Labor let the Western Australian nickel industry collapse, nickel export volumes are set to collapse by 67 per cent, at a cost of $2.1 billion in lost earnings.

“It is clear that the Government has no capability to support our traditional commodities, let alone support the development of our critical minerals sector, and Australian miners deserve better.”

ENDS