b'Canberra observed Canberra observedDavid Denham AM Associate Editor for Governmentdenham1@iinet.net.auMineral exploration investment powers aheadAlthough the December quarter numbers declined from the previous quarter, the steady upward trend in the mineral exploration investment since 2016 continued throughout 2022. (https://www.abs.gov.au/statistics/industry/mining/mineral-and-petroleum-exploration-australia/latest-release). TheFigure 1.Quarterly investment in mineral and petroleum exploration 2005-22 in.A$.fall in the December quarter of about 7% from the previous quarter affected the main commodities of gold, iron ore and all other minerals. Coal was the only commodity that did not decline. Figure 1 shows the results for the period 2005 through 2022. Figure 2 shows in more detail the variations over a 9-year period from 2013-22. Gold once again dominates the numbers. The future still looks good for minerals.The investment in offshore exploration has not recovered, despite the price for Brent Crude or West Texas Intermediate hovering in the US$70-80 range.Petroleum exploration still in the doldrumsThe petroleum exploration expenditure is still very low because of the paucity of any significant offshore investment. The war in Ukraine resulted in a short-term increase in the price of West Texas Crude, up to over US$100/bl, but it has subsequently stabilised at about US$80/bl. These price changes appear not to have affected exploration investment. The onshore investment has stabilisedFigure 2.Breakdown of quarterly exploration investment (in A$) on the main commodities between at about $190 million per quarter about2013 - 22, unsurprisingly gold is still the dominant mineral. The data have not been adjusted for CPI 15% of the total expenditure in 2014. changes.35 PREVIEW APRIL 2023'