The Australian gold industry spent A$7.4 billion on capital, operational and exploration expenditures in 2002-3, according to the 2004 Gold Investment Survey.
The survey, published by the Australian Gold Council, polled 158 companies, including producers, contractors and explorers. The companies were asked how much they had invested in 2002-2003, the estimated amount spent in 2003-2004, and what they expect to spend in 2004-2005.
The survey found that spending is expected climb as high as A$8.1 billion in 2004-2005, or A$400 million more than the estimated A$7.7 billion spent in 2003-2004, an increase of 5%.
But a closer look reveals that exploration spending continues to lag behind general investment; indeed, exploration is expected to account for just 3.3% of total forecasted investment.
The Australian gold industry continues to be a major employer, particularly in regional areas. In 2004-5, the industry will employ about 22,000 people both directly and indirectly (as contractors). Roughly 19,000 of these jobs are in regional areas.
In addition, the survey sought information about investment by Australian gold companies in the Asia-Pacific region (excluding Australia). Thirteen Australian companies responded, and the combined 2004-2005 investment they represent is A$1.12 billion.
The survey also asked respondents how much money they plan to spend on environmental projects, including land reclamation or rehabilitation. The estimate for 2004-2005 is A$48 million, compared with A$50 million in 2003-2004.
— The preceding is from an information bulletin published by the Australian Gold Council, based in Melbourne.
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