Mineral Exploration in Australia - Market Research Report (2014-2029)
Melbourne, Australia
Last Updated: June 2024
ANZSIC B1012Revenue
$4.4bn
Past 5-Year Growth
Profit
$XX.Xbn
Employees
5,602
Businesses
2,770
Wages
$XXX.Xm
Mineral Exploration in Australia industry analysis
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.
Trends and Insights
- 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 used in batteries, is rising, albeit the prices are volatile.
- 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 infrastructure.
- Most exploration activity is focused in Western Australia. The state is home to most of Australia’s iron ore, gold, bauxite, and lithium production
- Joint ventures allow explorers to spread the risk and cost of exploration activities across multiple parties. Large mining companies develop their portfolios through both exploration and acquisitions.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 9.6 % over the past five years, to reach an estimated $4.4bn in 2024.
Trends and Insights
Commodity prices and investor expectations drive exploration activity
- Exploration activity creates an option for future expansion, which downstream industries exercise if commodity prices cover production costs. The value of the option and establishing that option depends on future expected supply and demand for particular commodities.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Net zero targets are set to drive greenfield exploration activity
- Exploration for base metals and critical minerals is set to rise, driving growth in greenfield exploration expenditure. Although recent volatile movements in the price of several key critical minerals may weigh on this expenditure, reflecting that the market for commodities like nickel and lithium lack maturity, especially compared with established minerals like iron ore and copper.
Biggest companies in the Mineral Exploration in Australia
| Company | Market Share (%)
2024 | Revenue ($short_0)
2024 |
|---|
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.
Products & Services Segmentation
Source: IBISWorld
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.
Trends and Insights
Rising prices have driven gold exploration expenditure higher
- Gold exploration accounts for the largest share of exploration expenditure and is typically more expensive than other forms of mineral exploration, as more drilling is required to define a deposit.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Iron Ore Mining in Australia
- Petroleum Exploration in Australia
- Contract Mining Services in Australia
- Surveying and Mapping Services in Australia
International industries
- Oil & Gas Field Services in the US
- Oil & Gas Field Services in Canada
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Iron ore exploration Gold exploration Coal exploration Base metals and silver exploration Lithium exploration Bauxite explorationManganese explorationCompanies
Purchase this report to view all major companies in this industry.
Related Terms
BASE METALSBROWNFIELD EXPLORATIONGREENFIELD EXPLORATIONINFERRED MINERAL RESOURCEIndustry Code
ANZSIC 1012 - Mineral Exploration in Australia
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
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...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
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...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Most exploration activity is focused in Western Australia. The state is home to most of Australia’s iron ore, gold, bauxite, and lithium production
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
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.
Analyst insights
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...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Mineral exploration is characterised by a large number of small businesses. Over 95% of mineral exploration companies have fewer than 20 employees.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
Detailed analysis
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Rising commodity prices have driven mineral exploration expenditure higher. However, there has been significant volatility within different commodity segments, especially in ...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
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...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
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.
What data sources do IBISWorld analysts use?
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:
- Australian Bureau of Statistics
- Australian Taxation Office
- Australian Securities & Investments Commission
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:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
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.
How does IBISWorld forecast its data?
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.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Mineral Exploration industry in Australia in 2024?
The market size of the Mineral Exploration industry in Australia is $4.4bn in 2024.
How many businesses are there in the Mineral Exploration in Australia industry 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.
Has the Mineral Exploration industry in Australia grown or declined over the past 5 years?
The market size of the Mineral Exploration industry in Australia has been growing at a CAGR of 9.6 % between 2019 and 2024.
What is the forecast growth of the Mineral Exploration industry in Australia over the next 5 years?
Over the next five years, the Mineral Exploration industry in Australia is expected to decline.
What does the Mineral Exploration in Australia include?
Iron ore exploration and Gold exploration are part of the Mineral Exploration industry.
How competitive is the Mineral Exploration industry in Australia?
The level of competition is high and steady in the Mineral Exploration industry in Australia.
