Not shorting or trading, but just watching and waiting what BLY will become. Fascinating.
Taken from abs.gov.au/ausstats for a snapshot of the Australian market.
Mineral exploration (other than petroleum):
The trend estimate for total mineral exploration expenditure fell 3.6% (or -$16.5m) to $446.9m in the September quarter 2014. The largest contributor to the fall in the trend estimate this quarter was Queensland (down 10.9% or -$10.7m). The current quarter estimate is 24.4% lower than the September quarter 2013 estimate.
The seasonally adjusted estimate for mineral exploration expenditure fell 7.8% (or- $37.0m) to $439.8m in the September quarter 2014. The largest contributor to the fall this quarter was Western Australian (down 7.7% of -$21.7m).
Meters Drilled:
The trend estimate for meters drilled fell 1.8% in the September quarter 2014. The current quarter estimate is 13.0% lower than the September quarter 2013 estimate. The seasonally adjusted estimate for meters drilled fell 1.4% in the September quarter 2014.
AMEC state that Australian Greenfield drilling is now below 2003 levels with a combined total (of Green and Brownfield) drilling at below 2004 totals.
A good report to read is www.bdo.com.au/resources/publications and a bad report to read is http://www.asx.com.au/asxpdf/20150223/pdf/42ws3zfh90g81d.pdf
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