Coal exploration his record highs, ABS says

Despite uncertainty in the market, coal exploration has hit record highs, Australian Bureau of Statistics figures show. A report yesterday showed that more than $207 million was spent on coal exploration in the June quarter, far above the previous record of $122 million in the December quarter, the Sydney Morning Herald reports. This close to double the previous corresponding June period, and comes on the back of a 33% jump in thermal coal prices forecast for the next 12 months, and a 50% hike in the prices for coking coal. Iron ore exploration nearly doubled for the quarter, to $214.7 million. Total exploration for the quarter was also a new high, sitting a $907 million, up nearly a third from $650 million three months earlier. By Cole Latimer