Gold Rush in WA: Record Spending, New Finds

0:00This is Corey, and here's what is making news across Sydney right now. Gold Exploration in Western Australia has reached record highs, driven by soaring local gold prices. The Australian dollar price first topped $5,000 announced last April, climbing to 6,000 in October and over 7,000 by this January. New data shows Explorer spent $380 million on gold in the December quarter alone, out of 723 million. Total for minerals, the most since record started in 1988. This boom marks three straight record quarters, up from 348 million in September and 322 million in June. Industry leaders say capital flooded in late last year, as global uncertainty pushed investors toward gold plays, funding operations for the next two. To three years, experts like Geologist Karen Wellman, CEO of Dynamic Metals, compared to horse racing, you study the ground, neighbors, and team before betting big.

1:00She notes the odds might even be better at a casino, but the thrill of hitting gold keeps everyone drilling. Meanwhile, drilling firms report their busiest times ever, pulling rigs from other states to meet demand. One major driller runs 72 rigs, specializing in diamond core samples through hard rock, and says activity has built steadily over the last, year and a half. Availability is tightening, but they're not maxed out yet. Analysts point to similar spending in 1987, which sparked a gold production boom through the 90s. At spots like Wiggy Morphe, companies like Dynamic Metals are chasing hidden large-scale deposits along key faults near famous sites. Government incentives cover part of costs, up to $175,000 per hole, boosting the latest rush with hopes of more, million ounce fines. Support for this episode comes from our sponsor, see the description, lay back, press play, let the pillow do the rest, sound meets comfort, S-O-L-I, solely pillow.com.