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February 19th, 2012 
FAKE NEWS for the Zionist agenda
Nearly $3 billion was spent on mineral exploration in 2010-2011.
THE impending carbon price has done nothing to deter investment in the coal industry, with spending on exploration surging faster than any other mineral commodity.
Coal exploration spending in Australia rose by 62 per cent last financial year as the industry dominated corporate activity in terms of inbound investment and mergers and acquisitions.
Investment in searches for new coal deposits reached $520 million, pushing it closer to rivalling iron ore and gold – both of which also grew significantly on the back of record-high commodity prices.
The data, published by the government agency Geoscience Australia, undermines the claim by the Opposition Leader, Tony Abbott, that the carbon tax would be the death of the coal industry.
Conversely, the continuing growth in demand for coal for electricity and steel production in Asia challenges the assertion by the Prime Minister, Julia Gillard, that the world is moving to cut greenhouse gas emissions.
Nearly $3 billion was spent on mineral exploration in Australia in 2010-11 – more than half of it in Western Australia. Victoria was the only state where investment fell. Nearly a fifth of the total exploration expenditure was on coal. Spending on iron ore and gold exploration grew at a slower pace – by 27 and 13 per cent, respectively – to reach $665 million and $652 million.
The growth in coal sector exploration coincided with it being easily the most active part of the local marketplace for mergers and acquisitions. One recent estimate put the combined value of last year’s corporate deals over coal at $25 billion.
In a separate report released earlier this month, Ernst and Young’s Paul Murphy said coal dominated inbound investment last year, attracting $US11.3 billion ($10.5 billion) from overseas compared to $US8.2 billion for all other commodities combined. The coal exploration boom continued into the September quarter, when it reached a record $227 million – 167 per cent higher than for the same period in 2010.
The Resources and Energy Minister, Martin Ferguson, said the 2010-11 exploration figures were good news and reflected the continuing strength of the mining industry.
The chief executive of the Australian Coal Association, Nikki Williams, agreed the strong growth in exploration was ”very encouraging”. ”Exploration is critical to create a pipeline that will enhance Australia’s reputation as an attractive investment destination,” she said. ”The investment also highlights the enormous potential benefits that are available to the Australian economy through royalties, jobs and export revenue.”
However, the Australian Conservation Foundation said it showed that, while the introduction of a carbon price was a step towards reducing domestic emissions, the government supported the country increasing its contribution to global climate change through boosted coal exports.
”The government should … remove subsidies the mining industry takes from the public purse, like special exemptions for exploration, accelerated depreciation for investors and senseless concessions for fuel use,” said the foundation’s climate campaigner, Claire Maries.
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