Friday, 15th July 2005 (2595 views)

The Australian government has been urged to do more to promote gold exploration in the country.

Michael O'Neil, chief executive of the Australian Gold Council, told Dow Jones Newswires that more should be done to stimulate exploration activity in an industry worth billions.

He warned that should the government fail to do so, Australia will run the risk of slipping further down the list of global prospecting countries.

"Australia has fallen from being the second (biggest) country in terms of gold exploration activity, down to sixth, and is heading further southward," said Mr O'Neill.

"That should be sending a message to government that the boom occurring in some parts of the mineral industry is all well and good but exploration must go on now to ensure that momentum is maintained."

Mr O'Neil suggests that reconnaissance work from smaller independent companies is being held back by regulatory, financial, labour and equipment constraints.

 

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