Australia Unveils Billions-Worth of Copper, Gold Deposits in Southeastern Region
Australia has made a significant discovery of copper and gold deposits in southeastern Australia. The find is part of a deep dive project that examined 300,000 square kilometers spanning South Australia, NSW, Victoria, and Tasmania.
The Delamerian Project, completed with the support of state counterparts, crunched data from millions of geochemical data points, aerial and ground surveys, and over five kilometers of drilling. The rich deposits were found in a geological province that has been largely hidden beneath younger sediments.
Copper is trading at all-time highs due to global supply constraints and surging demand for the energy transition, electrification, and grid upgrades. Gold prices have also been strong due to safe-haven demand and central bank buying.