Worldwide exploration spending on the rise

A recent study of worldwide nonferrous exploration budgets shows that exploration spending has increased for the second year in a row.

Metals Economic Group’s latest study says budgets totaled US$2.05 billion for 150 companies that reported on the regional distribution of their exploration programs last year.

The largest allocation of US$544 million went to Latin America, a 64% increase over the US$331 million recorded in 1993. This was followed by Australia at US$431 million, the United States at US$323 million, Canada at US$280 million, and the Pacific area at US$168 million.

Spending by these companies in the rest of the word — including Europe, Africa and Asia — was a combined US$308 million.

Metals Economics Group’s annual studies on worldwide exploration spending shows that Canada’s ranking has progressively fallen from first place in 1989.