press-release Market Intelligence /marketintelligence/en/media-center/press-release/global-metals-exploration-anticipated-to-rise-20-in-2018 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

Global Metals Exploration Anticipated To Rise 20% In 2018

S&P Global Market Intelligence Predicts That Exploration Efforts Will Continue To Expand Over The Course Of This Year

London, UK, Mar. 05 2018 — Global spending on the search for nonferrous metals rose to an estimated US$8.4 billion in 2017, compared with US$7.3 billion in 2016, representing the first annual increase in exploration spending after four consecutive years of declining investment in this area, according to the World Exploration Trends (WET) report from S&P Global Market Intelligence, released in conjunction with this year's Prospectors & Developers Association of Canada (PDAC) International Convention.

Mark Ferguson, Associate Research Director at S&P Global Market Intelligence, says: “Improved equity market support for explorers allowed many companies to launch or resume drill programs on their most promising projects. Although the main focus was on gold, exploration targeting base metals assets also rebounded in the second half of the year, and the battery metals attracted particular attention. In the last quarter of 2017, there was a sharp increase in reported drill results, and financings closed the year on a high note.  As a result, our year-end measure of exploration sector activity reached levels not seen since early 2013.”

“Despite significant market volatility, the generally positive trend in metals prices has continued in early 2018; we therefore expect the global exploration budget for 2018 to increase by a further 15% to 20% year-over-year.”

Key takeaways from the report: Please click here to download the full report

  • Signs of life: after four years of depressed exploration spending, the mining industry upped aggregate nonferrous exploration budget to US$7.95 billion by surveyed companies — a 14% increase over 2016.
  • Reflecting funding challenges faced by some junior companies early in the year, the number of explorers with spending plans declined slightly, by 3% year-over-year to 1,535 companies.
  • Producers restrict exploration: major miners (revenues >US$1 billion) continue to allocate only a small proportion of their revenues to exploration efforts. Riskier exploration remains relatively unattractive.
  • Canada, Australia and U.S. continue to lead exploration spending: with allocations totalling US$5.55 billion. The top 10 countries accounted for 70% of the US$7.95 billion global surveyed total.
  • Gold led the way to a higher global budget in 2017.
  • Battery metals exploration surges: lithium exploration allocations in 2017 more than doubled year-over-year, while cobalt-focused exploration also increased strongly.
  • Exploration sector health improves: S&P Global Market Intelligence's measure of exploration activity, the Pipeline Activity Index, jumped to 87 in Q4 from 77 in Q3, the highest since Q1 2013, when the recent downturn was just beginning.
  • The S&P Global Market Intelligence Pipeline Activity Index incorporates data on the number of projects announcing significant drill results, exploration financings, initial resources and positive project milestones
  • Full rundown on Pipeline Activity on page 10 of WET report.


Please do not hesitate to get in touch should you have further queries, would like the raw data for the graphs or would like to speak to an analyst.

Attendees of the Prospectors & Developers Association of Canada (PDAC) convention on March 4-7 are encouraged to visit the S&P Global Market Intelligence booth on the main trade show floor, for a free copy of the report and additional information.

Notes to Editors

The total exploration figure is based on an underlying survey of more than 3,000 companies, of which 1,535 recorded an aggregate budget of US$7.95 billion in 2017, compared with US$6.95 billion allocated in 2016. To the survey amount, we add an estimate of budgets for companies that could not be obtained, companies with annual budgets under US$100,000 and private companies.

About S&P Global Market Intelligence

At S&P Global Market Intelligence, we know that not all information is important — some of it is vital. Accurate, deep and insightful. We integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuation and assess credit risk. Investment professionals, government agencies, corporations and universities globally can gain the intelligence essential to making business and financial decisions with conviction.

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit

Please Click Here To Download The Full Report


Media Contact

Tahmina Mannan
P.   +44 (0)20 7176 0108

Subscribe to Press Releases

Submitting your email above means you agree to the Terms and have read and understood the Privacy Policy