Despite the challenges posed by COVID-19 in the first half of 2020, the mining sector managed to navigate through by capitalizing on the rebound of commodity prices and easing of restrictions.
According to our 31st annual Corporate Exploration Strategies study, the global exploration budget for nonferrous metals decreased only 11% to an estimated US$8.7 billion in 2020 from US$9.8 billion in 2019. In 2021, most commodity prices began much higher than they started 2020. This coupled with a persistent lack of pipeline investment—which is leading many base metals toward market deficits over the next several years—should stimulate additional exploration.
Gain essential insights into the world exploration trends in 2020 and our 2021 outlook:
- Overview of how COVID-19 affected exploration activities
- Identify the shift in exploration budgets allocations across commodity, geography, company type and development status
- Review global drilling and financing activity throughout 2020
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World Exploration Trends 2021 Report