The global exploration budget for nonferrous metals decreased to an estimated US$9.8 billion in 2019 from US$10.1 billion in 2018. The decline of 3% from the previous year in planned exploration spending by the global mining industry halts a two-year rebound in the exploration sector.

The lower 2019 budget was largely the result of challenging prices for many commodities throughout the year, and by M&A activity in the gold sector that impacted the exploration priorities of the merged companies. The study further revealed that budgets for work at or near mine sites increased 7% year over year to US$3.57 billion, accounting for the largest share of the global budget by development stage for the first time.

In 2019, persistent trade tensions between the U.S. and China causing a marked slowing of the major economies, which triggered weaker prices for many industrial metals. However, gold emerged as a safe haven, while nickel and iron saw a sharp rise in prices owing to the significant supply-side events.

So what does this mean for the exploration sector in 2020? Unlock the essential intelligence on world exploration trends to make decisions with confidence.