Miners’ regained mojo may spark exploration hunt
Industry adviser says exploration budgets are rising after they plunged to an 11-year low in 2016 as companies slashed costs in the wake of a collapse in prices
Melbourne — A rebound in exploration by global miners could lead to spending hitting $18bn by 2025 with China the frontrunner in the search for a new generation of giant discoveries. Exploration budgets were rising after they plunged to an 11-year low of about $10bn in 2016 as mining companies slashed costs in the wake of a collapse in prices, said Richard Schodde, MD of Melbourne-based MinEx Consulting, an industry adviser. "We are coming out of the bottom of the cycle. I actually see the opportunity for the exploration sector to regain its mojo and quickly deliver a pipeline of good discoveries," Schodde said in an e-mailed response to questions. "It’s catch-up time for the industry." China, the top spender on exploration, was likely to continue to dominate in the hunt for new deposits, while Canada and Ecuador were currently among hot targets for more investment by miners, said Schodde. The US could be poised for a rise in exploration with President Donald Trump regarded as likel...
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