Mining exploration spending to drop 29% this year

摘要

The rally in the gold price will not be enough to prevent 2020 turning into the worst year in 15 for global exploration spending. According to a new report by S&P Global Market Intelligence, outlays for exploration across the industry are set to drop from US$9.3 billion in 2019 to US$6.6 billion this year. Despite a gold price approaching seven-year highs above US$1,700 per oz., money spent on drilling for the precious metal this year is likely to shrink by more than US$800 million, compared to 2019.