Mineral exploration in 2004: a global review

摘要

IF 2003 was the year in which exploration emerged from depression, 2004 was even better, reflecting the high price of many base and precious metals and buoyant Chinese demand. The Metals Economics Group in its annual review estimated worldwide exploration spending at almost 3.8 billion US dollars, back to the levels last seen in 1998 (see p12). Spending increased in US dollars terms in all areas surveyed but the largest increases were in Latin America, particularly Peru and Mexico, and in China, Russia and Mongolia. By commodity, gold was the main target with 53 percent of total expenditure. Around 23 percent was spent on base metals exploration. Much of the increased spending was on late-stage projects, probably reflecting the higher gold price, which has resulted in the re-evaluation of previously shelved prospects. Grass-roots spending was estimated at 1.3 billion US dollars worldwide. Two commodities that had been in the doldrums for many years returned to prominence: iron ore, as a result of the demand from Chinese steel producers, and uranium, because of improving demand prospects and the steep rise in the oil price. Although much of the exploration spending was driven by capital raised by juniors in the first part of the year in Vancouver, Perth, Sydney and London, several majors also increased expenditure. For example, Rio Tinto raised its global budget from 127 million US dollars to 187 million US dollars and Placer Dome from 60 million US dollars, to 75 million US dollars.