Back to News mineconnect  

Oct 20, 2021

   

Industry News

Upward trend in global exploration budget to continue in 2022 — report

< 1  MIN READ

The aggregate annual global exploration budget is expected to increase between 5% and 15% year over year for 2022, according to a new report by S&P Global Market Intelligence.

The market researcher’s prediction is based on its own data that show that in 2021, the aggregate annual global nonferrous exploration budget has increased by 35% year over year to $11.2 billion from $8.3 billion in 2020, signalling that the sector has emerged from the downturn caused by the covid-19 pandemic.

According to S&P, a faster-than-expected recovery in market conditions and easing of lockdowns allowed explorers to reactivate programs by mid-2020, which caused some campaigns to carry over into 2021. 

The junior sector has increased its planned allocations by 62% year over year to a total of $4.1 billion. The majors, however, continue to dominate accounting for half of the global exploration budget at a total of $5.6 billion.

Read the full story from Mining.com HERE.