Global Nonferrous Metals Exploration Reaches $12.1bn

7 December 2010 (Last Updated December 7th, 2010 18:30)

The estimated 2010 budget for global nonferrous metals exploration has reached $12.1bn, according to a report by Metals Economics Group (MEG). MEG's 21st edition of Corporate Exploration Strategies noted that rising prices and stable market conditions have augmented the estimate.

The estimated 2010 budget for global nonferrous metals exploration has reached $12.1bn, according to a report by Metals Economics Group (MEG).

MEG's 21st edition of Corporate Exploration Strategies noted that rising prices and stable market conditions have augmented the estimate.

Nonferrous exploration budgets dropped 42% in 2009 owing to the global economic crisis and declining prices for most of the commodities.

The report is based on the information collected from more than 3,200 mining and exploration companies worldwide, of which more than 2,200 companies had exploration budgets in 2010, that together stood at $11.51bn.