Mining exploration spending to drop 29% this year

MINING.COM | 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 $9.3 billion in 2019 to $6.6 billion this year.


Despite a gold price approaching seven-year highs above $1,700 an ounce, money spent on drilling for the precious metal this year is likely to shrink by more than $800 million, compared to 2019.


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