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Mining Exploration Is Making Comeback After Four-Year Slump

Non-ferrous exploration budgets seen rising for second year
Spending driven by gold, base metals and electric vehicles

Bloomberg business news — BMO's Bahar Expects Active Year for M&A in Mining

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March 5, 2018, 9:00 AM UTCUpdated onMarch 5, 2018, 9:54 AM UTC

After a four-year slump, mining companies are spending on exploration again as interest in base metals rebounds and clean technologies boost demand for niche battery ingredients.

Miners spent $8.4 billion searching for new metal deposits last year, about 15 percent more than in 2016, according to a report published Monday by S&P Global Market Intelligence. That exploration spending, which doesn’t include money used searching for iron ore, could increase again by as much as 20 percent this year, S&P said.