Exploration (2303cc71-ebf3-44eb-bd90-42769f9f3467)

The worldwide budget for nonferrous, nonfuel mineral exploration was expected to increase by 58 percent in 2004 from the 2003 budget, according to Metals Economics Group (MEG) of Halifax, Nova Scotia. The increase comes two years after a five-year period of declining spending for mineral exploration (1998 to2002). Figures suggest a subsequent 27 percent increase in budgeted expenditures from 2002 to 2003. For the second consecutive year, all regional exploration budget estimates were anticipated to increase. The worldwide budget for gold exploration achieved about 50 percent of the total amount budgeted in 2004.This was 68 percent, or US$715 million, higher than the reported 2003 budget. The 2004 worldwide exploration budget estimates for copper increased by 70 percent, orUS$237 million, to US$577 million from the 2003 budget. The budget for nickel exploration increased 52 percent, or US$89 million more than in 2003. The 2004 exploration budget for other mineral targets (primarily cobalt, heavy minerals, industrial minerals and silver) increased114 percent, or US$118 million.