Exploration (692d4533-e846-4408-ba93-9ba3d3c0a995)

The worldwide budget for non fuel mineral exploration was expected to increase by 27 percent in 2003 from the 2002 budget, according to the Metals Economics Group (MEG) of Halifax, Nova Scotia. The increase comes after five years of declining spending for mineral exploration. For the first time in several years, all regional exploration budget estimates for 2003 as defined by MEG would increase from similar 2002 estimates. However, MEG included 193 more companies in its 2003 survey than in 2002. As with previous MEG survey reports, estimates reflect anticipated expenditures rather than actual dollars spent. Caution, therefore, must be taken when comparing 2002 and2003 estimates or evaluating the magnitude of regional changes from year to year. Sample variations and currency exchange rates may influence year-to-year variations of MEG data. Even so, it is likely that the general climate of improved metal prices in 2003 encouraged companies that had previously left the mineral exploration sector or reduced their exploration activity to once again focus on minerals exploration or increase exploration activity and budgets.