Exploration Review

This summary of international mineral exploration activities for 2008 draws upon available information from industry sources, published literature and U.S. Geological Survey (USGS) specialists. The summary provides data on exploration budgets by region and mineral commodity, identifies significant mineral discoveries and areas of mineral exploration, discusses government programs affecting the mineral exploration industry, and presents analyses of exploration activities by the mineral industry based upon these data. Two types of information are reported and analyzed in this annual review of international exploration for 2008: 1) budgetary statistics expressed in U.S. nominal dollars provided by Metals Economics Group (MEG) of Halifax, Nova Scotia (Metals Economics Group, 2008a, b), and 2) information on regional and site-specific exploration activities that took place in 2008 and compiled by the USGS. The MEG information summarizes planned company budgets for worldwide exploration activities in 2008, primarily for precious metals (gold, platinum-group metals and silver) and base metals (copper, lead, nickel and zinc). MEG includes information on additional mineral commodities only where it is available. Information on uranium exploration was included in the MEG overview for the first time in 2007, although this information was not included in the USGS analysis. The MEG survey methodology was changed in 1999 to include companies with exploration budgets between $100,000 and $2.9 million, as well as those companies included in prior studies whose anticipated budgets were above $2.9 million. MEG estimates that its post-1999 surveys cover at least 90 percent of world nonferrous nonfuel mineral exploration budgets. The 2008 survey is reported by MEG to cover an estimated 95 percent. Companies that chose not to participate in the MEG study, private companies that do not publish data, and government-funded exploration activities make up the majority of the remaining 5 percent. MEG included 91 more companies in its 2008 survey than it did in 2007 USGS compilations of site data described here primarily include nonfuel minerals, with an emphasis on base metals, diamond and precious metals. Analyses are based on information provided by USGS mineral commodity and country specialists and by other USGS scientists, as well as industry contacts and trade journals.