Junior exploration companies and their role in future mineral exploration

"The paper point out the cycles of metal prices, and cycles of exploration that tend to lag one year behind metal prices. It appears that mergers and acquisitions are likely to continue in the currentvolatile industry environment, and a two-tier industry will evolve with giantcompanies representing the upper tier and juniors the lower. Strategic alliances will become more common, but irregular and inefficient exploration financing will continue unless the majors make a specific and consistent effort to solve this problem, and also show more discipline in balancing metal prices and production levels. "