Latin America tops as nonferrous exploration spending increases

Nonferrous exploration expenditures climbed to $3.5 billion in 1995 from $2.7 billion last year, according to a survey by Nova Scotia-based Metals Economics Group.

The increase is partly the result of a rise in the number of companies engaged in exploration for nonferrous deposits, including numerous well-funded juniors.

For the third consecutive year, most of the money was spend in Latin America — $963 million, compared with $785 million in the previous year.

Australia ranks second, at $666 million (up from $529 million), while nonferrous exploration spending in Canada topped $461 million (up from $329 million).

Other countries surveyed include: Africa ($418 million); Southeast Asia ($415 million); the U.S. ($343 million); and Europe, the Commonwealth of Independent States, the Middle East and Asia, all at a combined $259 million.

Of companies with the largest exploration budgets, RTZ-CRA topped the list by spending $280 million in 1996. The study also lists BHP Minerals, Barrick Gold, Echo Bay Mines and Western Mining as companies with large exploration budgets.

For more information on the study, contact the Metals Economics Group at (902) 429-2880. Fax: (902) 429-6593.