Africa drops into 4th place for exploration spending

By Robert Anders | 08 February 2017

The exodus of the juniors continued as the African continent ceded third place to Canada for exploration in 2016. Posting the second-largest percentage decline (24%) of all regions in 2016, Africa dropped into fourth position last year with 13% of total allocations; however, the amount separating Africa from Canada was only US$55 million.

For the sixth time in the last seven years, Democratic Republic of Congo (DRC) dominated exploration in Africa, with allocations totaling US$142.8 million and 16% of the African total. South Africa held onto second place, with US$95.4 million budgeted for a wide range of targets and 10% of the African total. Meanwhile Burkina Faso remained in third place with planned spending of US$72.9 million (8%) almost exclusively for gold.

Africa mining exploration budget

Mali jumped from sixth place to fourth place with budgets totaling US$70.3 million devoted almost entirely to gold. Endeavour Mining’s US$25.1 million brownfields budget represented 36% of the country’s total. Tanzania rose from eighth to fifth with US$67 million, including US$35.5 million from AngloGold Ashanti for all stages of gold exploration.

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