S&P Global Market Intelligence's Corporate Exploration Strategies (CES) study estimates a 3% decrease in the global nonferrous exploration budget to $12.5 billion in 2024, down from $12.9 billion in 2023. This marks the second consecutive year of decline, with the junior sector continuing to struggle to access funds, causing its allocation to decrease again. The majors, bolstered by their internal revenue flows, remained stable.
There is no immediate relief to financing conditions is apparent, indicating that 2025 budgets will likely follow a similar track as 2024.
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