Mirroring the decline in the PAI, mining equities declined in August as S&P Global Market Intelligence's aggregate market value of the industry's listed companies, based on 2,391 firms, was down 6% month over month at US$1.34 trillion. The aggregate market cap of the industry's top 100 companies also decreased by 6% in August to US$1.11 trillion. The number of tracked mining companies remains at a 10-year low, declining steadily from a high of 2,921 companies in March 2012.
Definitions
The Pipeline Activity Index, or PAI, measures the level and direction of overall activity in the commodity supply pipeline by incorporating significant drill results, initial resource announcements, significant financings and positive project development milestones into a single comparable index.
The Exploration Price Index, or EPI, measures the relative change in precious and base metals prices, weighted by the percentage of overall exploration spending for each metal as a proxy of its relative importance to the industry at a given time.
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