Global exploration budgets rose 16% in 2022, following a strong 34% rebound in 2021. After budgets fell 10% year over year to $8.35 billion in 2020 due to the COVID-19 shock, nonferrous global exploration budgets hit a nine-year high of $13.01 billion in 2022. The increase was driven by escalating interest in the global energy transition as part of global decarbonization efforts and by the ongoing pandemic recovery, and was supported by strong metals prices and healthy financing conditions.
How would uncertainties in the global economy and opening of China’s economy shape the exploration sector in 2023?
Image for illustration purpose only.