Economic growth in 2024 is expected to be similar to 2023, with a greater likelihood of a lower growth rate than a higher one. This will weigh on many metal prices as demand growth will fall short of supply growth for many commodities. The higher operating costs from years of inflation and lower revenues compared to recent years will put pressure on producer margins.
The lower financing and activity levels were reflected in the decrease of global exploration budgets from $13.10 billion in 2022, to $12.76 billion in 2023, as outlined in our Corporate Exploration Strategies study.
How would changing market conditions likely shape exploration trends in 2024? Would the critical minerals narrative be an exception due to the acceleration of the energy transition?
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Image for illustration purpose only.
