Exploration in Africa

Source: MiningMx

Exploration

Posted: Tue, 13 Nov 2007

[miningmx.com] -- AFRICA comprised 16% of all non-ferrous exploration budgets totalling some $9.99bn during 2007, according to North American research company Metals Economics Group (MEG).

Total exploration is roughly 40% higher than total exploration by companies polled in MEG's annual survey last year, and more than double expenditure during the last peak of the exploration cycle in 1997, it said.

African exploration mainly took place in the Democratic Republic of Congo, South Africa, Angola, Tanzania and Botswana, MEG said. Latin America absorbed the most exploration expenditure comprising 24% of total spend followed by Canada (19%) and the rest of the world (17%).