Nonfuel Mineral Exploration 2004
David R. Wilburn
U.S. Geological Survey
(Originally published in Mining Engineering, v. 57, no. 5, May 2005, p. 37-48.)
This summary of international mineral exploration activities for the year 2004 draws upon available information from literature, industry, and U.S. Geological Survey (USGS) specialists.  The summary provides data on exploration budgets by region and commodity, identifies significant mineral discoveries and exploration target areas, discusses government programs affecting the mineral exploration industry, and presents analysis of the mineral industry based upon these data.
Two types of information are reported and analyzed in this annual review of international exploration for the year 2004: 1) budgetary statistics provided by Metals Economics Group (MEG) of Halifax, Nova Scotia, and 2) information on regional and site-specific exploration activities in 2004 compiled by the USGS.  The MEG information summarizes planned company budgets for worldwide exploration activities in 2004, primarily for precious metals (gold, platinum-group metals, and silver) and base metals (copper, lead, nickel, and zinc).  MEG includes information on additional mineral commodities only where it is available.  MEG estimates that their post-1999 surveys cover at least 90 percent of world nonferrous, nonfuel mineral exploration budgets; the 2004 information is reported to cover an estimated 95 percent.  Companies who chose not to participate in the MEG study, private companies that do not publish figures, and government-funded exploration activities make up the remaining 5 percent.  The MEG survey methodology was changed in 1999 to include companies with exploration budgets between US$100,000 and US$2.9 million, as well as those companies included in prior studies whose anticipated budgets were above US$2.9 million.  MEG included 221 more companies in their 2004 survey than they did in 2003.
The worldwide budget for nonferrous, nonfuel mineral exploration was expected to increase by 58 percent in 2004 from the 2003 budget, according to MEG.  The increase comes two years after a 5-year period of declining spending for mineral exploration (1998 to 2002).  Figures suggest a subsequent 27 percent increase in budgeted expenditures from 2002 to 2003.  For the second consecutive year, all regional exploration budget estimates as defined by MEG are anticipated to increase.  As with previous MEG survey reports, estimates reflect anticipated expenditures rather than actual dollars spent.  Caution, therefore, must be taken when comparing 2003 and 2004 estimates or evaluating the magnitude of regional changes from year to year.  Although sample variations and currency exchange rates may influence year-to-year variations of MEG data, it is likely that the general climate of improved metal prices in 2004 continued to encourage companies that had previously either discontinued mineral exploration or reduced their exploration activity to once again focus on minerals exploration or increase exploration activity and budgets.
The worldwide budget for gold exploration achieved about 50 percent of the total amount budgeted in 2004, and was 68 percent, or US$715 million, higher than the reported 2003 budget.  The 2004 worldwide exploration budget estimates for copper increased by 70 percent, or US$237 million, to US$577 million from the 2003 budget.  The budget for nickel exploration increased 52 percent, or US$89 million more than in 2003.  The 2004 exploration budget for other mineral targets (primarily cobalt, heavy minerals, industrial minerals, and silver) increased 114 percent, or US$118 million.
The 2004 MEG mineral exploration statistics suggest that budgeted expenditures for the earliest stage (grassroots prospecting) exploration activities planned for 2004 continue to be higher than for more advanced stages of exploration.  However, the 41 percent anticipated increase in grassroots budgets is lower than the anticipated 86 percent increase for late stage budgets or the 81 percent increase for mine site exploration budgets (Metals Economics Group, 2004a).  In 2003, grassroots budgets accounted for 49 percent of total exploration budget allocations, while in 2004, these budgets account for 42 percent of total allocations.  Sites at an advanced stage of development had budgets that increased from 31 percent of the total in 2003 to 36 percent in 2004.  Mine site exploration increased from 20 percent of the total budget in 2003 to 22 percent in 2004.
Encouraged by higher metal prices, junior exploration companies are prioritizing advanced-stage projects because funding to verify reserves that will attract further investment is more-readily available in a strong market.  Major companies are spending more on near mine-site or advanced stage exploration in an effort to more quickly increase the quantity of ore suitable for mining more quickly by using existing infrastructure to maintain or support increased production while prices remain high.  During times of higher prices, there is a tendency for companies to re-assess previously-explored but formerly uneconomic deposits to see if higher commodity prices justify development of these sites.
According to MEG, the top three geographic areas for exploration in 2004, in decreasing budget order, were Latin America, Canada, and Africa.  MEG “regions” reflect a mixture of individual countries, continents, and other groupings, but they are reported consistently on an annual basis and provide a means of assessing the flow of budgeted exploration expenditures from year to year.  Regional budget allocations based on data from companies canvassed by MEG for 2004 were Latin America, US$774 million; Canada, US$696 million; Africa, US$572 million; Australia, US$522 million; the United States, US$284 million; the Pacific region, US$156 million; and the rest of the world, US$547 million (Metals Economics Group, 2004b).  Figure 1 shows the 2004 worldwide minerals exploration budgets allocated by region, based on MEG data.
Care should be taken when performing temporal interpretations of the MEG exploration data, such as trend analyses, because the sample of mining companies surveyed by MEG varies with time, companies included in the survey change on a year-to-year basis, and fluctuation of currency exchange rates affect the relative value of budget estimates from year to year.  Also, commodity and country coverage may vary from year to year.  Post-1999 data reported in this summary differ from prior-year data in that a larger number of companies were included in the more recent survey results.  The significant amount of corporate restructuring that occurred after 1997 also affects statistical compilations.
USGS site compilations described here primarily include nonfuel minerals, with an emphasis on base metals, diamond, and precious metals.  Mineral exploration generally focuses on commodities that are more sensitive to supply disruption (platinum-group metals) and/or have a high value per unit weight (gold).  Analyses are based on information provided by USGS mineral commodity and country specialists, and by other USGS scientists, as well as industry contacts and trade journals.
2004 International Mineral Exploration Budgets
MEG estimated the total 2004 commercial international exploration budget for nonfuel mineral commodities (excluding iron ore and aluminum) to be US$3.8 billion.  For the 1,138 companies canvassed by MEG in their 2004 study, the total amount reported as budgeted for exploration in 2004 was US$3.55 billion (49.8 percent for gold, 26.3 percent for base metals, 13.3 percent for diamond, 4.4 percent for platinum-group metals, and 6.2 percent for other mineral commodities).
MEG data illustrated in figure 2 indicate that planned exploration budgets (in current dollars) for 2004 increased from 2003 levels in all regions of the world.  The general increase in spending during 2003 and 2004 is attributed in part to a general reduction in the negative influence of industry consolidation that peaked in 2000 and 2001, increased spending by companies driven by rising prices and renewed investor confidence, and increased spending by the major companies as they recognized the limited number of new projects at the development stage (Metals Economics Group, 2004c).  The largest percentage increases in exploration budgets over the previous year took place in the United States (85 percent) and the Pacific region (69 percent), as companies resumed activities previously cut back or suspended.
In terms of dollars budgeted for exploration, the largest regional budget increase of US$303 million between 2003 and 2004 took place in countries (primarily China, Mongolia, and Russia) not classified in a specific region, followed by a US$256 million increase in budgeted exploration in Latin America.  In terms of percentage of worldwide exploration budget, the ‘rest of the world’ category increased its share of the worldwide exploration budget from about 11 percent in 2003 to over 14 percent in 2004, and the Latin American budget percentage dropped from about 24 percent in 2002 to about 22 percent in 2004.  The Canadian budget share decreased slightly from over 21 percent of the worldwide budget in 2003 to less than 20 percent in 2004.
The data shift seen in figure 2 for 1999 reflects in part the change in MEG data reporting methodology previously mentioned.  For the first time in 1999, companies individually budgeting between US$100,000 and US$2.9 million in annual exploration were included in the MEG survey.
Metals prices in 2004 were higher than in 2003.  The average copper price increased 58 percent in 2004 from the average price in 2003.  The average nickel price increased 46 percent, and platinum increased 43 percent between 2003 and 2004.  Prices for other mineral commodities shown in table 1 also increased between 2003 and 2004.  The rapid growth in Chinese mineral consumption has contributed to the rise in some mineral prices.  Table 1 shows the prices of selected metals for the years 1995–2004.

Table 1.   Prices for selected base and precious metals, 1995–2004	
	Average price for specified year, in U.S. currency (actual $)		
Commodity	19951	19961	19971	19981	19992	20002	20012	20022	20032	20043	
Copper4	1.38	1.09	1.07	0.79	0.76	0.88	0.77	0.76	0.85	1.34	
Gold5	386	389	332	295	280	280	272	311	365	408	
Lead6	0.42	0.49	0.46	0.45	0.44	0.44	0.44	0.44	0.44	0.55	
Nickel7	3.73	3.40	3.14	2.10	2.73	3.92	2.70	3.07	4.29	6.27	
Palladium8	153	130	184	290	363	692	611	340	203	237	
Platinum9	425	398	397	375	379	549	533	543	694	848	
Silver10	5.15	5.19	4.89	5.54	5.25	5.00	4.39	4.62	4.91	6.65	
Zinc11	0.53	0.51	0.65	0.51	0.53	0.56	0.44	0.39	0.41	0.52	
1USGS Metal Prices in the United States Through 1998, published in August 1999, Platt’s Metal Week quotations.	
2Price reported in USGS Minerals Yearbook 2003.	
3Price based on oral and written communication, USGS mineral commodity specialists.	
4U.S. producer cathode (99.99%-pure copper), in Platts Metals Week, dollars per pound.	
5Englehard Corp., published in Platts Metals Week, dollars per troy ounce.	
6North American producer price, delivered (minimum 99.97% pure), in Platts Metals Week, dollars per pound.	
7London Metal Exchange cash price for primary nickel (minimum 99.80% pure), in Platts Metals Week, dollars per pound.	
8Englehard Corp. unfabricated quotations published in Platts Metals Week, dollars per troy ounce.	
9Englehard Corp. unfabricated quotations published in Platts Metals Week, dollars per troy ounce.	
10New York price (99.9% pure silver), dollars per troy ounce, Handy and Harmon quotations published in Platts Metals Week.	
11North American Dealers Special High Grade zinc (99.99% pure) delivered price, dollars per pound, Platts Metals Week quotations.	
Figure 3 illustrates the distribution of reported mineral exploration budget estimates for 2004 by commodity grouping.  Gold continues to draw the largest amount of the total exploration budget, which is about 50 percent of budgeted exploration funding in 2004.  The amount budgeted for gold exploration (US$1,769 million) is 68 percent higher in nominal terms than that budgeted for gold in 2003.  The gold price has strengthened during the past three years in part owing to global geopolitical uncertainties, an increase in the U.S. budget deficit and weaker U.S. dollar, and a reduction in producer hedging (Metals Economics Group, 2004a, p. 7).
Exploration budgets for base-metal projects increased from US$584 million in 2003 to US$937 million in 2004, primarily as a result of a 70 percent increase in copper exploration budget.  Base metals remained at about the 2003 level (26 percent) of the total world exploration budget, well below the 2001 level of 39 percent.  As reported in table 1, base metal prices increased in 2004, but copper and nickel prices increased most significantly.  The average nickel price for 2004 was higher than average annual price for the last ten years and the average copper price almost reached a level last achieved in 1995.  Copper-focused exploration constituted about 62 percent of the base-metals exploration budget; nickel 28 percent, and zinc 13 percent.  The copper price in 2004 benefited from China’s continued economic growth and demand for copper metal.  Increased demand for nickel and production limitations in 2004 contributed to its high price (Metals Economics Group, 2004a).
Diamond exploration budgets in 2004 increased to US$471 million from US$320 million in 2003, but dropped from 14.6 percent of the total mineral exploration budget in 2003 to 13.3 percent in 2004.  Activity was centered in Africa and Canada, together accounting for about 79 percent of the total diamond exploration budget.  The diamond exploration allocation in 2004 for Africa was US$208 million and for Canada was US$165 million.
Exploration budgets for other mineral commodities, such as cobalt, industrial minerals, mineral sands, and silver, increased slightly to about 6 percent of the total mineral exploration budget in 2004 from about 5 percent in 2003  Silver was considered by many companies to be a significant exploration target.  However, most silver exploration occurred in conjunction with gold or base metal exploration because silver is frequently found in association with these other metals.
Analysis of Exploration Activity
The worldwide exploration budget during the last decade peaked in 1997 because of increased exploration spending, primarily in Latin America and Africa.  In 1997, about 63 percent of the total worldwide exploration budget was allocated for generally less mature (i.e., areas where the geology and resource potential are less well known) exploration provinces in Africa, Asia, Europe, Latin America, the Pacific, and the Commonwealth of Independent States, including Russia.  From the beginning of 1998 to the end of 2002, exploration in these less mature areas decreased in favor of areas which have undergone intensive past exploration, such as Australia, Canada, and the United States.  In 2004, however, there are indications that this general trend changed, with a small increase in the percentage for less-mature areas from about 56 percent of the total exploration budget in 2003 to about 58 percent in 2004, and a corresponding 2 percent decrease in the percentage for more-mature areas.  This trend is shown in figure 4.  As commodity prices begin to rise, financial or civil unrest stabilizes, and industry consolidation eases, mineral investors are more likely to invest in exploration or development of projects in areas with high potential for resource discovery, but which pose greater risk.
For 2004, information on nearly 3,000 exploration sites was gathered from USGS specialists, industry contacts, and trade journals.  The regional distribution of these exploration targets is represented in figure 5 for 2003 and 2004, based on the number of projects reported for each region.  When compared to similar data for 2003, exploration activity based on the number of reported exploration sites doubled in the Pacific region and in the Other regions, which includes activities in Asia (particularly China), the Commonwealth of Independent States, Europe, and the Middle East.  Exploration in most other regions in 2004 increased by about 50 percent over 2003 levels.
Table 2 presents exploration sites considered most noteworthy in 2004, based on available information.  Selection was based on the following criteria:
●	The high level of exploration interest at the site, determined either by intensity of drilling activity or level of capital investment.
●	The size of resource delineated.
●	The high potential of near-term development, based upon reported tonnage and grade estimates derived from company announcements.
The same criteria have been applied to previous exploration summaries reported annually in the USGS Minerals Yearbook series and by Mining Engineering.  Each of these sites represents a new or recent discovery, a delineation of a new ore zone, or a significant reported increase in resources in 2004.  Sites undergoing preproduction development or currently producing were excluded from this list, unless significant reserves/resources were delineated in 2004 by exploration activity.
Gold continued to be the commodity most sought after, as shown in the list of noteworthy exploration sites for 2004.  Of the 100 selected sites reported in table 2, 68 sites are for gold, 11 sites for copper, 6 sites for diamond, 5 sites for nickel, and three each for platinum-group metals and silver.  Determination of the primary commodity was based on consideration of the value of the contained resources at each site.  Interest in base metal deposits remained strong, especially for polymetallic mineral deposits.  Diamond exploration continued in Canada, with the discovery of new deposits with significant potential. Interest in platinum-group metal exploration remained strong in Canada and South Africa.  These data are consistent with 2004 data from other sources, such as the Australian Bureau of Agricultural and Resource Economics, MEG, and Natural Resources Canada.
The estimated resources reported in table 2 reflect various stages of verification, different methodologies, and multiple sources of information.  Should these resources be verified, however, they would add over 30 million metric tons (tons) of copper, about 3 million tons of nickel and zinc, 13,700 tons (441 million ounces) of silver, 4,800 tons (155 million troy ounces) (ounces) of gold, and 460 tons (15 million ounces) of platinum-group metals to the identified world resources for these mineral commodities. For comparison, the USGS reports a 2004 world reserve base of 940 million tons of copper, 460 million tons of zinc, 140 million tons of nickel, 570,000 tons (17 billion ounces) of silver, 90,000 tons (2.9 billion ounces) of gold, and 80,000 tons (2.5 billion ounces) of platinum-group metals (U.S. Geological Survey, 2005).
A historical summary for exploration activity in selected regions is shown in figure 6 for the period 1995–2004.  These regions illustrate representative differences between viewing exploration activity in terms of budget allocation and the number of active exploration sites.  Data in figure 6 are expressed as a percentage of world activity either based on budget allocation share reported by Metals Economics Group or the number of sites compiled by the U.S. Geological Survey from various sources.  While Latin America has generally maintained 25-30 percent of the world nonfuel minerals exploration budget for this period, its percent share of world locations actively being explored based on the number of reported sites has generally declined since 1997.  In terms of percentage of world budget allocation, Latin America has showed a slight decline since 2001.  In contrast, Australia has maintained a budget share in the 15-20 percent range from 1995 to 2004, but its share of active exploration sites has risen from less than 5 percent in 1997 to over 20 percent in 2002; but it has slipped slightly since then.  Canada’s percentage of the world nonfuel minerals exploration budget has increased from about 10 percent in 1998 to over 20 percent in 2003, while its percentage share based on exploration sites has remained relatively stable near 35 percent during this period.
Table 3 shows the number of noteworthy sites by region for the years 1996 to 2004.  In terms of noteworthy sites being explored in 2004, there appeared to be an increase in projects in Africa and the Other category.  Australia showed a significant drop in the number of noteworthy sites reported for 2004.
Table 3.  Noteworthy exploration sites1 by region, for the years 1996–2004	
Region	1996	1997	1998	1999	2000	2001	20022	2003	2004	
Africa	16	13	20	10	17	11	16	16	20	
Australia	9	8	4	11	12	21	20	10	4	
Canada	13	24	19	20	15	17	19	31	28	
Latin America3	30	26	29	27	24	17	15	19	21	
Pacific4	14	10	9	7	10	12	4	4	4	
United States	9	13	10	16	14	10	6	12	12	
Other5	9	6	9	9	8	12	10	8	14	
1Based on data developed by the USGS and appearing in table 2 of the exploration summary discussion published in the May issue of Mining Engineering for the years 1997–2005.	
2Only 90 noteworthy exploration sites met the selection criteria for 2002.	
3Including Central America, Mexico, and South America.	
4Including Southeast Asia and islands in the Pacific Ocean.	
5Including China, the Commonwealth of Independent States, Europe, India, Mongolia, and Pakistan.	
Regional Exploration Activities
The level of exploration activity in a region often reflects the impact of industry structure, metal prices, and/or significant events affecting the investment climate.  Industry consolidation between 2000 and 2002 was driven by lower gold prices, investor demand for companies to show large market capitalization and high rates of return from existing assets, and interest by the minerals industry in replacing or increasing production while minimizing development delays and reducing economic risk (Davidson, 2003).  This period of restructuring resulted in a decrease in share of both production and market capitalization of intermediate producing companies, while the corresponding share of major mineral producing companies increased (Davidson, 2003).
Exploration-related activities and events within each region are summarized below.  The order of regional and country discussions is based on the amount budgeted for exploration in 2004 from highest to lowest.
Latin America.  Although Latin America maintained its top position as a destination for proposed exploration capital, its share of the world exploration budget dropped slightly from over 23 percent in 2003 to about 22 percent in 2004, based on MEG data.  Peru, Mexico, Brazil, and Chile continued to be cited in MEG’s top 10 countries for 2004 exploration, in order of highest to lowest, based on proposed exploration budgets.  Similarly, an annual survey of executives from leading international mining companies conducted by the Fraser Institute ranked the Latin American countries of Chile (5th), Peru (7th), Mexico (8th), and Brazil (10th) on its rating for overall investment attractiveness in 2004 (McMahon, 2005).  Investment appeal is based on the geologic potential, property value, ease of doing business, and political stability of the countries.
Based on data compiled for this review by the USGS, Latin American countries with the greatest exploration activity, in descending order by number of sites for which data were compiled, were Mexico, Peru, Argentina, Brazil, and Chile.  Gold attracted about 65 percent of total exploration activity, but interest in base metals reached 20 percent and silver achieved about 13 percent of the total.  Investment in 2004 was primarily used to further define newly discovered resources (79 percent) and conduct feasibility studies of promising deposits (10 percent).
Investment in Argentina’s mining sector is projected to rise from US$220 million in 2003 to US$900 million in 2004 (Business News Americas, 2004a).  About 85 percent of this projected expenditure is allocated for the expansion of the Alumbrera and Cerro Vanguardia gold-silver deposits, and development of the Pascua Lama and Veladero gold-silver deposits (highlighted in previous annual summaries).  Much of this capital is coming from Chilean investors.  Argentina has become the most important investment destination for Chilean capital since the Mining Integration and Complementation Treaty of 2001, which deals with trade issues related to mining and exploration projects in these two countries.  Exploration projects of note based on their level of drilling include Aquiline Resources Incorporated’s Calcatreu gold-silver deposit, Viceroy Exploration Limited’s Gualcamayo gold deposit, and Coeur d’Alene Mines Corporation’s Martha silver project.
The largest Brazilian mining company, Companhia Vale do Rio Doce (CVRD), approved a US$78 million exploration budget, 77 percent of which is allocated to the search for aluminum, copper, diamond, gold, iron, and nickel deposits in Brazil.  CVRD also increased its international exploration effort in 2004, with activities planned for Africa, other Latin American countries, and the Middle East (Skillings Mining Review, 2004).  Projects that have reached the feasibility stage of exploration in Brazil include Desert Sun Mining Corporation’s Jacobina gold project and Yamaha Resources Incorporated’s São Francisco gold project.  Yamaha has announced plans to develop this site by the end of 2005.
Exploration in Chile remained high in 2004 as a result of the planned development of a number of potential copper or gold projects, and exploration drilling revealed significant potential for other projects.  Development plans were approved for BHP Billiton Limited’s Spence copper deposit and for expansion of Meridian Gold Incorporated’s El Penon gold-silver deposit.  Exploration activity of note for 2004 based on the level of drilling includes drilling near Coeur d’Alene Mines Corporation’s Cerro Bayo gold-silver mine and at Lumina Copper Corporation’s Regalito copper deposit.
Ecuador’s mining sector is expected to receive some US$400 million in foreign investment in 2004 (Business News Americas, 2004b).  Most of this investment is expected to go toward prospecting and developing gold-silver projects in southeastern Ecuador such as Iamgold Corporation’s Quimsacocha deposit and International Minerals Corporation’s Rio Blanco/Alejandra project.
As has been the pattern for many years, exploration activity in Mexico focused on gold and silver.  Minefinders Corporation Limited continued to advance its Dolores gold-silver project in Chihuahua state.  Production began at Glamis Gold Corporation’s El Sauzal gold property.  Gammon Lake Resources Incorporated continues to expand resources at its Ocampo gold-silver project.  Large-scale drilling for gold and silver was conducted at several other properties in 2004.
The discovery of several large gold deposits in Peru in the late 1990s [Minas Conga (1995), Yanacocha (1995-1996), and Alto Chicama (2001)] has been followed by aggressive exploration in the country.  Barrick Gold Corporation budgeted US$7.3 million in 2004 for regional exploration near Alto Chicama (Northern Miner, 2003), Newmont Mining Corporation has budgeted US$18 million in 2004 for regional drilling and feasibility studies near Minas Conga (Mining Record, 2004) and US$5-6 million at Yanacocha (Mining Journal, 2004f).  A large exploration drilling program was also conducted at Monterrico Metals plc.’s Rio Blanco deposit.
Canada.  Statistics as of August 2004 released by the Canadian Government (Natural Resources Canada, 2004) show anticipated 2004 exploration spending at C$979 million (US$750 million), up 43 percent from an expenditure of C$687 million (US$490 million) for 2003.  MEG reported budgeted exploration spending in Canada for 2004 at US$696 million, or about 20 percent of the estimated overall worldwide exploration budget.  Variation in the two sets of statistics can be attributed to survey characteristics (such as date of data collection, exchange rate used, and/or sample size).
Exploration spending intentions for 2004 as reported by the Canadian Government as of August 2004 were greatest in Ontario (about 25 percent of total exploration and deposit appraisal spending intention of Canada), Quebec (18 percent), Nunavut (16 percent), Northwest Territories (11 percent), and British Columbia (11 percent).  Canadian provinces or territories with more than a 50 percent increase in exploration activity in 2004 from 2003 based on reported estimates were British Columbia, New Brunswick, Northwest Territories, Nova Scotia, Nunavut, and the Yukon Territory.  The only province with an estimated reduction in exploration budget was Alberta.  In 2004, approximately 79 percent of the Canadian exploration budget for non-producing sites was allocated for initial exploration (up to and including the first delineation of a mineral deposit).  Budgets of junior companies were expected to increase from C$284 million (US$220 million) in 2003 to C$488 million (US$380 million) in 2004, and budgets of senior exploration companies were expected to increase from C$403 million (US$310 million) in 2003 to C$491 million (US$380 million) in 2004.  Over the period 2001-04, the junior company budget share rose from 35 percent to almost 50 percent in Canada.  Based upon these data, about 46 percent of the total Canadian estimated spending intention for mineral exploration in 2004 was for precious metals, predominantly gold, 24 percent diamond, and 20 percent base metals.  These spending intentions are basically unchanged from 2003 (Natural Resources Canada, 2004).
Canadian provinces or territories with the greatest exploration activity, in descending order by number of sites as compiled by the USGS, were Ontario, British Columbia, Quebec, Nunavut, Labrador and Newfoundland, and the Northwest Territories.  Based on the site data, exploration for gold accounted for approximately 52 percent of Canadian exploration, copper and diamond accounted for 14 percent each, nickel 7 percent, and lead and zinc accounted for about 4 percent.  Approximately 95 percent of all reported exploration sites were considered early-stage sites.
Canadian gold exploration activity based on the number of sites in 2004 for which data were collected focused primarily on British Columbia, Ontario, and Quebec; diamond exploration focused on Northwest Territories, Nunavut, Quebec, and Saskatchewan.  Developing diamond projects such as Gahcho Kue (Northwest Territories), Jericho (Nunavut), Snap Lake (Northwest Territories), and Victor (Ontario), have stimulated further exploration for diamond.  The Indian and Northern Affairs recorders office in Nunavut, which issued 190 prospecting permits in 2003, had received approximately 2,500 prospecting permit applications by February 2004 (Carter, 2004).  Drilling continues to define additional resources at many deposits (table 2 lists selected noteworthy locations).  Development continued at the Voisey’s Bay nickel-copper deposit in Newfoundland, where production from open-pit mining is scheduled for 2005.
Africa.  According to MEG, African exploration budgets increased from US$374 million in 2003 to US$572 million in 2004, a 53 percent increase.  However, the Africa exploration budget share decreased from 17.1 percent of the world exploration budget in 2003 to 16.1 percent in 2004.  This is the second consecutive year that more exploration expenditures were planned for Africa than for Australia.  In 2004, the principal mineral targets in Africa were diamond, gold, and platinum-group metals.  Diamond exploration was focused on Botswana, Namibia, and South Africa.  Gold exploration focused on the Birimian Shield of Burkina Faso, Ghana, and Mali, the Kaapvaal Craton of South Africa and Zimbabwe, and the Tanzanian Craton.  Platinum-group metal exploration continued in South Africa, particularly on the Platreef section of the Bushveld Complex.  Gold and base metals continued to be explored in central Africa, primarily in Congo-Kinshasa and Zambia.  There was also renewed interest in minerals exploration in Madagascar.
A recent study released by the Department of Minerals and Energy of the Republic of South Africa reported that although mineral exploration expenditures have increased since 2002, South Africa had lost some of its ability to attract new exploration dollars to increased exploration interest in Australia and Canada (Republic of South Africa Department of Minerals and Energy, 2004, p. 8).  Part of this is a reflection of the relative strength of the South African rand, which raises costs of conducting business in South Africa.  This has resulted in South African mining companies seeking opportunities outside of South Africa.  Anglogold-Ashanti Limited expanded exploration activities in South America and was looking toward expanding activities in Alaska, Laos, Mongolia, and the Philippines.  Harmony Gold Mining Company Limited likewise was exploring opportunities in Congo-Kinshasa, Papua New Guinea, and Peru.  Eurasia Mining plc. sold its South African assets to Nkwe Platinum Limited so that it could focus on exploration activities in Russia.  At the same time, changing South African mineral rights legislation made it easier for new participants to enter the exploration business.  Some Australian and Canadian junior exploration companies see Africa, once the exclusive domain of companies such as Anglogold-Ashanti Limited (gold), Anglo American Platinum Corporation Limited (platinum-group metals), and De Beers SA (diamond), as ripe territory for projects that do not meet these major companies economic or risk criteria.
African countries experiencing the highest levels of exploration activity in 2004, in descending order by exploration activity based on the number of sites compiled for this annual review, were South Africa, Ghana, Mali, Tanzania, Burkina Faso, Congo-Kinshasa, Zambia, Namibia, and Botswana.  Gold accounted for approximately 54 percent of reported African exploration projects, diamond accounted for about 14 percent, platinum-group metals 11 percent, and base metals 10 percent.  Early-stage projects accounted for about 79 percent of the 2004 activity, while feasibility stage projects accounted for about 11 percent.
Two World Bank mining sector projects in Africa were financed in 2004.  The US$120 million Private Sector Development and Competitiveness Project in Congo-Kinshasa and the US$25 million Sustainable Management of Mineral Resources Project in Uganda both have the potential to positively affect mineral exploration in these countries (The World Bank Group, 2004).
Australia.  Exploration budget allocations reported by MEG for Australia showed an increase from US$339 million in 2003 to US$522 million in 2004, while slipping from just over 15 percent of the world exploration budget in 2003 to just less than 15 percent in 2004.  The Australian Bureau of Agricultural and Resource Economics (ABARE) reports minerals exploration expenditures for the fiscal 2003-2004 year of A$695 million (US$510 million), as compiled by the Australian Bureau of Statistics (Australian Bureau of Agricultural and Resource Economics, 2004, p. 7).  Western Australia accounted for about 59 percent of Australian mineral exploration expenditures (Western Australia Department of Industry and Resources, 2003, p. 26). The ABARE report showed exploration was up slightly from 2002-2003.  ABARE reported that 2003-2004 gold exploration accounted for 57 percent of the total reported Australian expenditure, nickel and cobalt exploration accounted for about 12 percent, iron ore exploration accounted for 9 percent, and copper exploration accounted for 5 percent.  Minerals and metals with increased expenditures in 2003-2004 over 2002-2003 levels were gold, iron ore, nickel and cobalt.  The report attributed the increase to renewed activity on previously explored areas stimulated by higher commodity prices.  Based on USGS site data, early stage projects accounted for about 84 percent of the 2004 activity and feasibility stage projects accounted for about 7 percent.
Australian states and territories experiencing the highest levels of exploration activity in 2004, in descending order based on the number of sites compiled for this annual review, were Western Australia (57 percent), South Australia (12 percent), Queensland, (10 percent), and New South Wales (10 percent).  South Australia saw gains in 2004 as a result of extensive work conducted on the Prominent Hill copper/gold project.  Several Western Australian projects increased their identified resources as a result of drilling programs conducted in 2004.  The governments of both South Australia and Western Australia announced initiatives in 2004 to stimulate minerals exploration, although data on the level of 2004 exploration activity are not yet publicly available.
United States.  The U.S. mineral exploration budget for 2004 was anticipated to increase by about 85 percent from US$153 million in 2003 to US$284 million in 2004, according to MEG data.  Much of this increase is a result of increased gold exploration budgets in Alaska and Nevada.  The U.S. percentage of the world exploration budget increased from about 7 percent in 2003 to about 8 percent in 2004.  The increase in U.S. minerals exploration budgets is likely tied to favorable geology, higher commodity prices, and the low value of the U.S. dollar relative to other international currencies.
In 2004, data on 248 U.S. exploration projects were collected and reviewed by the USGS; 56 percent were located in Nevada and 19 percent were in Alaska.  Of those considered, 152 projects were not in the 2003 review, either because they represented new exploration sites, project names had changed, or because public data on 2003 activity were not available.  Many of these sites, however, had prior exploration activity.  This suggests that economic conditions were such that exploration companies were reevaluating prospects in light of improved economic conditions such as higher mineral prices, new technology, or because of their proximity or geologic similarity to recent discoveries.
Although U.S. minerals exploration activity has generally declined since the mid-1990s, there are indications of increasing optimism for the industry in Nevada.  Based upon a 2003 survey conducted by the Nevada Division of Minerals, mineral exploration expenditures in Nevada are reported to have increased from US$64.6 million in 2002 to US$69.2 million in 2003, with a projection of US$89.1 million in 2004 (Driesner and Coyner, 2004, p. 1). The number of mining claims held in Nevada and the rest of the United States has generally dropped since the enactment of the $100 Federal claim maintenance fee in 1992, but the number of claims in Nevada has increased since 2001.  According to the Nevada Division of Minerals survey, respondents reported holding about 49,000 claims in Nevada in 2002 and 50,800 claims in 2003, and projected that they will hold about 55,300 claims in 2004 (Driesner and Coyner, 2004, p. 4).
Similar optimism is reported for Alaska.  The Alaska Miners Association reported at its 2004 annual convention that “the 2004 exploration season has been the biggest in many years, both in terms of dollars spent and number of active projects, which included many totally new prospects.  A large portion of the new prospects are held by companies that are new to Alaska” (Pay Dirt, 2004).  The Alaska Department of Natural Resources reports increased claim-staking in Alaska in 2003.  About 2,440 new State mining claims, 92 new State prospecting sites, and 676 new Federal claims were staked in 2003, reaching levels not seen since 1997 (Alaska Department of Natural Resources, 2004, p. 41-44).
A survey of 259 exploration, development, and mining consulting companies conducted by the Fraser Institute of Canada conducted for 2004-2005 suggests that certain areas of the United States continue to attract interest in minerals exploration, although interest in other areas may be limited owing to State regulatory policies (McMahon, 2005).  In the Fraser Institute 2004-2005 survey, Nevada maintained the top-rated region for its policy climate, and California and Wisconsin were among the 10 lowest rated regions in this category.  When mineral potential and regulatory policies were considered together, Nevada was ranked first and Alaska the sixth best areas for exploration on a worldwide basis, while Minnesota, South Dakota, and Wisconsin were among the lowest rated in this category.  For 2004-2005, Nevada climbed to first from the fourth position in the Fraser Institute survey for its mineral development potential and regulatory policies, and Alaska dropped from 29th to 55th out of 64 regions considered (McMahon, 2005).  In general, Nevada was given a high rating for its regulation and land-use policies, while Alaska, California, Colorado, and Montana were given low rankings owing to perceptions of administrative difficulties, excessive taxation and/or duplication of regulatory policy, and uncertainty of environmental regulatory policy (McMahon, 2005).  Because Fraser survey respondents represent only 15 percent of the global minerals exploration sector, survey results are not statistically valid when applied to the industry.  The results, however, indicate overall trends.
About 84 percent of the U.S. projects in 2004 had not yet reached the full feasibility stage of development.  Several mines began production or were restarted in 2004.  In Nevada, the South Layback ore zone of the Gold Quarry gold mine began production, and the Marigold mine continued its expansion of the Millennium ore zone.  Developing projects highlighted in previous annual summaries include the Donlin Creek gold deposit in Alaska, with 2004 measured and indicated resources of 11.3 million ounces, the Cortez Hills gold deposit in Nevada, with proven and probable reserves reported in 2004 of over 7 million ounces of gold (Metals Economics Group, 2004c), and the Northmet project in Minnesota, with a resource reported to contain 3.4 million tons of copper, 888,000 tons of nickel, and 38 million tons of silver, 11 million ounces of palladium, 3 million ounces of platinum, and over 1 million ounces of gold, based upon 2004 company data (Polymet Mining Corporation, 2004).
Several high profile projects continue to generate interest by mineral exploration companies.  Gold and copper exploration in Alaska focused on expanding resources at Galore Creek, Nixon Fork and Pebble deposits.  Expansion of gold resources along the Carlin Trend in Nevada continued on the Placer Dome, Incorporated’s discovery at Cortez Hills, Barrick Gold Corporation’s Goldstrike property, and the Jerritt Canyon and Starvation Canyon projects of Queenstake Resources Limited.  Drilling continues to expand the Copperstone gold-copper property of American Bonanza Gold Mining Corporation in Arizona.
Pacific Region.  Based on MEG data, the 2004 exploration budget allocation for the Pacific region and Southeast Asia was about US$156 million, up in dollar terms from the 2003 level of US$93 million, and up to 4.4 percent of the world exploration budget from a 4.2 percent reported for 2003.  Growth in this region remains somewhat muted amidst uncertainty of tenure and continued political and social unrest (Metals Economics Group, 2004b, p. 5).  A significant portion of the interest is focused on later-stage projects, accounting for about 39 percent of all exploration, based on the USGS site information.  Projects receiving significant activity include expansion of copper-gold reserves in the Grasberg area (Indonesia), drilling at Penjom (Malaysia), extension of the Fraser zone at Macres (New Zealand), and feasibility work at the Ban Phuc base metals deposit in Vietnam.  Higher metals prices have spurred evaluation of the development of later-stage projects.
Based upon data collected by the USGS for this summary, exploration activity in the Pacific region (excluding Australia) was greatest in Indonesia, the Philippines, and Papua New Guinea.  Gold targets accounted for about 74 percent of all exploration interest in the Pacific region, copper about 9 percent, and nickel about 8 percent of the reported activity in 2004.
Rest of the World.  Exploration budgets for the rest of the world (including Asia, Europe, the countries of the Commonwealth of Independent States, and the Middle East) increased by 124 percent in the MEG 2004 survey, and accounted for more than 15 percent of world share on a percentage basis.  This increase results from a significant increase in reported Chinese exploration, growing interest in Mongolia, and continued interest in Finland, Sweden, Russia, and Turkey.
Based on data collected for this summary, China accounted for 21 percent of the exploration sites in this group.  Mongolia accounted for 14 percent, Finland, Sweden, and Turkey each accounted for about 8 percent, and Russia accounted for about 6 percent.  Exploration activity in Asia primarily focused on gold (81 percent of all sites in this group had gold as the primary commodity).  European mineral exploration focused on gold (60 percent), nickel (12 percent), copper (9 percent), and diamond (8 percent).  Exploration activity in the Commonwealth of Independent States focused on gold (64 percent), base metals (9 percent), and platinum-group metals (9 percent).  Because of strong metal prices, many former mining areas of Europe are being re-evaluated with newer geophysical methods; areas rich in base-metal sulfides are often being reevaluated for platinum-group metal potential.
Mineral exploration in China has grown since the country opened its mining sector to foreign investment during the 1990s.  The gold sector in China is being restructured to separate operational functions of the Government from regulatory functions.  Technological improvements in the Chinese gold mining industry, regulations encouraging foreign investment, and the establishment of publicly-listed gold companies is making it easier for both Chinese and foreign companies to conduct business in China.  A total of 2,693 exploration and mining licenses were issued between January and June 2003; compared with 1,794 exploration licenses in 2002 (Anser Enterprises Corporation, 2005).
By the end of 2003, there were 35 companies based in Australia, Canada, the Netherlands, Great Britain, and the United States working on 103 foreign-funded mineral prospecting projects in China (Engineering and Mining Journal, 2004).  Domestic and foreign companies compete for mineral exploration and development rights by means of an auction process.  Based on data provided by the China Ministry of Land and Resources, 15 provinces of China auctioned 71 mineral exploration rights in 2002, 4 times more than in 2001.  For the first 9 months of 2003, 161 mineral exploration rights were auctioned (Anser Enterprises Corporation, 2005).
The structure of the mining industry in China in 2004, particularly the gold sector, is much different than only a few years earlier.  Despite the increased interest in China, no large foreign-controlled mining projects have yet been successfully developed there.  The Jinfeng gold project under development in Ghizhou Province is viewed by many foreign exploration and mining companies as a prototype model for a foreign-controlled operation in China.  Whether or not it successfully obtains a mining license in 2005 may well affect future mineral exploration and development interest in China.
Interest in mineral exploration in Mongolia in 2004 was in large part driven by the exploration activity of Ivanhoe Mines Limited at its Turquoise Hill (Oyu Tolgai) copper-gold project.  MEG reports that the company has allocated US$78 million for exploration projects in Mongolia, accounting for 79 percent of the MEG estimate for the total estimated 2004 mineral exploration expenditure for Mongolia (Metals Economics Group, 2004b, p. 5).  There has also been an upturn in interest in exploring other countries of Central Asia, notably India and Pakistan.
Russia and the other republics of the Commonwealth of Independent States also have become a focus for minerals exploration, but, like China, the region presents both opportunities and risks.  Based upon site data collected for this summary, exploration activity in this region was greatest in Russia and Kazakhstan, primarily for gold, base metals, and diamond.  Russian gold deposits typically possess larger resource potential than the world average, but generally have lower grades and require special processing because of a greater frequency of hard refractory ore (Leskov, 2004).  Detailed historical data on many sites collected under the Russian system are often available, but differences in resource nomenclature add to the difficulty in assessment by foreign companies.  In addition, accessibility and climate conditions can pose risk to deposit development.  BHP Billiton Limited and De Beers SA are actively exploring for diamond in Russia, but exploration activity is preliminary.
Government Programs
Government programs and policies provide the context within which exploration takes place.  A regional discussion of government programs and issues affecting mineral exploration is given below, ordered by relative importance based on exploration budget estimates.
Latin America.  The Bolivian government passed legislation reinstating the function of the Ministry of Mining and Metallurgy to “formulate, implement, evaluate, and oversee mining development policies” as a means of clarifying the mission and strengthening the authority of the government agency responsible for oversight of the Bolivian minerals industry (Mining Policy Research Initiative News, 2004a).  The Brazilian government passed legislation suspending mineral exploration and controlling mining activity on territories hosting indigenous peoples (Mining Policy Research Initiative News, 2004b).  The Chilean government continues to seek to pass legislation taxing mining activities.  Legislation sent to the Chilean Congress on December 15, 2004 would establish a 5 percent tax on income derived from the sale of mineral products (Mining Policy Research Initiative, 2004d).  China Minmetals Corporation, a Chinese Government-controlled company, signed a preliminary agreement with Codelco Chile Inc. for the purpose of investing as much as US$2 billion in the Chilean mining sector over the next 20 years (Mining Journal, 2004d).  The immediate focus was to develop the Gaby copper project.  China’s President Hu Jintao and Cuban President Fidel Castro signed 16 economic cooperation agreements, several of which involve mineral exploration (Mining Journal, 2004d).  The Congress of Peru approved a plan to charge a royalty of 1 to 3 percent of mineral concentrate sales (Mining Policy Research Initiative, 2004c).  The royalty took effect on November 15, 2004.  The Venezuelan government took steps to restructure the government entity responsible for mining oversight by creating the Basic Industries and Mining Ministry, one of three entities created from the old Industry and Trade Ministry.  The entity is responsible for supporting the small mining sector within Venezuela (Mining Policy Research Initiative News, 2005).
Canada.  The Canadian government extended its 15 percent non-refundable Investment Tax Credit for Exploration (ITCE) to the end of 2004 because this program had been effective in stimulating minerals investment in Canada during its previous 3-year term.  A number of provinces/territories also introduced their own measures to further encourage mineral exploration.  British Columbia, Manitoba, Ontario, and Saskatchewan created their tax credits within the structure of the federal ITCE.  Quebec continued its refundable tax credit at the corporate level and the Yukon Territory increased the rate of its refundable corporate and personal income tax credit (Canadian Intergovernmental Working Group on the Mineral Industry, 2003, p. 28).  In its 2003 report on the effects of these taxation schemes on the mineral industry, the Intergovernmental Working Group on the Mineral Industry (IGWG) reported that flow-through share financings in 2003 were over C$300 million (US$230 million), compared to C$50 million (US$38 million) in 2000, prior to the legislation.  Virtually all of the expenditures resulting from these flow-through financings were incurred for work that qualified for ITCE tax credits (Canadian Intergovernmental Working Group on the Mineral Industry, 2003, p. 28).
An effort to develop a Canadian national strategy for the development and administration of the diamond industry is ongoing.  Initial recommendations were proposed in 2003 by representatives of Aboriginal groups, academia and non-governmental organizations, the diamond industry, federal, provincial and territorial governments, and law enforcement, in a document entitled “Towards a National Diamond Strategy”.  In March 2004, the governments of Northwest Territories and Nunavut, the Mining Association of Canada, and the Prospectors and Developers Association of Canada issued a paper entitled “National Diamond Strategy: An Industry Response,” which outlined the general direction that government and industry planned to take in guiding diamond industry development (Carter, 2004).  One outcome of these discussions was the formulation of guidelines for the reporting of diamond exploration results.
The Cooperative Geological Mapping across Canada (CGMS) initiative is a collaborative effort among several Canadian federal and provincial entities which calls for the investment of C$500 million (US$380 million) over 10 years to improve mapping relevant to minerals exploration (Mining Journal, 2004c).  The Council of Tourism Associations of British Columbia, the British Columbia and Yukon Chamber of Mines, and the Mining Association of British Columbia signed a joint agreement in 2004 to cooperate on land-use issues in the province (Infomine Headline News Digest, 2004).
Africa.  All mineral exploration in Eritrea was suspended between September 2004 and January 2005.  Although no formal justification was announced, it is believed that the suspension period was used to review all aspects of mining law in Eritrea (Mining Journal, 2005).  A new mining code was implemented in Senegal in 2004 to define fiscal and legal responsibilities and to provide tax incentives for mining concessions (Mining Journal, 2004h).
During 2002 and 2003 the government of South Africa put forward new mineral rights legislation and an empowerment charter.  The Mineral and Petroleum Resources Development Act, which came into effect May 2004 (with a 1-year transition period to end May 2005), is the principal legislative instrument for implementing the social and economic reforms envisaged by the charter.  The act changes the regulation of access to, and ownership of, mineral resources in South Africa.  It establishes a means of converting existing mining and prospecting rights (old order), establishing new rights (new order), and sets up a scorecard approach to achieving the mining charter objectives (Mining Journal, 2004i; Rio Tinto plc, 2004).  Accompanying legislation related to royalty and beneficiation issues are due in early 2005.
Australia.  The Australian government issued a report in 2004 outlining its strategy to stimulate mineral exploration in Australia.  The report “the Road to Discovery: the Minerals Exploration Action Agenda” discusses measures planned to address impediments to resource exploration, including issues related to the labor pool, land access, minerals data availability and quality, and native title issues (Mining Journal, 2004a).  The Minerals Council of Australia released an update to the public reporting standards contained in the Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (Mining Journal, 2004b).
On a state level, the South Australian government announced a plan to spend A$15 million (US$11 million) over 5 years to encourage investment in mining exploration in the state.  The package included a number of initiatives including acceleration of data collection, establishing a research center, and funding for drilling partnerships with private industry (MineBox, 2004a).  One such initiative, the 2004 Collaborative Drilling Program, made A$2 million (US$1.5 million) available in 2004 for mineral exploration drilling in South Australia (Society of Economic Geologists Newsletter, 2004).
Native Title claims issues continue to affect Australian exploration and mining.  A series of templates for Native Title agreements were developed by the Victoria Minerals and Energy Council as a means of simplifying the Native Title process (MineBox, 2004b).  Agreements among the Western Australia government, the mining industry, and Native Title claimants were signed in 2004 to speed up the Native Title process by establishing a mutually-agreed upon heritage protection process (MineBox, 2004c).  A A$12 million (US$8.8 million), 4-year program of airborne geophysical surveys was implemented in Western Australia during 2004 (MineBox, 2004d).
Pacific Region.  The Indonesian government issued a regulatory decree that allows 13 mining companies that have previously reported economically viable mineral reserves to resume exploration or mining activities in protected forested areas.  This regulation does not replace a 1999 law banning mining in protected forests, so any future mineral exploration not specifically covered in this decree would continue to be prohibited (Mineweb, 2004).  The Supreme Court of the Republic of the Philippines has revoked the country’s system of Financial or Technical Assistance Agreements, designed to allow full foreign ownership in mining projects with a capital cost over US$50 million.  (Mining Journal, 2004g).
United States.  In 2004, the U.S. Bureau of Land Management increased mining claim fees for the first time since 1993.  The one time location fee is now US$30 and the annual maintenance fee for each claim is now $125 (U.S. Bureau of Land Management, 2004).
Rest of the World.  China continues to reform its mining sector.  The China State Council released a white paper in December 2003 summarizing its plans and progress toward updating its mining regulatory regime.  A revision of the Mineral Resources Law is being prepared and is expected to be adopted within 4 to 5 years (Kwauk, 2004).  In India, the Confederation of Indian Industry’s Eastern region has commissioned a 3-year study to assess the mineral potential of the region (Mining Journal, 2004e).
The USGS collects and analyzes data on more than 100 mineral commodities in the United States and worldwide.  This article draws from public and private sector sources and the knowledge and expertise of USGS mineral commodity, country, and mineral-resource specialists.  More detailed information on the material covered in this article may be obtained from the author, David Wilburn, U.S. Geological Survey, P. O. Box 25046, MS 750, Denver Federal Center, Denver, CO 80225-0046; telephone 303-236-8747, extension 337; fax 303-236-4208 or wilburn@usgs.gov.  For additional USGS information on mineral commodities and international mining activities, inquiries may be directed to Kathy Keys, U.S. Geological Survey, 988 National Center, Reston, VA 20192; telephone 703-648-4961 or kkeys@usgs.gov.
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