London, 28 August 2009 

The past three years saw an unprecedented acceleration of growth in worldwide exploration budgets, peaking in 2008 with some 2,100 companies budgeting US$13.8 billion. As we all now know, the mining industry—along with the rest of the global economy—took a dramatic turn last fall. For 2009, budgets have been slashed, in many cases to zero.

In October, Metals Economics Group will publish the 20th edition of the mining industry’s benchmark exploration study, Corporate Exploration Strategies (CES); preliminary results show a stunning 45% drop in budgets from 2008. The number of companies budgeting $20 million or more has dropped by roughly 40%, while the number reporting zero budget for 2009 could double.

"Although there has been much talk of “green shoots” this summer, the fact remains that 2009 has been a challenging year for the mining industry. However, this uncertain period has also created numerous opportunities for companies that are now focused on the next upturn".

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For more information see:

www.metalseconomics.com