Big cut in mining firms’ budgets to spark metal price boom- South China Mining Post
Mining companies are extending massive cuts in exploration budgets for a second year, setting up the next price boom as China continues its relentless pursuit of metals and energy.
Exploration spending plunged 30 per cent or US$10 billion last year, squeezing budgets to search for minerals and sustain supplies, according to MinEx Consulting, whose clients include top miner BHP Billiton. Payments might drop a further 10 per cent this year for geologists, drilling exploratory holes and analysing mineral specks to unearth the next copper, iron ore or gold El Dorado, MinEx said.
Read more at: http://www.scmp.com/business/commodities/article/1408001/big-cut-mining-firms-budgets-spark-metal-price-boom
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