The mining and exploration sector spent $552 million on mineral exploration and development in 2024, a 14 per cent decrease over the $643 million spent in 2023, according to a new report from business services firm EY.
The reason for the slightly lower spend is that much of the spending in 2023 was in later stage development of projects as they matured towards “operational readiness.”
“This nearly $100 million difference is indicative of the progression of flagship projects, which in years past would represent a significant portion of annual spend, maturing away from exploration and naturally redirecting resources toward the next phase of development,” EY said in its annual
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