Exploration

The worldwide budget for nonferrous, nonfuel mineral exploration was expected to increase by 58 percent in 2004 from the 2003 budget, according to Metals Economics Group (MEG) of Halifax, Nova Scotia. The increase comes two years after a five-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 were anticipated to increase.