According to figures released by the Boston Consulting Group (BCG) at the Mining Indaba, South Africa’s spending on exploration is “the lowest among leading mining countries”. Between 2009 and 2017 South Africa’s share of the global exploration budget fell from 1.6% to 1.1%. Senior exploration geologist at SRK Exploration Services, John Paul Hunt, says that it is clear that South Africa has lagged behind the rest of the world. “Globally, around 10% of all capital expenditure in mining goes towards exploration,” Hunt points out. “In South Africa, it’s around 2%. We are not really replacing the minerals that we are mining.” [more...]
Acknowledged: www.moneyweb.co.za
