2013 Annual Review of Mineral Exploration

May’s issue of Mining Engineering features 2013’s Annual Exploration Review from the U.S. Geological Survey’s D.R. Wilburn and K.A. Stanley. The review analyzes exploration budgets by country and mineral commodity and identifies significant mineral discoveries among other information.

A few key takeaways include:

• America’s investment in minerals mining decreased by approximately 38 percent in 2013, representing just seven percent of the world’s global exploration expenditures.
• Gold and silver exploration accounted for about 50 percent of the total amount budgeted for U.S. exploration while base metals, primarily copper, accounted for 36 percent.
• Finally, 8 percent of the world’s non-fuel minerals exploration sites are presently in the U.S. By contrast, Canada operates 22 percent of global exploration sites.

Additional data reported by the Raw Materials Group (RMG) suggests that the copper, gold, iron ore and nickel continued to be the most important mineral investment targets in 2013. There were also 95 new mine development projects announced last year, a slight decrease from the number in years prior.
Most mines in the U.S. are located in Nevada followed by Arizona, Alaska, Idaho, Utah, California and Florida as well as a number of other states.

This report provides more evidence that America’s outdated permitting policies are putting us at a disadvantage in the global race for commodities and tabling much-needed economic opportunities.

In fact, the report noted that the recent rise in many commodity prices have led other governments to consider the mining and metals sector a key source of revenue and even enact legislation to derive revenue from the sector. Continued investment in the mining sector will lead to a stronger economy and create much needed high-paying jobs. If you agree, tell Congress to support legislation that will do just that!