The newly released 2021 global exploration budget from our annual Corporate Exploration Strategies series shows that the mining exploration sector has emerged from the downturn caused by the COVID-19 pandemic. The aggregate annual global nonferrous exploration budget has increased by 35% year over year to $11.2 billion from $8.3 billion in 2020. Driven by higher metals prices, increased financing activities and the decline of pandemic-related shutdowns, the exploration sector recovery was faster-than-expected.

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