how was your quarter?, page-9

SNL Metals & Mining's 25th annual "Corporate Exploration Strategies" study estimates that worldwide nonferrous metals exploration budgets declined 25% to US$11.36 billion in 2014, marking a drop of more than US$10 billion in annual exploration expenditure over the past two years.

SNL Metals & Mining's 2014 exploration data and analysis are based on information collected from almost 3,500 mining and exploration companies worldwide, of which almost 2,000 had exploration budgets for 2014. The companies, each budgeting at least US$100,000, budgeted a total of US$10.74 billion for nonferrous exploration in 2014.....