"Exploration Cost" as used here is the total sunk cost taken from the balance sheet of those companies. It would include, for example, acquisition costs as well. And of course the head office costs of BHP and Rio which are allocated out to their projects through Technical Services. The only number that really matters is "Discovery Cost". Because that's when the value is created and the investor has maximum leverage. Estimating Discovery Cost is much more difficult than estimating Exploration Cost. But one thing is certain -- its a LOT less than the so-called Exploration Cost.
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