Why are major miners partnering with juniors instead of...

Why are major miners partnering with juniors instead of exploring themselves?
Major miners are increasingly focused on acquiring de-risked assets rather than conducting greenfield exploration due to several factors. The extended permitting and development timelines now frequently exceeding 15 years create substantial opportunity costs. The capital-intensive nature of modern exploration programs requires significant investment before determining economic viability. Additionally, specialized explorers often achieve higher success rates in early-stage exploration due to their focused expertise and regional knowledge.