S & P: the rise of electric vehicles spending on exploration in the mining industry has risen to nearly $10 billion

SMM11, March 15: spending on exploration in the mining industry rose to nearly $10 billion for the second year in a row, according to S & P Global Market Intelligence), as the industry shifted from caution to growth. It is also prepared to cope with the boost in demand for copper and other basic metals brought about by the rise of electric vehicles.

Even so, the figure is still about 1/3 less than in 2012. Equity market funding for mining exploration companies also remains limited. Mark Ferguson, deputy director of global metals and mining research at S & P, said rising metal prices and higher profit margins since 2016 had spurred producers to expand exploration.

The safety factor for mining exploration and project spending is getting higher and higher, according to (Aberdeen Standard Investments), an Aberdeen standard investment company.

Industry observers are studying satellite images for clues to Rio Tinto's search for copper in remote parts of Western Australia. Jean-Sebastien Jacques, Rio's chief executive, said Rio was studying valuable mining asset targets.

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