[miningmx.com] – MINING companies cut exploration expenditure 30% or $10bn last year, a development that would spur a recovery in mineral and metal prices in years to come, said Bloomberg News.
Citing data from MinEx Consulting, which numbers BHP Billiton as one of its clients, Bloomberg News said investors in mining companies would welcome the exploration cuts as it would propel a rebound in prices.
“Companies are doing the right thing by cutting back on exploration,’ Daniel Sacks, an asset manager for Investec Asset Management, told the newswire. “It’s a cyclical industry,’ he said.
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