Choose your location to get a site experience tailored for you.

Remember my region and language settings

Tackling the Crisis in Mineral Exploration

Mineral exploration is in crisis. Despite a tenfold increase in spending from 2002 through 2012, the number of discoveries has remained flat. The low-hanging fruit is gone. Today’s explorers must dig deeper—literally and figuratively.

Despite huge advances in exploration technology, productivity is waning. Why is the industry still falling behind in exploration performance? Are matters of leadership, management approach, talent management, or even culture causing the exploration drought? What should explorers do about this now that budgets have been halved over the past two years? 

To better understand the forces underlying the crisis, The Boston Consulting Group began by interviewing six of the world’s best-known explorationists. We asked them: What do they consider the secrets to their success? And what do they perceive as the impediments, at the company and industry levels, to exploration performance today? 

Collectively, these exploration legends identified eight recommendations that should be part of any exploration strategy.

1. Pursue Mineralized Districts.

2. Aim for Simple, Large Targets.

3. Commit to Drilling.

4. Balance the Proportion of Greenfields and Brownfields.

5. Align Drilling Strategy with Return on Investment.

6. Commit to “Boots and Hammer.”

7. Consider Joint Ventures.

8. Be Persistent.

Metals & Mining
Previous Page