Despite the year-on-year decline in global exploration budgets in 2015, Africa continued to be an important exploration destination. With an exploration budget of US$1.20 billion, the region accounted for 13.5% of the world's total exploration budget last year.
Evaluating capital financings by destination shows that Africa accounted for 27% (about US$1.79 billion) of the total amount raised in the September 2015 quarter.
Gold was the top target for drilling in Africa, accounting for over 60% of the region's significant drill results. Overall drilling activity in the region increased during the third quarter, although it declined on a yearly basis.
Looking at the in situ value of reserves and resources in Africa, coal and iron ore represented the highest values at around US$7.74 trillion and US$7.64 trillion, respectively.South Africa and Guinea were the key contributors in terms of resource values, mostly from resources announced for coal and platinum group metals in South Africa and for iron ore in Guinea.
When looking at aggregate reported production multiplied by average commodity price, gold and copper were the most valuable commodities produced in the region at US$18.77 billion and US$11.96 billion, respectively.
With US$8.89 billion in investments, platinum projects accounted for the largest amount of planned and completed capital spending, most of which was allotted to assets in South Africa.The commodity with the second-largest announced spending was iron ore with US$6.66 billion, due partly to major investments announced for assets in the Republic of the Congo.