Although the post-Brexit U.K. recession forecast by many economists is not apparent to date, in October, the IMF revised its global growth forecast down for 2016, due to the Brexit vote and weaker-than-expected growth in the U.S. Drill results, new drill programs, and positive project milestones all increased in the September quarter, while financings, although fewer in number, sustained their June quarter value.
Market for Mining
The S&P Global Market Intelligence metals price index (comprising gold, silver, platinum, copper, cobalt, molybdenum, nickel, and zinc) increased for the second straight quarter to 111, from a December quarter low of 93.
The number of total drillholes announced increased to over 7,000, and the total number of distinct projects reporting drilling activity in the quarter jumped to 367, the most since the March 2015 quarter.
Pipeline Activity Index
S&P Global Market Intelligence’s Pipeline Activity Index (PAI) increased to 71 for the September quarter, continuing a climb from 44 in the March quarter and recording its highest level since the June 2013 quarter.