The consulting firm estimated that the mining exploration budget amounted to US$8,328 million, which was 10% lower than what was recorded in 2019 (US$9,285 million).

Mining majors in the world continued to capture significant amounts in exploration, among them Australia and Canada stood out with a 16% share each in the world's total exploration budget. By continents, the Americas captured 52% of the budget, while Latin America captured 25%, according to estimates by S&P Global Market Intelligence and the Chilean Copper Commission.

At the Latin American region level, the exploration budget in 2020 amounted to US$ 2,065 million. According to estimates, Peru ranked third with a share of 18%, although Chile and Mexico reached higher shares with 22% and 21% respectively.

It should be noted that other countries in the region - close to the Andes Mountains - that encourage the exploration of mining prospects, such as Ecuador and Argentina, have also received significant investments.