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Miners showing improved discipline, says Bernstein

A drop in exploration spend over the past decade has made miners more disciplined with their drilling dollars, with exploration efficiency now twice what it was 10 years ago and five times better than in the 1990s, research from US investment bank Bernstein shows.

Miners showing improved discipline, says Bernstein Miners showing improved discipline, says Bernstein Miners showing improved discipline, says Bernstein Miners showing improved discipline, says Bernstein Miners showing improved discipline, says Bernstein

US investment bank Bernstein is encouraged by miners' improving discipline regarding exploration spend

Bernstein said while the high margins seen over the past three years would usually tempt miners to open up exploration budgets, spending on exploration has instead been below average, "evidence of