Exploration

Mineral exploration could be described as a high risk activity in economic terms, in that only one in 350 mineral prospects that are tested result in a mine.

So we believe in having a critical mass of projects happening at any one time, and they are selected through a rigorous process of prioritisation.

How we organise our explorations

Our Exploration Group employs 250 geoscientists around the world and has a total staff of approximately 950 people.

It is organised into regional multi-commodity teams. This gives the group local presence, an in depth understanding of the operating environment and a holistic view of geological terrains. At the same time, programmes are prioritised on a global basis so that only the best opportunities are pursued.  There are currently five of these regional teams. In addition, another small team that deals with project generation covers the world looking for new opportunities.

At the end of 2007, we were exploring in 30 countries and assessing opportunities in a further 20 for a broad range of commodities including bauxite, copper, coking coal, iron ore, industrial minerals, diamonds, nickel and uranium.  In 2007, we spent US$576 million on exploration, an increase of US$231 million over 2006.