Despite persistent uncertainty in the mining sector, SNL Metals & Mining data shows that the industry’s planned capital spending announced since January 2015 has risen to roughly $108 billion from $60.09 billion recorded in late 2015. While this estimate primarily comprises announced costs, which may never actually be spent, it provides context on where companies currently intend to allocate resources.

Last November, SNL Metals & Mining published an analysis of Capex data, as reported by mining companies through October 2015, which offered insight into spending patterns based on target regions and commodities. The analysis documented Capex plans totalling $60.09 billion from 298 announcements. At that time, the US and Canada together took the top spot for expenditure between January 1 and October 28, 2015, accounting for $20.29 billion of spending on projects in the two countries. Gold was the highest-ranking commodity globally with $15.05 billion earmarked in 136 announcements, and copper placed second with $14.93 billion in 38 announcements.

Five months later, the data paints a different picture. As of April 7, 2016, SNL’s database shows aggregate planned Capex surging to $108 billion in 505 announcements. Of this total, only $5.07 billion has been reported spent since January 2015, while the remaining amount will potentially be spent over the next few years.

Between November 2015 and April this year, the bulk of announced capital spending shifted to Latin American mining projects, which accounted for $32.43 billion in committed or actual spending. Copper projects, which are especially prevalent in the region, accounted for $21.13 billion of the $34.93 billion global total for copper projects.

Gold was a close second globally at $32.12 billion, having risen 113% since November. The 50/50 late-stage Wafi-Golpu project in Papua New Guinea of Harmony Gold Mining and Newcrest Mining  recently projected investments of $2.66 billion in initial Capex, and an additional $3.73 billion for expansion work.

SNL Metals & Mining is a division of S&P Global Market Intelligence.

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