Mining Exploration Services Procurement Intelligence
The emphasis is on the procurement aspect of obtaining mining exploration services, ensuring that the necessary resources and expertise are secured to carry out successful mining exploration activities. The global mining market is anticipated to grow at a CAGR of 6.5%** from 2024 to 2030.
The five key stages of mining include exploration, discovery, development, production, and reclamation. Under this global industry, mining exploration services are also anticipated to follow the industry CAGR of 6.5% during the forecast period. Mining exploration, sometimes known as mineral exploration, is a multidimensional process that attempts to limit the search space to identify new mineral reserves. A few examples include - industrial raw materials (such as sulphur, salts, limestone, fertilizer minerals, etc.), ore extraction from metals (such as copper, zinc, iron ores, etc.), gemstones (such as opals and diamonds), and solid fuels (such as uranium, coal, and oil shale). Several surveys, whether geophysical, geological, or geochemical, are required to pick potentially attractive exploration prospects. There are numerous industries throughout the world that rely on underground mineral commodities for their supply. Future supply volumes could be significantly increased by emerging technologies, such as enhanced metal recovery (from waste streams or low-grade ores) or direct lithium extraction.
Order your copy of the Mining Exploration Services category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Mining Exploration Services Procurement Intelligence Report Scope
The Mining Exploration Services category is expected to have pricing growth outlook of 10% - 20% (Annually), with below pricing models.
- Parametric, engineering, analog, and hybrid cost model
Supplier Selection Scope of Report
- Cost and pricing, Past engagements, Productivity, Geographical presence
Supplier selection criteria of Report
- By service type (Prospecting, Geochemistry and Geometallurgy, Drilling and Assaying, 3D and Orebody Modeling), years in service, technology or equipment used, and other functional capabilities.
Mining Exploration Services Procurement Intelligence Report Coverage
Grand View Research will cover the following aspects in the report:
- Market Intelligence along with emerging technology and regulatory landscape
- Market estimates and forecasts from 2022 to 2030
- Growth opportunities, trends, and driver analysis
- Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
- Porter’s 5 forces
- Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
- Engagement and operating models, KPI, and SLA elements
- LCC/BCC analysis and negotiation strategies
- Peer benchmarking and product analysis
- Market report in PDF, Excel, and PPT and online dashboard versions
Mining Exploration Services Procurement Cost and Supplier Intelligence
Mining exploration activities are expensive, and, in many cases, it can be challenging to fund mineral resources. Mineral exploration needs large investments, persistent financial inflow, and extensive time with inherently high risk. From drill core collection to analysis, costs can range from USD 100,000 and much more. The primary cost components are drilling and preliminary exploration, facilities/ plant and equipment, labor, and freight and transportation. Preliminary exploration costs can include elements such as staking, surveying and trenching. Other costs can include materials and supplies, insurance, travel, haulage, testing or inspection, lateral developments (if any), overheads, etc. Factors such as location, regulatory landscape, ESG guidelines, access and infrastructure further influence the total cost of the services. For instance, in 2023, the global budget for nonferrous mineral exploration stood at USD 12.6 billion. Compared to 2022, this was a reduction of 3% in 2023.
In 2022, there was a 16% increase in, on average, for non-ferrous mineral explorations. This was mainly attributed to increasing interest in the energy sector coupled with decarbonization efforts by companies following the COVID-19 pandemic. Exploration budgets for green metals such as nickel, copper, and lithium increased by greater percentages in 2022. The majority of the increases in 2022, however, went to gold on a dollar basis, rising by 12%. Some of the cost models used in this industry are parametric, engineering, analog, and hybrid models. Each model uses a different set of inputs and assumptions.
List of Key Suppliers
- Glencore PLC
- Jiangxi Copper Co. Ltd
- BHP Group Ltd
- Rio Tinto PLC
- Vale SA
- Zijin Mining Group Co. Ltd
- Anglo American PLC
- Hindalco Industries Ltd
- Fortescue Metals Group Limited
- Southern Copper Corporation
- Freeport-McMoRan Inc.
- Coal India Limited
Add-on Services provided by Grand View Research Pipeline:
Should Cost Analysis
- Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Rate Benchmarking
- Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Salary Benchmarking
- Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
Supplier Newsletter
- A typical newsletter study by capturing latest information for specific suppliers related to: MAs, technological innovations, expansion, litigations, bankruptcy etc.
Browse through Grand View Research’s collection of procurement intelligence studies:
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Our services include (not limited to):
- Market Intelligence involving – market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
- Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
