SNL Metals & Mining’s 25th annual Corporate Exploration Study found that 39 large miners budgeted $US4.3 billion ($A5.2 billion) on exploration in 2014, or 40% of the total $10.7 billion global exploration total.

Gold represented 41% of the majors’ total expenditure, followed by copper with 32% (or 41% for all base metals), and 7% each for diamonds and “other”, which comprises silver, potash, phosphates and manganese.

The 25 largest players with gold exploration budgets accounted for 39% of worldwide gold exploration, while copper majors were responsible for just over half of global spend.

Surprisingly, large miners accounted for 40% of global greenfields exploration.

“A persistent financing drought has squeezed juniors’ budgeting to the point that the majors have become the biggest drivers of early-stage exploration,” SNL said.

“Similarly, the larger players traditionally dominate minesite spending; in 2014, however, they account for only 51% of the near-mine work as their investors demand improved returns over growth.

“It is also interesting to note that the larger players are responsible for just 32% of late-stage exploration and feasibility work.”

The top explorer in 2014 is Chile-focused, London-listed copper major Antofagasta, which spent $93.4 million on exploration in the first six months of 2014 alone on near-mine work as well as on greenfields projects via a number of global farm-in deals.

The company spent a staggering $274.9 million on exploration last year, but 2014’s figure is expected to be lower.

Brazil’s Vale was the second biggest spender this year with a focus on brownfields exploration.

The world’s largest primary silver producer, Fresnillo, was in third, spending $69 million on exploration in the first half alone, with almost all of the funds spent in Mexico.

The top 10 countries for exploration were the same as the overall group of 1961 companies studied, but the order was different for the majors.

Chile was the most sought-after destination, receiving 12% of the exploration of larger miners, compared to Canada with 14% of the budgets of all explorers.

Canada was second (10%), followed by Mexico and Russia (9% each) and the US (8.4%) and Australia (7.5%).

Australia was second in the overall ranking with 12% of the total global exploration spend.