Oil spill wake-up moment

Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.

The cautious outlook comes as global exploration budgets for nonferrous metals declined by 3% in 2024 to $12.5 billion from $12.9 billion last year, with juniors bearing the brunt of the cuts.

Sale of 4% of reserves could generate $9.52 billion.

Shares of Vulcan Energy surged as much as 16.8% to a more than 18-month high on Tuesday.