Global exploration spending dropped 26% in last year, compared with 2013, as several juniors threw in the towel and producing miners slammed the brakes on capital and exploration expenditure.
Barrick Gold (NYSE:ABX, TSX:ABX), the number one producer of the precious metal, is hoping to raise up to $1.1 billion through the sale of two mines in Australia and Papua New Guinea.
Weak iron ore prices have become the accepted industry norm, but the world's top miner also has bad news for those hoping for a pick-up in the long term.