KETEP 세계에너지시장정보

EXECUTIVE SUMMARY ........................................................................................... VII
 Key findings........................................................................................................................... viii
 Recommendations ..................................................................................................................xi
 Additional measures...............................................................................................................xii
 Conclusions .......................................................................................................................... xiii

1 BACKGROUND: THE MINERAL EXPLORATION SECTOR IN EUROPE.............................1
 1.1 What is mineral exploration?..............................................................................................1
 1.2 The importance of exploration............................................................................................1
 1.3 Exploration in the context of the Critical Raw Materials Act .................................................2
 1.4 Stages of mineral exploration.............................................................................................2
 1.5 Types of mineral explorers and their role in exploration at each stage of investment ............3
  1.5.1 Role of the junior mining company in mineral exploration..............................................................................3
  1.5.2 The role of project generator companies in mineral exploration ....................................................................3
  1.5.3 Role of mid-tier mining companies in mineral exploration ..............................................................................3
  1.5.4 Role of major mining companies in mineral exploration..................................................................................4
  1.5.5 Role of government geological surveys in mineral exploration .......................................................................4
  1.5.6 Typical role of different types of source capital in the exploration stage........................................................7

2 HIGHER INVESTMENT RISKS OF MINERAL EXPLORATION VS. MINE DEVELOPMENT.....8
 2.1 The Lassonde Curve: A visual depiction of value creation through the exploration cycle .......8
 2.2 Typical ratio of success from exploration project to operating mine .........................................9
  2.2.1 Exploration : “prospect to mine” (1:10 000).....................................................................................................9
  2.2.2 Exploration : “project to mine” (1:1 000) .........................................................................................................9
  2.2.3 Exploration: Grassroots exploration (one to three years)................................................................................9
  2.2.4 Exploration: Discovery (one to three years) .....................................................................................................9
  2.2.5 Exploration: Resource definition (one to three years) ...................................................................................10
  2.2.6 Project development: Preliminary economic assessment/scoping study (one to two years) .......................10
  2.2.7 Project development: Pre-feasibility study (one to three years) ...................................................................10
  2.2.8 Project development: Feasibility study (one to three years) .........................................................................10
  2.2.9 Financing (a quarter to one year) ...................................................................................................................11
  2.2.10 Construction (one to three years)...................................................................................................................11
  2.2.11 Mining: Operation (more than ten years).......................................................................................................11
  2.2.12 Closure (one to five years) ..............................................................................................................................11
 2.3 Costs of mineral exploration to meet CRMA goals for EU domestic extraction ....................11
  Top-down estimate of mineral exploration spending per stage.................................................................................11
  2.3.1 Bottom-up calculation of mineral exploration spend per stage.....................................................................12
 2.4 Typical reasons for failure of exploration projects .............................................................13
  2.4.1 Industry cycles.................................................................................................................................................13
  2.4.2 Geological constraints.....................................................................................................................................14
  2.4.3 Financial and market-driven constraints ........................................................................................................15
  2.4.4 Jurisdiction, regulatory and managerial constraints.......................................................................................15
  2.4.5 Environmental and social licensing constraints..............................................................................................16

3 CHALLENGES FACING MINERAL EXPLORATION IN THE EUROPEAN UNION ...............17
 3.1 Exploration across the European Union vs. benchmark peers ............................................17
  3.1.1 Exploration comparison, the European Union vs. selected benchmark countries – US dollar per capita .....17
  3.1.2 Exploration comparison, the European Union vs. benchmark countries – US dollar per km2 .....................19
  3.1.3 Exploration across the European Union: Global budget by geographic areas...............................................20
  3.1.4 EU share of global exploration budgets, 2000-2024.......................................................................................23
  3.1.5 Exploration drilling statistics across the European Union ..............................................................................23
 3.2 Exploration across Europe, by company class and stage of exploration .............................26

4 WHAT LEADING MINING JURISDICTIONS DO TO PROMOT28E MINERAL EXPLORATION..28
 4.1 Introduction ....................................................................................................................28
 4.2 What benchmark countries do to attract exploration capital .............................................30
  4.2.1 Case study 1: Canada ......................................................................................................................................30
  4.2.2 Case study 2: Australia ....................................................................................................................................33
  4.2.3 Case study 3: United States.............................................................................................................................35
  4.2.4 Case study 4: Chile ..........................................................................................................................................37
  4.2.5 Case study 5: Japan (Japan Organization for Metals and Energy Security - JOGMEC)...................................38
  4.2.6 Case study 6: Namibia.....................................................................................................................................39
  4.2.7 Case study 7: Republic of Ireland – EU special case .......................................................................................40
 4.3 Summary of the main factors contributing to lower EU exploration activity ........................44
  4.3.1 Regulatory complexity and permitting delays................................................................................................44
  4.3.2 Comprehensive environmental and ESG standards .......................................................................................45
  4.3.3 Social licence and public opposition ...............................................................................................................45
  4.3.4 Limited geological data and historical underinvestment ...............................................................................45
  4.3.5 Land access and competing land use ..............................................................................................................45
  4.3.6 Poorly developed European junior mining sector ..........................................................................................45
  4.3.7 Financing gaps.................................................................................................................................................46
  4.3.8 The European Commission has set a strategic ambition, but it will take time to translate to results...........46

5 EU COUNTRIES AND INSTITUTIONS CAN CLOSE GAPS AND BOOST EXPLORATION....47
 5.1 Best practices the European Union should adopt to close gaps with benchmark peers .......47
  Explaining the five pillars of action..............................................................................................................................48
 5.2 Role of public investment banks in attracting exploration investment................................50
  5.2.1 Role of public investment banks in supporting early-stage mineral exploration in the European Union .....50
  5.2.2 Existing and recommended financial instruments for mineral exploration...................................................51

6 GLOSSARY OF TERMS..........................................................................................53

7 REFERENCES......................................................................................................56