Walter Tejada: Only one in five dollars is allocated to the exploration of new mineral deposits
21% of global exploration investment, equivalent to one-fifth of the total, is directed toward greenfield projects, warns proEXPLO past president Walter Tejada.
Lima, April, 2026. Only 21% of the global mining exploration budget in 2025 was allocated to greenfield projects, that is, the search for new mineral deposits. This share represents just one-fifth of the total. For geologist Walter Tejada, past president of proEXPLO, this figure reflects the industry’s main challenge: the urgent need to increase investment in early-stage exploration to sustain future mineral supply.
“Global investment in greenfield exploration is at its lowest historical levels, with only 21% of total exploration spending directed toward this effort, according to S&P Global. This situation, combined with the fact that mineral deposits are becoming increasingly difficult to find, creates a challenge that we must reverse through greater investment and innovation,” he said in an interview with the Peruvian Institute of Mining Engineers (IIMP).
Tejada explained that the current scenario is particularly complex, as new deposits are no longer obvious or near the surface. “Today they are covered, requiring new technologies and different approaches,” he noted. This reality, coupled with limited investment in early-stage exploration, has contributed to the decline in the number of discoveries over the past decade.
Copper and the urgency of new discoveries
According to several estimates, demand for the red metal is expected to grow between 2.8% and 3% annually through 2050. This will mean that, in the coming decades, the world will need to produce more copper than in all of its previous history. “The only way to achieve this is through new discoveries,” Tejada told the IIMP.
In this context, events such as proEXPLO 2026 are positioned as key platforms for the sector, bringing together industry stakeholders to analyze trends, share knowledge, and discuss the challenges of exploration. Registration is now open at https://proexplo.com.pe/es.
Professionals, executives, and students can secure their participation in one of the most important mining exploration events in the region, which will take place from May 4 to 6 at the Jockey Exhibition Center.