In their recent article, Tilton et al. (2011, Resour. Policy, 36, 187–195) contend on the basis of conceptual and theoretical arguments that spot and futures prices for metals and other commodities should be closely correlated during periods of strong contango and much less correlated during...

Countries that rely on private investors to find and exploit their mineral resources need reliable indicators of their investment attractiveness. This study explores the use of exploration expenditures for this purpose, focusing primarily on Chile. It finds that exploration expenditures can...