The hunt for Europe’s reserves is attracting money from across the globe.

European exploration expenditure is estimated to have reached approximately €400 million (US$300 million) in 2011, an alltime high, both for the Nordic countries and Western Europe in total. Raw Materials Group (RMG) expects exploration spending to increase during 2012 by 1015% to reach €450 million, of which €265 million will be in the Nordic region.