One of the major changes in the resource industry in the nineties has been the re-internationalisation of the industry. The
history of the resource business has been one of companies from the developed world utilising the cash flows from their
operations to explore and develop mines in less developed regions of the world. This resource development has
progressively generated wealth and economic development, which in turn, has led to a new generation of exploration and
mining projects. In South America, Chile had led the way in a mining resurgence, now closely followed by Argentina, Brazil, Venezuela
and Peru. Although Chile has long had a significant copper mining industry, the pre-nationalisation phase was driven by
American capital; the current phase has been spearheaded by R.T.Z. - B.H.P. at Escondida with Canadian junior
companies, in particular, providing major speculative impetus. The Australian junior companies have not been
significant in South America.