SNL Metals & Mining tallied the value of planned capital spending announced by mining companies in November.

The industry research firm based in Charlottesville, Virginia did the same thing again April 7.

Outlays on new mines, sustaining capital, expansions and projects like mine life extensions had surged by nearly $50 billion to $108 billion over the duration of just five months.

Of course, some of this money may never be spent and many projects announced now may only result in actual spending years down the line or get substantially revised.Nevertheless, it paints a picture of a measure of confidence returning to the sector.

And even more encouraging, initial capital spending on greenfield projects rose 216% in the first quarter compared to end-2015.

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