Physical Factors that Could Restrict Mineral Supply
Stages in the metal supply process are affected by each of the following physical (geologic) factors: (1) geographic distribution of concentrations of potential ore minerals, (2) depth of these concentrations, (3) mineralogy, (4) grain size of the minerals, and (5) grade and (6) tonnages of the concentrations. For mineral deposits of each type in each geologic and political environment, the lowest cost metal will tend to be produced first because: (1) the largest deposits tend to be found first, (2) the few largest deposits should reap the benefits of economies of scale and will tend to account for the lion’s share of total metal, (3) higher grade deposits that require substantially less energy per ton of metal than do lower grade deposits will be mined first, and (4) deposits that have the mineralogy and grain sizes that are relatively cheap to process will be produced first. Shallow deposits that are relatively cheap to find and mine and deposits near existing infrastructure will also be produced first. Because stages in the supply process are sequential, problems at any stage caused by the physical factors are reflected in subsequent stages and adversely affect production costs. In the long term, effects of such problems will be not physical shortages of metals but a rapid or persistent increase in real prices of metals.
Figures & Tables
The first notions of a new journal came to J. E. Spurr during the closing days of 1904. When he shared his thoughts with friends in Washington, D. C., they were so enthusiastic about the suggestion that they formed themselves into an ad-hoc committee to seek ways to implement the idea. The ad-hoc group met informally for several months and by May of the following year was ready to announce the birth of an unusual new publishing company and the journal the company would produce. The first formal meeting of the Economic Geology Publishing Company took place on May 16, 1905. The first issue of the new journal appeared in October of the same year, and the first volume was completed in December 1906. The birthing was not easy, but it was successful because the founders provided much of the financing as well as the first papers. The story of those earliest days and the many struggles of the fledgling journal is engagingly recounted by Alan M. Bateman in an article published in the Fiftieth Anniversary volume.
From inception, management of the journal has differed from the management of most scientific journals. There was no sponsoring society, so the founders raised capital by incorporating and selling shares in the venture. The journal has been owned and published by the Economic Geology Publishing Company ever since. There is no record that the founders experienced difficulties in selling shares in the Company, but they must have had some because the Publishing Company had a goal that other corporations(and presumably many of the investors) would have found difficulty in understanding: the new corporation was committed to keeping the books balanced but not to making a profit.
Initially incorporated in the District of Columbia, the Publishing Company was reincorporated in 1970 as a nonprofit membership corporation in Delaware. The modification in corporate status came in response to a suggestion made by the Internal Revenue Service.
The affairs of the Publishing Company are controlled by a Board of Directors, and the journal is sold to the public by direct subscription. Day-to-day operations of paper selection, review, and printing are in the hands of the Editor, while business matters, such as subscriptions and advertising, are in the hands of the Business Editor.
The one tie the Publishing Company has with a society was instituted many years after the journal. was founded—with the Society of Economic Geologists. When the Society was founded in 1920 it first considered publishing its own bulletin. Because the venture seemed financially questionable, and the coffers of the new society were bare, an arrangement was reached whereby members of the Society first received offPrints of papers written by its members and eventually Economic Geology as