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Book Chapter

The Challenge of Finding New Mineral Resources: An Introduction

By
Richard H. Sillitoe
Richard H. Sillitoe
27 West Hill Park, Highgate Village, London N6 6ND, England
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Published:
January 01, 2010

Abstract

There seems to be general consensus throughout much of the global mining industry that the supply of base and precious metals and some other commodities (e.g., ferrous metals, uranium) is reasonably well assured into the foreseeable future because increases in total resources continue to keep pace with or outstrip global consumption. The basic assumption is that market forces and technological advances will combine to promote and perpetuate this trend (e.g., Tilton, 2003; Crowson, 2008). Others disagree, however, and predict that shortages are inevitable if metal consumption continues to escalate (Beaty, 2010).

It is already becoming clear that many known resources seem unlikely to be mined, irrespective of commodity prices, because of their low grade and/or quality. Hence, many mineral resources that were uneconomic in the early 2000s are likely to remain so, both today and into the foreseeable future because of increases in both the direct (e.g., energy, labor) and indirect (e.g., environmental, social) production costs. This situation is being further exacerbated by the perceived decrease, over at least the past decade, in the discovery rate of base and precious metal resources measured in terms of both the number of major discoveries made and the exploration dollars spent per discovery (e.g., Dummett, 2000; Horn, 2002; Schodde, 2004). There is also a suggestion that the discoveries made are, on average, becoming both smaller and lower grade. Therefore, it seems reasonable to ask whether current exploration practices and success rates are going to be adequate to provide

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Special Publications of the Society of Economic Geologists

The Challenge of Finding New Mineral Resources: Global Metallogeny, Innovative Exploration, and New Discoveries

Richard J. Goldfarb
Richard J. Goldfarb
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Erin E. Marsh
Erin E. Marsh
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Thomas Monecke
Thomas Monecke
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Society of Economic Geologists
Volume
15 (1)
ISBN electronic:
9781629490397
Publication date:
January 01, 2010

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