Wealth Creation in the Minerals Industry: Integrating Science, Business, and Education

Global political and economic developments shape both the demand for minerals and primary metals and their supply. Overall, demand has moved broadly in step with economic activity over the past 30 years. Notwithstanding the collapse of the Soviet Union and Eastern Bloc countries, demand grew more rapidly in the second half of the period than the first. The performance of individual products within this general trend largely reflects the specific nature of their main end uses. The geographic center of demand has shifted away from the mature industrial economies of North America, Western Europe, and Japan toward the newly industrializing countries of the Pacific Rim, China, and India. Mine production rose with demand, but not always in precise step. New capacity was required not just to meet demand, even where that was static, but also to offset the continuing effects of ore depletion. There were also changes in the location of production in response to geopolitical forces, the depletion of ore reserves, and the changing economics of extraction and processing. The number of mines contracted, especially during the 1990s, and the scale of mining operations was increased in order to achieve the requisite cost savings. Prices fluctuated in response to changing balances between supply and demand, trending downward from the early 1970s until the early 2000s. Most products witnessed at least one sharp price spike during the period, usually with continuing repercussions. Prices picked up from 2003, but generally not back to their earlier peak in real terms. Profitability varied according to the products concerned. In many years the average rates of return on capital employed have been insufficient to cover the risks involved.
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Table of Contents
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Metals and Minerals: The Past Twenty-Five YearsAuthor(s)Phillip CrowsonPhillip CrowsonCentre for Energy, Petroleum & Mineral Law & Policy, Dundee, Scotland, DD1 4HNSearch for other works by this author on:
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An Overview of Costs in the Base Metal and Gold Mining Industries: Definitions and TrendsAuthor(s)Andrew MitchellAndrew MitchellBrook Hunt & Associates Ltd, Woburn House, 45 High Street, Addlestone, Surrey, KT15 1TU, United KingdomSearch for other works by this author on:
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Depletion and the Long-Run Availability of Mineral CommoditiesAuthor(s)John E. TiltonJohn E. TiltonDivision of Economics and Business, Colorado School of Mines, Golden, Colorado 80401, and Centro de Minería, Escuela de Ingeniería, Pontificia Universidad Católica de Chile, Vicuña Mackenna 4860, Santiago, ChileSearch for other works by this author on:
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The Role of World-Class Mines in Wealth CreationAuthor(s)Richard C. Schodde;Richard C. SchoddeWMC Resources Ltd, Melbourne, Victoria, AustraliaSearch for other works by this author on:Jon M. A. HronskyJon M. A. HronskyWMC Resources Ltd, Belmont, Western Australia, AustraliaSearch for other works by this author on:
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Costs, Risks, and Returns of Copper Exploration: Assessing Trends in Discovery and Maturity with Particular Reference to ChileAuthor(s)Richard A. Leveille;Richard A. LeveilleCentre for Energy, Petroleum & Mineral Law & Policy, Dundee, Scotland, DD1 4HNSearch for other works by this author on:Michael D. DoggettMichael D. DoggettDepartment of Geological Sciences and Geological Engineering, Queen’s University, Kingston, Ontario, Canada K7L 3N6Search for other works by this author on:
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The Competitive Position of Countries Seeking Exploration and Development InvestmentAuthor(s)James M. OttoJames M. OttoEnvironmental and Natural Resources Law Program, University of Denver Sturm College of Law, 2255 E. Evans Avenue, Denver, Colorado 80208, USASearch for other works by this author on:
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The Rise of Sustainability: Changing Public Concerns and Governance Approaches toward ExplorationAuthor(s)Alistair MacDonald;Alistair MacDonaldCommunity Research Co-operative, 13 Forrest Park, Yellowknife, NWT, X1A 2V8, CanadaSearch for other works by this author on:Ginger GibsonGinger GibsonMining Engineering Department, 5th Floor, 6350 Stores Road, University of British Columbia, Vancouver, BC, V6T 1Z4, CanadaSearch for other works by this author on:
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Changing Mineral Exploration Industry Approaches to SustainabilityAuthor(s)Ian Thomson;Ian ThomsonOn Common Ground Consultants Inc., 906-1112 West Pender Street, Vancouver, BC V6E 2S1, CanadaSearch for other works by this author on:Susan JoyceSusan JoyceOn Common Ground Consultants Inc., Sucursal del Perú, Calle Mariscal Blas Cerdeña 137, San Isidro, Lima, PeruSearch for other works by this author on:
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The Human Face of Economic Geology: Education, Careers, and InnovationAuthor(s)Paul J. Bartos;Paul J. BartosGeology Museum, Colorado School of Mines, Golden, Colorado 80401Search for other works by this author on:Maeve A. Boland;Maeve A. BolandDepartment of Geology and Geological Engineering, Colorado School of Mines, Golden, Colorado 80401Search for other works by this author on:Leigh W. FreemanLeigh W. FreemanDowning Teal Inc., 650 South Cherry Creek Street, Suite 525, Denver, Colorado 80246Search for other works by this author on:
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Changes in Mineral Exploration Practice: Consequences for DiscoveryAuthor(s)Richard H. Sillitoe;Richard H. Sillitoe27 West Hill Park, Highgate Village, London N6 6ND, EnglandSearch for other works by this author on:John F. H. ThompsonJohn F. H. ThompsonTeck Cominco Limited, 200 Burrard Street, Suite 600, Vancouver, B.C. V6C 3LD, CanadaSearch for other works by this author on:
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The Role of Geologic Mapping in Mineral ExplorationAuthor(s)George H Brimhall;George H BrimhallDepartment of Earth and Planetary Science, University of California, Berkeley, Berkeley, California 94720-4767Search for other works by this author on:John H. Dilles;John H. DillesDepartment of Geosciences, Oregon State University, Wilkinson Hall 104, Corvallis, Oregon 97331-5506Search for other works by this author on:John M. ProffettJohn M. ProffettP. O. Box 772066, Eagle River, Alaska 99577Search for other works by this author on:
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Metallurgical Advances and Their Impact on Mineral Exploration and MiningAuthor(s)Karin O. Hoal;Karin O. HoalDepartment of Geology and Geological Engineering, Colorado School of Mines, 1516 Illinois Street, Golden, Colorado 80401 USASearch for other works by this author on:Terry P. McNulty;Terry P. McNultyT.P. McNulty and Associates, Inc., 4550 North Territory Place, Tucson, Arizona, 85750 USASearch for other works by this author on:Roland SchmidtRoland SchmidtHazen Research, Inc., 4601 Indiana Street, Golden, Colorado, 80403 USASearch for other works by this author on:
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Mine Design and Costs, and Their Impact on Exploration TargetsAuthor(s)Jean-michel Rendu;Jean-michel RenduMining Consultant, 5451 S. Geneva St., Englewood, Colorado 80111Search for other works by this author on:Scott Santti;Scott SanttiNewmont Mining Corporation, P.O. Box 669, Carlin, Nevada 89822-0669Search for other works by this author on:Phil Hansen;Phil HansenCaterpillar Global Mining, 300 Hamilton Blvd, Suite 300, Peoria, Illinois 61629-3810Search for other works by this author on:Dan WhiteDan WhitePhysical Resource Engineering, Inc., P.O. Box 36985, Tucson, Arizona 85740Search for other works by this author on:
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Using Real Options to Value and Manage ExplorationAuthor(s)Graham A. Davis;Graham A. DavisColorado School of Mines, 1500 Illinois St., Golden, CO 80401Search for other works by this author on:Michael SamisMichael SamisAMEC Americas Ltd., 2020 Winston Park Drive-Suite 700, Oakville, Ontario, L6H 6X7, CanadaSearch for other works by this author on:
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Mineral Exploration Using Modern Data Mining TechniquesAuthor(s)Colin T. Barnett;Colin T. BarnettExploration Consultant, 424 Mapleton Avenue, Boulder, Colorado 80304Search for other works by this author on:Peter M. WilliamsPeter M. WilliamsStatistical Consultant, 28 Eaton Place, Brighton BN2 1EG, United KingdomSearch for other works by this author on:
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An Integrated Geometallurgical Approach to Optimize Business Outcomes at the MKD5 Nickel Deposit, Mount Keith, Western AustraliaAuthor(s)Ben Grguric;Ben GrguricExploration Group, WMC Resources Ltd., P.O. Box 91, Belmont, W.A. 6984, Australia
Present address: Minerals Exploration, BHP Billiton, Level 34 Central Park, 152-158 St Georges Terrace, Perth, W.A. 6000, Australia.Search for other works by this author on:Timothy RileyTimothy RileyMount Keith Operation, WMC Resources Ltd., P.O. Box 238, Welshpool Delivery Centre, W.A. 6986, Australia
Present address: Mount Keith Operation, Nickel West, P.O. Box 238, Welshpool Delivery Centre, W.A. 6986, Australia.Search for other works by this author on: