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Reserve characteristics and mining costs An empirical study of the phosphate industry

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Author Info
A. fnMarvasti
Abstract

This paper deals with an estimation of phosphate mining cost function. Here, it is argued that other characteristics of reserves, besides their size, could be quite important in the cost function. The result of a cross-sectional analysis of phosphate mining in the world shows that reserve size and average total cost have a positive and modest statistically significant relationship in one of the two models. Among many qualitative characteristics and location factors tested in this paper, overburden, grade, ore/product ratio, water availability, and the price of capital are significant with expected signs. Finally, the results confirm the existence of economies of scale in phosphate mining which seem to be more related to mining technology than to reserve size. Copyright Kluwer Academic Publishers 1996

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File URL: http://hdl.handle.net/10.1007/BF00369624
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Publisher Info
Article provided by European Association of Environmental and Resource Economists in its journal Environmental and Resource Economics.

Volume (Year): 7 (1996)
Issue (Month): 4 (June)
Pages: 357-373
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Handle: RePEc:kap:enreec:v:7:y:1996:i:4:p:357-373

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Related research
Keywords: phosphate mining; extract cost function; ore/product ratio;

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  1. Pindyck, Robert S, 1978. "The Optimal Exploration and Production of Nonrenewable Resources," Journal of Political Economy, University of Chicago Press, vol. 86(5), pages 841-61, October. [Downloadable!] (restricted)
  2. Pindyck, Robert S, 1980. "Uncertainty and Exhaustible Resource Markets," Journal of Political Economy, University of Chicago Press, vol. 88(6), pages 1203-25, December. [Downloadable!] (restricted)
  3. Robert M. Solow & Frederic Y. Wan, 1976. "Extraction Costs in the Theory of Exhaustible Resources," Bell Journal of Economics, The RAND Corporation, vol. 7(2), pages 359-370, Autumn. [Downloadable!] (restricted)
  4. Livernois, John R., 1987. "Empirical evidence on the characteristics of extractive technologies: The case of oil," Journal of Environmental Economics and Management, Elsevier, vol. 14(1), pages 72-86, March. [Downloadable!] (restricted)
  5. Geoffrey Heal, 1976. "The Relationship Between Price and Extraction Cost for a Resource with a Backstop Technology," Bell Journal of Economics, The RAND Corporation, vol. 7(2), pages 371-378, Autumn. [Downloadable!] (restricted)
  6. Eswaran, Mukesh & Lewis, Tracy R & Heaps, Terry, 1983. "On the Nonexistence of Market Equilibria in Exhaustible Resource Markets with Decreasing Costs," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 154-67, February. [Downloadable!] (restricted)
  7. Denise Young, 1992. "Cost Specification and Firm Behaviour in a Hotelling Model of Resource Extraction," Canadian Journal of Economics, Canadian Economics Association, vol. 25(1), pages 41-59, February. [Downloadable!] (restricted)
  8. Jorgenson, Dale W, 1971. "Econometric Studies of Investment Behavior: A Survey," Journal of Economic Literature, American Economic Association, vol. 9(4), pages 1111-47, December. [Downloadable!] (restricted)
  9. Livernois, John R & Uhler, Russell S, 1987. "Extraction Costs and the Economics of Nonrenewable Resources," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 195-203, February.
  10. Devarajan, Shantayanan & Fisher, Anthony C, 1982. "Exploration and Scarcity," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1279-90, December. [Downloadable!] (restricted)
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