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Public policy and future mineral supplies

Author

Listed:
  • Tilton, John E.
  • Crowson, Phillip C.F.
  • DeYoung, John H.
  • Eggert, Roderick G.
  • Ericsson, Magnus
  • Guzmán, Juan Ignacio
  • Humphreys, David
  • Lagos, Gustavo
  • Maxwell, Philip
  • Radetzki, Marian
  • Singer, Donald A.
  • Wellmer, Friedrich-W.

Abstract

A widespread and pessimistic view of the availability of mineral commodities calls for strong government initiatives to ensure adequate future supplies. This article provides a more market oriented and optimistic perspective, one that focuses on production costs and prices rather than physical availability. It sees short-run shortages continuing to plague commodity markets in the future as in the past. Though painful while they last, these shortages are temporary and do not pose a serious long-run threat to human welfare. Moreover, even without government intervention, they self-correct. The sharply higher prices that they evoke create strong incentives that foster supply and curb demand.

Suggested Citation

  • Tilton, John E. & Crowson, Phillip C.F. & DeYoung, John H. & Eggert, Roderick G. & Ericsson, Magnus & Guzmán, Juan Ignacio & Humphreys, David & Lagos, Gustavo & Maxwell, Philip & Radetzki, Marian & Si, 2018. "Public policy and future mineral supplies," Resources Policy, Elsevier, vol. 57(C), pages 55-60.
    • Handle: RePEc:eee:jrpoli:v:57:y:2018:i:c:p:55-60
    DOI: 10.1016/j.resourpol.2018.01.006
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    Cited by:

    1. Fikru, Mahelet G. & Awuah-Offei, Kwame, 2022. "An economic framework for producing critical minerals as joint products," Resources Policy, Elsevier, vol. 77(C).
    2. Bazhanov, Andrei, 2018. "Difficulties in the forecasting of iron ore price: a review," MPRA Paper 87881, University Library of Munich, Germany, revised 12 Jul 2018.
    3. Yang, Xiao & Anser, Muhammad Khalid & Yusop, Zulkornain & Abbas, Shujaat & Khan, Muhammad Azhar & Zaman, Khalid, 2022. "Volatility in mineral resource pricing causes ecological footprints: A cloud on the horizon," Resources Policy, Elsevier, vol. 77(C).
    4. Olga Janikowska & Joanna Kulczycka, 2021. "Impact of minerals policy on sustainable development of mining sector – a comparative assessment of selected EU countries," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 34(2), pages 305-314, July.
    5. Matheus L. C. M. Henckens, 2022. "The Energy Transition and Energy Equity: A Compatible Combination?," Sustainability, MDPI, vol. 14(8), pages 1-22, April.
    6. Gustavo Lagos & David Peters & Marcos Lima & José Joaquín Jara, 2020. "Potential copper production through 2035 in Chile," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 33(1), pages 43-56, July.
    7. Sgouridis, Sgouris & Ali, Mohamed & Sleptchenko, Andrei & Bouabid, Ali & Ospina, Gustavo, 2021. "Aluminum smelters in the energy transition: Optimal configuration and operation for renewable energy integration in high insolation regions," Renewable Energy, Elsevier, vol. 180(C), pages 937-953.
    8. Marian Radetzki, 2020. "To John Tilton, a personal note," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 33(1), pages 3-4, July.
    9. Castillo, Emilio, 2021. "The impacts of profit-based royalties on early-stage mineral exploration," Resources Policy, Elsevier, vol. 73(C).
    10. Emilio Castillo & Roderick Eggert, 2019. "Reconciling Diverging Views on Mineral Depletion: A Modified Cumulative Availability Curve Applied to Copper Resources," Working Papers 2019-02, Colorado School of Mines, Division of Economics and Business.
    11. Yakovleva, Natalia & Chiwona, Annock G. & Manning, David A.C. & Heidrich, Oliver, 2021. "Circular economy and six approaches to improve potassium life cycle for global crop production," Resources Policy, Elsevier, vol. 74(C).
    12. Emilio Castillo, 2020. "Mineral Exploration and the Discovery of New Deposits," Working Papers 2020-06, Colorado School of Mines, Division of Economics and Business.
    13. Tomer Fishman & Niko Heeren & Stefan Pauliuk & Peter Berrill & Qingshi Tu & Paul Wolfram & Edgar G. Hertwich, 2021. "A comprehensive set of global scenarios of housing, mobility, and material efficiency for material cycles and energy systems modeling," Journal of Industrial Ecology, Yale University, vol. 25(2), pages 305-320, April.
    14. West, James, 2020. "Extractable global resources and the future availability of metal stocks: “Known Unknowns” for the foreseeable future," Resources Policy, Elsevier, vol. 65(C).
    15. Mikołaj Owsianiak & Lauran van Oers & Johannes Drielsma & Alexis Laurent & Michael Z. Hauschild, 2022. "Identification of dissipative emissions for improved assessment of metal resources in life cycle assessment," Journal of Industrial Ecology, Yale University, vol. 26(2), pages 406-420, April.
    16. António Mateus & Luís Martins, 2021. "Building a mineral-based value chain in Europe: the balance between social acceptance and secure supply," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 34(2), pages 239-261, July.
    17. Magnus Ericsson, 2019. "Introduction," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 32(2), pages 127-129, July.
    18. Heijlen, Wouter & Franceschi, Guy & Duhayon, Chris & Van Nijen, Kris, 2021. "Assessing the adequacy of the global land-based mine development pipeline in the light of future high-demand scenarios: The case of the battery-metals nickel (Ni) and cobalt (Co)," Resources Policy, Elsevier, vol. 73(C).
    19. Hunt, C. & Romero, J. & Jara, J. & Lagos, G., 2021. "Copper demand forecasts and predictions of future scarcity," Resources Policy, Elsevier, vol. 73(C).
    20. António Mateus & Catarina Lopes & Luís Martins & Mário Abel Gonçalves, 2021. "Current and Foreseen Tungsten Production in Portugal, and the Need of Safeguarding the Access to Relevant Known Resources," Resources, MDPI, vol. 10(6), pages 1-26, June.
    21. King, Elizabeth M. & Randolph, Hannah L. & Floro, Maria S. & Suh, Jooyeoun, 2021. "Demographic, health, and economic transitions and the future care burden," World Development, Elsevier, vol. 140(C).
    22. Roland W. Scholz & Gerald Steiner, 2022. "The role of transdisciplinarity for mineral economics and mineral resource management: coping with fallacies related to phosphorus in science and practice," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 35(3), pages 745-763, December.

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