Integrating Sustainable Development Principles Into Educational Process

Appreciation and awareness of the unique nature of mineral investment and ultimate development of a mine are crucial in promoting sustainable development. Special characteristics of mineral development include high capital intensive, long pre-production period, high risk, and the unavoidable ?economic? depletion. This paper examines ways to integrate these unique attributes of the mineral industry into the educational process, so that a properly advised and knowledgeable culture in terms of a sustainable mineral industry can be developed. Specific approaches are investigated in order to achieve this objective. These include a stochastic evaluation of a mineral investment proposal, adding a premium to the cost of capital that is used for valuation process, and internalizing incidental costs to the private cost function, thereby realizing the true (vs. apparent) marginal social cost of the proposed development. Undoubtedly, a total evaluation of any mineral project that accounts for both tangible and intangible parameters will contribute to sustainable development objectives. By incorporating the practical application of apparent theoretical topics such as risk, probability, and externality, and their relevance and impact on mineral lifecycle (prospecting, exploration, development, exploitation, use, and ultimate disposal) into the educational process, it is hoped that a generation of technocrats and decision makers that are familiar with and concerned about sustainable development will emerge.