Mineral Supply As A Stock

INTRODUCTION Resources are not; they become (Zimmermann 100) . The companion concepts of reserves and resources appear, one way or another, in almost all considerations of mineral supply. Yet, no other concepts in the economics of the mineral industries have occasioned so much confusion. Whereas everyone agrees that in general the terms refer to the amounts of material that-depending upon technology, market conditions, and institutions-will become available for production in the near or more distant future, the apparent agreement disappears when we come to more specific definitions or to application of the definitions. Some definitions emphasize the physical aspects of reserves and resources, while others emphasize the economic. Some treat reserves and resources as fixed quantities, while others regard them as continually varying. Some consider that reserve and resource estimates have validity only for individual deposits, while others insist that they can be measured with sufficient accuracy for regional or national planning. This confusion in concepts that lies at the very heart of mineral economics is both strange and not so strange. It is common in the social sciences to find concepts that have been adopted into scientific jargon from popular usage and given rather special meanings -at the same time that they continue to be widely used without such qualifications. Psychologists have the same trouble with personality and sociologists, with community. Nevertheless, an attempt must be made to straighten out the various meanings of reserves and resources, or at least to clarify the conditions under which different meanings are applicable, before much progress in analysis of mineral problems can be expected. That is the objective of this chapter. Throughout the chapter, an attempt has been made to provide enough references to guide the interested reader to the most pertinent works on the concepts under study. However, even in a review article, it is no longer feasible to provide a comprehensive set of citations; there are simply too many. In many instances the works cited will themselves include the bibliographies needed to complete a literature search; those that are particularly useful in this respect are so noted. Also, because of the limited availability of foreign periodicals, some important works -originating largely in Canada, France, the