Index

Modern Management in the Global Mining Industry

ISBN: 978-1-78973-788-2, eISBN: 978-1-78973-787-5

Publication date: 26 August 2019

This content is currently only available as a PDF

Citation

Adams, R.G., Gilbert, C.L. and Stobart, C.G. (2019), "Index", Modern Management in the Global Mining Industry, Emerald Publishing Limited, Bingley, pp. 281-292. https://doi.org/10.1108/978-1-78973-787-520191001

Publisher

:

Emerald Publishing Limited

Copyright © 2019, CRU International Limited. Published under an exclusive license by Emerald Publishing.


INDEX

Index

Note: Page numbers followed by “n” with numbers indicate foot notes.

Accountability
, 182–184, 247

Accounting

firms
, 194–195

principles
, 1, 173

tax treatment
, 273

Affordability
, 12, 21

Africa, West
, 13, 42

Africa, South (see South Africa)

Agency

agreements
, 72

problem
, 134

Airlines
, 120

Alaska
, 249–251

Alcan
, 26, 90, 144

Alcoa
, 90

Algorithms
, 94

Alliance for Responsible Mining (ARM)
, 268

Fairmined certification
, 268

Alloys
, 9, 56, 64, 64

Alternative Investment Market (AIM)
, 219

Alumina
, 10, 67, 73, 113, 123, 162

Aluminium

brazing sheet
, 25–26

cans and can sheet
, 30

extrusions
, 67, 124–125

futures contracts
, 124

ingot
, 85, 125

premium
, 109–110, 114

prices
, 45, 124–125, 131–132

production
, 90

remelting
, 67

rolling and rolling mills
, 35, 119, 159–160, 216

scrap
, 56, 159

smelters
, 10, 35, 72–73, 89, 112, 144, 153, 162, 194

stocks
, 109–110

supply chain
, 67

Alusuisse
, 90

Ammonia
, 12, 93, 157

Analysis

fundamental
, 37–38, 44

technical
, 37–38

Appalachia
, 245

Aquaculture
, 244, 264

Arbitrage opportunities (see Profit)

Arbitrage Pricing Theory (APT)
, 207

Arsenic
, 80–81

Ashanti Gold Corporation
, 129

Asia

North–east
, 48

Southeast
, 75

Atlantic Richfield Company (ARCO)
, 216

Arco Aluminum Inc
, 143–144

Australia
, 9, 42, 176–177, 213, 241, 271

Automobiles
, 8, 29, 119

Backwardation
, 103

Baku-Tbilisi-Ceyhan gas pipeline
, 245

Bankruptcy
, 43, 144–145, 213

Banks, central
, 27, 107, 204, 247

Barrick Gold Corporation
, 118

Barriers

entry
, 18

trade
, 162, 255

Batteries
, 8

Bauxite
, 10–12, 19, 67, 223, 245

Beer
, 30, 119, 123

Belarus
, 74

Benchmarking, club
, 194–196

BHP Billiton
, 23, 143, 249, 262

Bingham Canyon
, 89n2

Bismuth
, 80

Bonds
, 43–44, 135, 202, 204–205, 207

Book value
, 166–167, 208

Bottleneck
, 35, 153, 186

bottleneck management potential (BMP)
, 185–187

Brands
, 66n1

Brass, mills
, 65–66, 119

Brazil
, 42, 50, 75, 200

Bre-X Minerals Ltd
, 221

Broadway
, 213

Busang
, 221

Business administration
, 1, 3

By-product costing

normal method
, 171

pro rata method
, 171

Cameroon
, 252

Campotex
, 75

Canada
, 75–76, 151, 254, 268, 271

Capital

availability
, 148

capital reduction potential (CRP)
, 185, 191

consumption
, 166, 179

costs
, 21, 147, 158, 160, 165–167, 173, 179, 212–213, 273

depreciation
, 273

efficiency
, 173–174

equipment and goods
, 8, 38, 47, 50, 57, 236–237

equity (see Equity—capital)

expenditure
, 57, 137–138, 160, 166, 196

fixed
, 72–73, 176

gains and losses
, 138, 184

intensity
, 34

investment
, 2, 14, 42, 134, 138, 152–153, 184, 212

maintenance
, 138

markets
, 232

ownership
, 134

productivity
, 182, 184–184, 194, 197

rationing
, 174

requirements
, 137, 160

return
, 41, 182–183

“stay in business”
, 138, 183

structure
, 202–203, 210

sunk
, 153

sustaining
, 137, 160, 164, 178–179, 183–184, 273

utilisation
, 187

value
, 138–139, 167

weighted average cost (see Weighted average cost of capital)

working
, 137, 147, 157, 159–160, 164, 175, 177, 183, 188–189, 273

Capital Asset Pricing Model (CAPM)
, 201–204

beta
, 202

Carbon emissions
, 5, 12n3, 257

Carroll, Cynthia
, 253

Carson, Rachel
, 255

Silent Spring
, 256

Cash flow, free
, 117–118, 137, 145, 147, 155–156, 164, 184, 196, 203

Cash Flow Return on Investment (CFROI)
, 153

Cayman Islands
, 221

Chicago Mercantile Exchange (CME)
, 84, 92

Chile
, 261, 266

China

miracle
, 33, 49

Chlorine
, 80

Choloflurocarbons (CFCs)
, 256

Chrome
, 67–68

Club of Rome
, 145–146

Limits to Growth
, 257

Coal

metallurgical coal and coke
, 5

production
, 5

steam coal
, 5, 75

Cobalt
, 11, 64, 66, 86, 92–93

Cobre Panama
, 215, 219, 230

Code for the Certification of Explorations Prospects, Mineral Resources and Ore Reserves
, 221

Commodities pure
, 70, 77

quasi-commodities
, 66–67, 98

Commodity exchanges
, 13–14, 67, 88–89, 96–98, 104, 115–116, 124, 129

Commodity Futures Trading Commission (CFTC)
, 95

Commodity markets
, 2, 17–19, 35, 41, 53, 77, 119, 143–145

Commodity Trade Advisors (CTAs)
, 37, 43–44

Companhia Vale do Rio Doce (CVRD) (see Vale S. A.)

Compass methodology
, 46–47

Competitive advantage
, 140–141

Concentrates
, 65, 71–72, 79–80, 129–131, 153

Concentrator
, 79, 200, 245–246, 252, 262–263

Congo (see Democratic Republic of the Congo)

Conservation
, 233, 239, 267, 271

Consumer surplus
, 20–22

Consumption, intensity of use
, 18, 32, 58, 61, 67, 90, 166, 234, 241

Contango
, 103–104, 107, 125, 130–131

Copper

alloy tube
, 25

blister
, 55–56, 79

concentrate
, 79–82, 168

mills
, 119

mines
, 66, 139, 235

production
, 169–171

refiners
, 55–56, 89, 189

semi-fabricated products
, 32, 67

Corruption
, 134, 241, 260

Cost culture
, 145–148

Costs

business
, 155–156, 164, 167, 173

C1-C2-C3
, 178–179, 273

capital
, 21, 147, 160, 165–167, 179, 212–213, 273

carrying
, 103, 159

cash
, 138, 156, 173

conversion
, 159–161

corporate (overhead)
, 146, 155–156, 163–165, 167, 177–178

economic
, 155, 166–168

environmental
, 33

exploration
, 139, 147, 160, 178–179

finance
, 176–177

fixed
, 21, 118, 147, 156

fuel
, 159

interest
, 176

inventory
, 39, 251

load out (withdrawal)
, 111

logistics and transportation
, 78, 85

long run cost curve
, 20

long run marginal cost (LMRC)
, 21, 42, 53–54

maintenance
, 173, 183, 188

marginal
, 20–21, 167

marketing
, 73–74, 177

material
, 157–159

measurement
, 273

operating
, 21, 34, 36, 147, 173–174, 182, 251, 258

opportunity
, 17, 139–140, 144, 158, 166, 184

production
, 36, 151, 171, 272–274

realisation
, 161–163, 165–166

replacement
, 167, 174

resource
, 156–158

short run (SRMC)
, 21

site
, 155, 161, 173

sunk
, 21, 166, 174

transaction
, 18, 125

value-based (see Value-based costs)

variable
, 42, 156, 164, 188, 273

CRU International Ltd
, 4, 153n2

North American Midwest hot rolled coil price
, 91–92

Crushers
, 186

Curepipe
, 17

Cushing (OK)
, 85–86

Cycles

business
, 34, 179

business cycle
, 1–2, 97, 103–104, 154

economic, market
, 47, 57

inventory
, 96

long
, 2

mine development
, 217–218

mining
, 215–230

super-cycle
, 274

Debt
, 179, 202–203, 207–210

Deep history
, 3

Deepwater Horizon
, 143–144

Default risk
, 98–99

Deferred pricing (see Forward pricing) Demand curve, shape
, 19, 27–34

Demand volatility
, 1–2

Democratic Republic of the Congo (DRC, Congo)
, 92

Demographics
, 135, 271

Depreciation (see Capital depreciation)

Detroit
, 110, 112

Diamond Field Resources Inc
, 200

Dichlorodiphenyltrichloroethane (DDT)
, 256

Disruptions
, 36

Drucker, Peter
, 193

EBITDA
, 137, 176, 208

Econometrics
, 27–28, 31, 36

Economic Value Added (EVA)
, 153

Economist, The
, 95

Efficient frontier
, 140–141, 144–145, 179

Efficient Market Hypothesis
, 38

Egypt
, 74

Elasticity
, 32

Electronics
, 8, 12, 196–197

Electrowinning
, 1864

Environment(al)

costs (see Costs—environmental)

damage and degradation
, 201, 245–246

impact
, 2

mandates
, 137

organizations
, 71–73

protection
, 244

regulations
, 255

risk
, 202

science
, 276

sensitive areas
, 253

standards
, 247

Environmental Protection Agency (EPA)
, 252

Equator Principles
, 246–248

Equity

capital
, 219–220

cost
, 176

premium
, 209

return
, 203

risk
, 129

stakes
, 72

Euro exchange rate
, 45

Europe
, 26, 88, 145–146, 256

European Union
, 22–23

Farmers
, 12, 30, 76–77

Favouritism
, 260

Federal Reserve Board
, 204

Ferroalloys
, 9–10

Ferrochrome
, 9

Ferronickel
, 67

Fertilisers
, 12, 47, 75–77, 159–160

fertiliser minerals (see Nitrogen, phosphate and potash)

First Quantum Minerals Ltd
, 215, 219, 230

Fischer, Joschka
, 256, 258

Fish
, 246, 252, 267

Fishing
, 251–253, 264

Fluorine
, 80

Fly River
, 262–263

FOB pricing
, 72

Forecasts

aggregation for
, 32–33

demand
, 47, 50, 53

errors
, 40, 102

forecast horizon
, 36

inventories (stocks)
, 32, 41

long-term
, 46–54

macroeconomic
, 39

price
, 4, 53, 146, 154, 223

scrap
, 33

short-term
, 37–46

supply (production)
, 34, 36, 40

Forest destruction
, 265

Fortescue Metals Group
, 141

Forward

contracts
, 43, 98–99, 107

curve
, 104

prices
, 97–104, 130

sales
, 117, 129–130, 163

Fracking
, 216, 233n2

Fraser Institute
, 254

Policy Potential Index
, 254

Free carry
, 212

Free riders
, 269

Freight

costs
, 74, 162–163, 176

ocean
, 70, 74

Futures

contracts
, 42, 44, 84, 88, 97–99, 103, 122, 124, 128

exchanges
, 96, 158

financially settled
, 85–86, 88, 90–93, 98

market
, 37, 104, 124

prices
, 42, 88, 99–103, 106, 273

unbiasedness
, 101

Galvanising of zinc coating
, 234

Gateway system

engineering
, 226, 228

environmental
, 227–228

geological
, 226, 228

infrastructure
, 227–229

metallurgical coal and coke
, 5

socio-political
, 227–228

GDP

deflator
, 204

per capita
, 234

Geography

price structure
, 77

specificity
, 2

supply
, 25

Ghana
, 268

Glencore
, 26, 71, 133

Globalisation
, 135

Gold

artisanal
, 267

loans
, 118, 206n2

market
, 118

mines
, 129, 206, 217, 264

price
, 118, 129, 171, 206n2

production
, 129, 170, 267

revenues
, 169

stocks
, 12

Gold standard
, 13, 192

Goldman Sachs
, 88n1

Governance
, 256, 275

Government capacity
, 259–261

Green Party
, 256

Grinding mill
, 35, 248

Gunvor Group Ltd
, 95

Habitat loss
, 267

Hall-Héroult process
, 115

Hedge funds
, 43, 124

Hedging
, 84, 113, 117–131, 144, 158, 163–164

Henry Hub
, 84, 87, 157

Herfindahl-Hirschman Index
, 22

Homogeneity (of products)
, 86

Hubbert, M. King
, 232–233

Hydroelectric power
, 259

INCO Ltd
, 200

Indigenous population
, 243, 246, 249, 263–265

Index funds
, 43–45

India
, 5, 50, 75–77, 162, 247, 260, 263, 268, 272

Indigenous population
, 243, 246, 249, 263–265

Indonesia
, 50, 221

Information
, 4, 36, 37, 40, 102, 104, 136, 152, 154, 179, 208, 219, 235, 241, 251, 258, 265, 273

Information technology (IT)
, 136

Inmet Mining Corporation
, 262

Interest rates
, 44, 45, 135, 146, 151, 176, 202–204, 236

LIBOR
, 95, 107

International Council on Mining and Metals (ICMM)
, 247–248, 268, 274

Free prior and informed consent (FPIC)
, 264–265

Mining, Minerals and Sustainable Development (MMSD) project
, 247

International Finance Corporation (IFC)
, 247, 264

International Nickel (see INCO Ltd)

International trade
, 32

exports
, 8, 28, 72

imports
, 28

Inventories
, 18, 32, 40–41, 44, 71, 74, 90, 97, 103, 107, 112, 122–123, 159, 175, 177, 189

Investment
, 34, 42, 53, 117, 204–205, 210, 274

over-investment
, 2, 179

under-investment
, 2

Investment funds
, 37

Iron ore
, 6, 9–10, 23, 35, 42, 70, 75, 85–86, 233, 238

contract
, 92

mines
, 5, 9, 139

prices
, 23n3, 94, 142–143, 159

production
, 19

projects
, 51

Israel
, 74

Japan
, 50, 90, 145, 162, 234, 236, 268, 271

Joint Ore Reserves Committee (JORC)
, 221–224, 226

Jordan
, 74

Junior mining companies
, 213, 218–220, 226, 254

Kaiser Aluminum
, 90

Keynes, John Maynard
, 13

Korea
, 50, 237

Kvijhak River
, 252

Labour
, 37, 134, 196

child
, 267

costs
, 58, 159–160

force, availability
, 182, 255

headcount
, 175, 196

input
, 37

market
, 134, 148, 160

market regulations
, 255

productivity
, 182, 197, 259

standards
, 246–247, 267

Lags
, 28, 39–40, 77

Lake Iliamna
, 252

Langley (WA)
, 231

Latin America
, 13, 48, 266, 272

Lead (metal)
, 6, 8, 11, 25, 79–80, 87

production
, 181

Lead times
, 34, 120, 216, 226, 239

Liabilities
, 138, 148, 156, 164–166, 175, 208, 216, 273

LIBOR (see Interest rates)

Light weighting
, 29, 31, 48, 271

Liquidity
, 86–87, 89, 92

Logistics
, 5, 10, 70, 143, 161, 223

London Bullion Market Association
, 81

London Metal Exchange (LME)
, 5, 84, 115

metals
, 25, 64, 92, 106

prices
, 45, 74, 79–80, 82, 108–109, 123, 130, 162, 176

steel billet
, 92

stocks
, 109–110, 112

volumes
, 87

warehouse
, 70, 89–90, 103, 106, 108, 112

warehouse loadout charges
, 113

warehouse queues
, 113

warehouse rent
, 107n8, 111–112

warehouse warrant
, 106–107, 110, 112

Mackay, Alistair
, 196

Macroeconomic activity
, 27, 38

Magdalen College, Oxford
, 199

Malkiel, Burton
, 38

Marathon Petroleum Corporation
, 95

Marcellus Formation
, 216

Margin risk
, 125

Market

balance
, 39–40, 45

clearing
, 18, 38–40

deficit
, 40

imbalance
, 107

power
, 18, 21–22, 26

surplus
, 40, 42, 104, 106

Marketing
, 63–82, 227, 229

strategy
, 73, 77

Marx, Karl
, 133–134

Mauritius
, 17

Mercury
, 80, 267

methylmecury
, 267

Midwest
, 71, 91–92

Mineral economics
, 277

Mines
, 2, 14, 20, 26, 34, 36, 42, 50–51, 118, 250, 274

artisanal
, 268

capacity
, 34, 139

committed
, 51

open pit
, 186–187, 245, 252–253

underground
, 66, 245

Mining consultancy
, 4

Molybdenum
, 7, 9, 11, 64, 66, 68, 87, 92–93, 230, 252

Monopolistic competition
, 22

Monopoly
, 22

Montreal Protocol
, 256

Moose
, 252

Moscow
, 83, 133–134

Motorola Inc
, 192

Mount Fubilan
, 262

Moving average
, 58

Mozambique
, 162

National Economic Development Office (NEDO)
, 196

Natural gas
, 5, 9, 36, 88, 157, 216, 233

Net Present Value (NPV)
, 154, 166, 219, 238, 248

Network efficiency potential (NEP)
, 185, 191–192

New York Mercantile Exchange (NYMEX)
, 84, 86, 89

Aluminium contract (see Contracts—aluminium)

NI 43–101
, 221

Nickel

consumption
, 67

content
, 123

ferronickel (see Ferronickel)

nickel pig iron
, 67

prices
, 123

production
, 67

surcharges
, 123

Nitrogen
, 11–12, 75

Non-Governmental Organisations (NGOs)
, 247, 275

Fundis
, 255–259

Realos
, 255–259

Norilsk
, 26, 71

Northern Dynasty Minerals Ltd
, 251, 253–254

Nucor
, 43, 144–145

Oil, crude

Brent
, 85

Brent Index
, 85

crisis
, 236, 257

extraction, production
, 3

peak (see Peak oil)

pipeline distribution
, 87

prices
, 216, 233

products
, 233

reserves
, 232

sector, industry
, 216, 233

Urals blend price
, 95

West Texas Intermediate (WTI)
, 85

Ok Tedi
, 262–263

Options

call
, 72, 125

put
, 125

Ordinary Least Squares (OLS)
, 27

Ores

grade
, 11

oxide
, 235

porphyry
, 234

Panama
, 215, 219, 230

Pan European Reserves and Resources Reporting Committee Code (PERC)
, 221

Papua New Guinea (PNG)
, 262

Peak oil
, 232–233

Pebble
, 251–254

Pechiney SA
, 90

Perfect competition
, 18–19, 21, 27

Peters, Tom
, 193

Phosphate
, 12

phosphate rock
, 6, 8, 10–11, 19, 28, 52, 64, 75, 245

Plastics
, 30, 34n5, 58

Platinum
, 6, 8, 13

Platts (S&P Global Platts)

iron ore price
, 94, 143

Urals blend price
, 95

Pollution
, 13, 256

Portfolio management
, 140

Potash
, 6, 8, 11–12, 22, 35, 74–77

Premiums

Aluminium (see Aluminium—premiums)

delivery, location
, 98

marketing
, 14

over SRMC
, 42, 44

over WACC
, 210

Price

benchmark
, 67, 73–75, 94, 156, 163–164, 167

discovery
, 18, 83–84, 87–88, 96–98, 113

forecasts (see Forecasts)

forward (see Forward price)

futures (see Futures price)

real (deflated)
, 204n1

risk
, 13–14, 69–70, 78, 84, 97–98, 113, 115–132, 146, 163

risk management (see Risk management)

spikes
, 41

technology, impact of
, 235

trend
, 13, 18, 37, 40

volatility
, 2, 43, 70, 90–91, 115

Price reporting services (PRSs)
, 88, 94–96

Producer surplus
, 20–22

Production

artisanal
, 66

primary
, 58, 61

secondary
, 61, 67

value
, 192

Profit

accounting
, 178

arbitrage
, 77

economic
, 153

hedge
, 164

margins
, 14, 146

normal and super-normal
, 42, 116

taxation
, 211, 212

trading
, 107, 117–118, 125, 163

windfall
, 216

Profitability
, 27, 113, 158, 254, 257, 273

Projects

appraisal, evaluation
, 240

committed
, 51

cost overruns
, 2, 146, 148, 201, 218

delays
, 2, 148, 218, 269

exploration
, 199, 270

failure
, 229

finance
, 176, 225, 246–247

new
, 18, 21, 42, 51, 118, 210–211, 246

possible
, 52

risk
, 200–201, 210

Purchasing Power Parity (PPP)
, 271n1

Quotational period (QP)
, 82, 130

Rare earths
, 19

Recycling
, 33, 55–60, 233, 271

Red Dog
, 253

Refineries
, 20, 28, 34, 55, 65, 70, 73–74, 79, 85, 89, 108, 113, 119, 139, 161, 166, 168, 189

Renaissance man
, 3, 13–15, 77–77, 148, 216, 240, 269–270

Reserves
, 8, 129, 175, 178, 219–224, 238–239, 241

Residuals
, 28

Resource

abundance
, 240–241

availability
, 145

cost
, 156–158

curse
, 263–266

depletion
, 51, 231–241

endowment
, 36–37, 46

finiteness
, 2, 232

natural
, 232–233, 265, 269

scarcity
, 11, 145, 234, 239

Return

bond
, 205

equity (see Equity—return)

on capital, investment
, 210

excess
, 205–206

expected
, 201, 204

hurdle
, 210

real
, 135

shareholder
, 139

Revenues
, 4, 82, 116–117, 169, 171, 201, 211–212, 215, 218, 239, 261, 263, 265, 266, 273, 275

Reynolds Metal Company
, 115

Rio Tinto
, 23, 25, 144

Risk

basis
, 113

corporate
, 201

counterparty, default
, 69, 72–73, 77–78, 84, 97

country
, 209

disruption
, 35

environmental (see Environment(al)—risk)

exposure
, 84, 116, 118–119, 124, 127, 210

geological
, 202

idiosyncratic
, 202

management
, 117, 121, 123, 164

margin
, 125

price (see Price—risk)

projects (see Projects—risk)

sharing
, 123

social, political
, 143, 246

systemic
, 39, 84

volume
, 147

Royalties
, 157–158, 178, 211–213, 261, 275

Roy Hill project
, 9

Russia
, 24, 48, 72–74, 247, 260

Salmon
, 252

Salt Lake City
, 89n2

Scrap

galvanised steel scrap
, 56

generation
, 56

importance of
, 59, 67

in-plant scrap
, 55

new scrap
, 33, 55–56, 58, 67

old scrap
, 33, 55, 57–60, 67

pool
, 57, 60

source segregation
, 58

steel
, 90

SEC Industry Guide
, 7, 222, 224n1

Self-regulation
, 96, 246–248

Semi-autogenous grinding (SAG) mills
, 186

Semi-fabricated products
, 25, 32, 56

Semi-fabrication
, 67

Sequential thinking
, 229–230

Shale
, 216

Shareholder value
, 118, 133–149, 153, 173, 177, 179, 182, 185, 192, 200, 210, 240, 273–274, 275n2

Shareholder Value Added
, 153

Shareholders
, 13, 117, 134–135, 139, 145, 152, 155, 163, 166, 177, 201, 258, 263, 276

Shipping costs
, 77 (see also Freight costs)

Silica
, 162

Silver
, 6, 8, 13, 66, 79–80, 82, 230, 252

Singapore
, 71, 85, 112

Singapore Exchange Ltd (SGX)
, 85, 92

Six Sigma
, 156, 189, 192–194

Smelters

aluminium
, 10, 35, 66n1, 72–73, 89, 112, 117, 144, 153, 162, 194, 259

copper
, 55, 168

Soft drink
, 30

South Africa
, 75, 241

South African Mineral Reporting Codes (SAMCODES): SAMREC
, 221

Southwest Airlines Co.
, 120

Stalin, Joseph
, 133

Steel

arc furnaces
, 68

billet
, 87, 89–90, 92

blast furnaces
, 67, 142

carbon
, 58

coated
, 68

consumption
, 48, 50

demand
, 19, 28–29, 32

galvanised
, 56, 68, 234

industry, sector
, 9, 24, 90

intensity
, 49

plate
, 25

price
, 29

production, steelmaking
, 142

rebar
, 90

rolled
, 43, 142, 144

scrap
, 90

sheet
, 65

special
, 68

stainless
, 9, 30, 58, 67–68, 119, 123, 141

supply chain
, 67–68

Steel mill

integrated
, 43, 92

mini
, 43, 92

rolled
, 43, 144

stainless
, 119, 123

Stock Exchange of Hong Kong (HKEx)
, 114

Stocks

Aluminium (see Aluminium—stocks)

fish
, 252

gold (see Gold—stocks)

hidden
, 40

LME (see LME—stocks)

Stripping
, 245

Structural change
, 33, 36, 90, 93

Subsidies
, 260

Substitution
, 12, 29–30, 33, 39, 47, 50, 53, 120, 143, 233–234, 239

Sulphur
, 80–81

Sulphuric acid
, 81

Supply

chain
, 20, 25, 32, 66–68, 148, 160, 175, 197

curve
, 14, 19–21, 27–28, 34–37, 40, 54, 172, 179, 254

forecasts
, 34, 40

limitations
, 47, 50

secondary
, 33–34

water (see Water)

Sustainability, lack of
, 2

Sustainable development
, 165, 247–248, 265

Sustaining capital
, 137, 153, 160, 164, 173, 178, 183–184, 273

Tailings
, 201, 243, 245–247, 249, 252, 254, 262–263

Taiwan
, 50, 237

Tankhouse
, 189

Taxation
, 138, 211–213, 233

Taxes

accounting treatment, regulations
, 138

ad valorem
, 211

corporate
, 202

import
, 157

income
, 138, 158, 167

indirect
, 160

profit
, 178, 203

property
, 160

rates
, 71, 138, 207–208

rent
, 211–213

Tin
, 25, 92–93, 102, 119

tinplate
, 26

Titanium
, 8

Tolling
, 57, 123

TotalQuality Management
, 193

Transparency
, 51, 108, 119, 240, 269

Treatment and refining charges (TC/RCs)
, 65, 82

Trend
, 13, 29, 37, 46, 50, 109, 237 (see also Price—trend)

Trucks
, 85, 186, 190–191

Tunbridge Wells
, 17

Turning points
, 37

United States

US Geological Service
, 8

USSR
, 33, 49, 83, 133, 183

Utility
, 20, 243, 253

Vale S. A.
, 23, 26, 200

Value

culture
, 148–149

environmental
, 243, 249–250, 253, 263, 270

in use
, 94, 162

of production (see Production—value)

Value at risk
, 179

Value based costing (VBC)
, 153, 155

Value based management (VBM)
, 136–140, 156, 274–275

Vancouver
, 75, 213

Vehicles
, 10, 19, 50, 111, 231 (see also Automobiles)

Venezuela
, 266

Vietnam War
, 145, 236

Vlissingen
, 110

Voisey’s Bay mine
, 200

Warehousing
, 42, 85, 109–114

Water, pollution
, 267

Weighted Average Cost of Capital (WACC)
, 204–210

Whidbey Island
, 231

Wilson, Harold
, 90

Working capital
, 56, 137, 147, 157, 159–160, 164–165, 175, 178, 188, 273

World Bank
, 261, 264, 268, 271

Xstrata
, 71, 136

Zinc
, 8, 11, 25, 79, 102, 234