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Minerals handbook 1984–1985
Book reviews A study on quantitative impact THE MINERALS SECTOR AND THE AUSTRALIAN ECONOMY Edited by L.H. Cook and M.G. Porter George Allen and Unwin, Hemel Hempstead, Herts, 1984, 324 pp, f 20.00 This collection of nine papers originated with a grant to Monash University Centre for Policy Studies by the Australian Mining Industry Council. The brief of the grant - to study and report on the quantitative impact is well met by the authors, all of whom are either currently connected with the Centre of Policy Studies or have worked with the Centre in the past. Other sponsors of the research were the Reserve Bank of Australia, The Australian Petroleum Exploration Association, CRA Ltd, the National Energy Research Demonstration Development Program, and the Commonwealth Committee for Promotion of Excellence in Research. Three papers - ‘Minerals sector growth and structural change’ (L.H. Cook and E. Sieper); ‘Some quantitative estimates of the effects of changes in the minerals sector’ (L.H. Cook and V.J. Lees); and ‘Quantifying the effects of changes in the minerals sector: background notes’ (L.H. Cook) - are particularly designed to serve the aim of the volume which is ‘to add more analytical thrust to the debate: on the social, political and economic impact of the Australian mining industry. A general equilibrium model based on disaggregated microeconomic variables (using the latest version of the ORANI model of Australia, modified to allow some simple macroeconomic variables such as tax receipts to be incorporated) is developed to examine such well-worn subjects as the Gregory Thesis, the effects of foreign ownership, the multiplier effects, and the capture of ‘economic rent’. The results of the analysis are sure to be debated long and hard by economists.
150
The other papers (two on taxation by T.C. Bergstrom and D.C.L. Nellor; P.R. Hartley’s study of foreign ownership; the paper by A.O. Krueger and M.G. Porter on the asset theory of exchange rate determination; the defining of the key issues in the debate on the Australian mining industry (M.G. Porter); and C.R. Doran’s historical survey) give the reader a comprehensive overview of the thinking in Australian academic circles. Most of the papers provide useful references, and the editors have assured that material is coherently presented. However, as is so often the case in collections of papers of this kind, the volume suffers from the lack of an index. Most particularly, the lack of a general summing up of the material is to be regretted.
Acrimonious
discussion
The book is a valuable contribution to the continuing debate about the effects of ‘mining booms’ on the Australian political economy, particularly at a time when there is acrimonious discussion in Australia about a prop-
osed resources rent tax. The modelling by Cook and Lees seems to conclude that growth in the minerals sector has indeed generated a sizeable increase in tax revenue at existing tax rates, but the more important gain to Australia from the mineral sector has been increased factor incomes. On an empirical basis, C.R. Doran has concluded that the minerals industry has stimulated economic growth, earned export income, attracted labour and capital, encouraged the development of infrastructure, and assisted in diversifying and expanding the Australian economy. A number of the papers will be required reading for economists involved with the minerals industry. It is far less likely to appeal to mining industry executives and sharebrokers, in part because of its lack of a concise conclusion. There is also likely to be considerable argument about the design of the general equilibrium model and its applicability to government making policy. However, to this reviewer the emphasis on facts is to be lauded, and the papers should be read carefully by designers of more sophisticated models and analyses. M. H. Govett Consultant Australian Mineral Economics Pty Ltd and Govett and Govett Pty Ltd
A pertinent, all-round guide MINERALS
HANDBOOK
1984-85,
by Phillip Crowson Macmillan,
London,
1984, 294 pp
This is a second edition of an extremely useful reference source for data on metals and minerals compiled by a world authority in the field. There has been relatively little change from the first edition published in 1982. The list of materials covered have been expanded by eight to include a total of 46 non-fuel minerals and the data have been extended in time until about 1982/83. There is a set of introductory tables comparing the materials in terms of (1) adequacy and distribution of re-
serves; (2) the import dependence of major consuming regions; and (3) growth rates of production and consumption. Additional general tables demonstrate the importance of South Africa as supplier of some two dozen minerals, and the dynamic growth of reserves, both in absolute terms, and in relation to output, for four major metals over the past ‘forty years. Separate sections on each mineral covered provide tabular data on the geographical subdivision of reserves, production and consumption, trace growth rates and price developments and analyse import dependencies among major consumers. Brief verbal notes describe main uses, substitution possibilities and marketing arrangements.
RESOURCES
POLICY June
1985
Book reviews/Conferences
As the author points out, the handbook is primarily intended to be an introductory guide, but an appendix gives details of the sources drawn upon, which should certainly be useful for those who would like to explore the subject in greater depth.
Well qualified As economic adviser to Rio Tinto Zinc, a leading and highly diversified multinational mineral company, Phillip Crowson is exceptionally well qualified for the task of compiling the Handbook. His job experiences have made him into a prominent specialist regarding the subjects covered. His mastery and comprehension of the data dealt with make the Handbook a pertinent and all-round information source for the mineral economist or manager in the minerals industry. Here are a few suggestions on how to make the forthcoming third edition even better than the second one : It would be useful to have an additional
introductory table listing the market value of global output for all the products covered. Looking up a specific mineral would be facilitated if the name of that mineral appeared on top of all the pages where it is discussed. The individual mineral sections might be expanded by providing data on the value of total international trade. Where there is a discussion of a mineral at different processing stages or in alternative chemical forms (eg Ti02 and Ti metal, or U308 and U metal), it would be useful to provide quantitative conversion ratios, indicating, for instance, the weight of oxide contained in a ton of pure metal. In line with common practice of the UN Turkey should be classed agencies, among the less developed and not the developed countries, in spite of its membership of the OECD. Marian Radetzki Institute for International Economic Studies University of Stockholm
l-5 September 1985, Prague, Czecboslovakia TUNNEL-CITY’%. International Confer-
ence on Underground
Structures in Urban
Areas. Details from Tunnel-City ‘85, Secretariat-Metrostav, np, Osadni 12, 170 04 Prague 7, Czechoslovakia. 9-12 September 1985, London, UK EXTRACTION METALLURGY ‘85, organized by the Institute of Mining and Metallurgy. Details from the Conference Officer, The Institute of Mining and Metallurgy, 44 Portland Place, London WlN 4BR, UK. 9-13 September 1985, Harrogate, UK VIth INTERNATIONAL CONGRESS FOR MINE SURVEYING, sponsored by The Royal Institution for Charted Surveyors. Details from Sue Nickson or Peter Gilbert, The Royal Institution of Chartered Surveyors, 12 Great George Street, Parliament Square, London SWlP 3AD. 17-21 September 1985, Granada Spain The second international conference of the INTERNATIONAL MINE WATER ASSOCIATION. Details from Professor R. Fernhndez Rubio, School of Mines, Technical University of Madrid, Rios Rosas 21, Madrid 3, Spain.
Conferences
22-25 September 1985, San Francisco, CA, USA MINING CONVENTION of the American Mining Congress. Contact: American Mining Congress, Ring Building, 1200 18th Street NW, Washington, DC 20046, USA.
This calendar of events is compiled from information provided by the respective organizers and from secondary sources. RESOURCES POLICY welcomes information on all conferences relevant to resources issues for listing in this section. The copy deadline is three months before publication.
30 September-3 October 1985, Venice, Italy 2nd INTERNATIONAL CONGRESS ON COBALT METALLURGY AND USES. Details from Cobalt Development Institute, l&12 High Street, Barnes, London, SW13 9LW, UK.
9-11 July 1985, Brisbane, Queensland, Australia IFAC SYMPOSIUM ON AUTOMATION FOR MINERAL RESOURCE DEVELOPMENT. Details are available from the Australian Institute of Mining and Metallurgy, PO Box 310, Carlton South, Victoria, Australia 3053.
GRESS, organized by the Department of Geosciences. Universidad de1 Norte. Antofagasta; Details from the Organizing Committee, 4th Chilean Geological Congress, Department of Geosciences, Universidad de1 Norte-Antofagasta, Casilla (Box) 1280, Antofagasta, Chile.
*14-27 July 1985, Aberdeen, Scotland, UK Sixth International Seminar on ENVIRONMENTAL IMPACT ASSESSMENT. Details are available from Mrs Sandra Ralston, Seminar Organizer, CEMP, Department of Geography, University of Aberdeen, Old Aberdeen, AB9 2UF, UK.
27-30 August 1985, Melbourne, Australia INTERNATIONAL MINING.HISTORY CONFERENCE. Details are available from Dr Peter Richardson, Economic History Department, University of Melbourne, Parkville, Victoria 3052, Australia.
19-24 August 1985, Antofagasta, 4th CHILEAN GEOLOGICAL
‘denotes
Chile CON-
new entry
RESOURCES
POLICY June
1985
*27-31 August 198.5, Katowice, Poland SIMMEX. Silesian International Trade Fair for Mining, Power Industry and Metallurgy. Details from Intern&onal Fair, Glogowska 14, 6C-734 Poznan, Poland, tel:6P-93-41, telex:0413251 targ pl.
8-10 October 1985, Denver, CO, USA SURFACE MINING AND RECLAMATION, National Meeting of the American Society of Surface Mining and Reclamation. Details from William T. Plass, ASSMR, 21 Grandview Drive, Princeton, WV24740, USA. 21-23 October 1985, Washington, DC USA BIOTECH 85 USA. International Conference and Exhibition. Details from Biotech ‘85 USA, Online Conference Inc, Suite 1190, 2 Penn Plaza, New York, NY 10121, USA, tel (212)279-8890. 28 October-l November 1985, Sydney, Australia COAL SCIENCE Conference. Details from Coal Science Conference, PO Box 1441, Sydney, NSW, Australia. 1613 November 1985, London, UK SULPHUR ‘85 The British Sulphur Corporation’s ninth international conference.
151
150
The other papers (two on taxation by T.C. Bergstrom and D.C.L. Nellor; P.R. Hartley’s study of foreign ownership; the paper by A.O. Krueger and M.G. Porter on the asset theory of exchange rate determination; the defining of the key issues in the debate on the Australian mining industry (M.G. Porter); and C.R. Doran’s historical survey) give the reader a comprehensive overview of the thinking in Australian academic circles. Most of the papers provide useful references, and the editors have assured that material is coherently presented. However, as is so often the case in collections of papers of this kind, the volume suffers from the lack of an index. Most particularly, the lack of a general summing up of the material is to be regretted.
Acrimonious
discussion
The book is a valuable contribution to the continuing debate about the effects of ‘mining booms’ on the Australian political economy, particularly at a time when there is acrimonious discussion in Australia about a prop-
osed resources rent tax. The modelling by Cook and Lees seems to conclude that growth in the minerals sector has indeed generated a sizeable increase in tax revenue at existing tax rates, but the more important gain to Australia from the mineral sector has been increased factor incomes. On an empirical basis, C.R. Doran has concluded that the minerals industry has stimulated economic growth, earned export income, attracted labour and capital, encouraged the development of infrastructure, and assisted in diversifying and expanding the Australian economy. A number of the papers will be required reading for economists involved with the minerals industry. It is far less likely to appeal to mining industry executives and sharebrokers, in part because of its lack of a concise conclusion. There is also likely to be considerable argument about the design of the general equilibrium model and its applicability to government making policy. However, to this reviewer the emphasis on facts is to be lauded, and the papers should be read carefully by designers of more sophisticated models and analyses. M. H. Govett Consultant Australian Mineral Economics Pty Ltd and Govett and Govett Pty Ltd
A pertinent, all-round guide MINERALS
HANDBOOK
1984-85,
by Phillip Crowson Macmillan,
London,
1984, 294 pp
This is a second edition of an extremely useful reference source for data on metals and minerals compiled by a world authority in the field. There has been relatively little change from the first edition published in 1982. The list of materials covered have been expanded by eight to include a total of 46 non-fuel minerals and the data have been extended in time until about 1982/83. There is a set of introductory tables comparing the materials in terms of (1) adequacy and distribution of re-
serves; (2) the import dependence of major consuming regions; and (3) growth rates of production and consumption. Additional general tables demonstrate the importance of South Africa as supplier of some two dozen minerals, and the dynamic growth of reserves, both in absolute terms, and in relation to output, for four major metals over the past ‘forty years. Separate sections on each mineral covered provide tabular data on the geographical subdivision of reserves, production and consumption, trace growth rates and price developments and analyse import dependencies among major consumers. Brief verbal notes describe main uses, substitution possibilities and marketing arrangements.
RESOURCES
POLICY June
1985
Book reviews/Conferences
As the author points out, the handbook is primarily intended to be an introductory guide, but an appendix gives details of the sources drawn upon, which should certainly be useful for those who would like to explore the subject in greater depth.
Well qualified As economic adviser to Rio Tinto Zinc, a leading and highly diversified multinational mineral company, Phillip Crowson is exceptionally well qualified for the task of compiling the Handbook. His job experiences have made him into a prominent specialist regarding the subjects covered. His mastery and comprehension of the data dealt with make the Handbook a pertinent and all-round information source for the mineral economist or manager in the minerals industry. Here are a few suggestions on how to make the forthcoming third edition even better than the second one : It would be useful to have an additional
introductory table listing the market value of global output for all the products covered. Looking up a specific mineral would be facilitated if the name of that mineral appeared on top of all the pages where it is discussed. The individual mineral sections might be expanded by providing data on the value of total international trade. Where there is a discussion of a mineral at different processing stages or in alternative chemical forms (eg Ti02 and Ti metal, or U308 and U metal), it would be useful to provide quantitative conversion ratios, indicating, for instance, the weight of oxide contained in a ton of pure metal. In line with common practice of the UN Turkey should be classed agencies, among the less developed and not the developed countries, in spite of its membership of the OECD. Marian Radetzki Institute for International Economic Studies University of Stockholm
l-5 September 1985, Prague, Czecboslovakia TUNNEL-CITY’%. International Confer-
ence on Underground
Structures in Urban
Areas. Details from Tunnel-City ‘85, Secretariat-Metrostav, np, Osadni 12, 170 04 Prague 7, Czechoslovakia. 9-12 September 1985, London, UK EXTRACTION METALLURGY ‘85, organized by the Institute of Mining and Metallurgy. Details from the Conference Officer, The Institute of Mining and Metallurgy, 44 Portland Place, London WlN 4BR, UK. 9-13 September 1985, Harrogate, UK VIth INTERNATIONAL CONGRESS FOR MINE SURVEYING, sponsored by The Royal Institution for Charted Surveyors. Details from Sue Nickson or Peter Gilbert, The Royal Institution of Chartered Surveyors, 12 Great George Street, Parliament Square, London SWlP 3AD. 17-21 September 1985, Granada Spain The second international conference of the INTERNATIONAL MINE WATER ASSOCIATION. Details from Professor R. Fernhndez Rubio, School of Mines, Technical University of Madrid, Rios Rosas 21, Madrid 3, Spain.
Conferences
22-25 September 1985, San Francisco, CA, USA MINING CONVENTION of the American Mining Congress. Contact: American Mining Congress, Ring Building, 1200 18th Street NW, Washington, DC 20046, USA.
This calendar of events is compiled from information provided by the respective organizers and from secondary sources. RESOURCES POLICY welcomes information on all conferences relevant to resources issues for listing in this section. The copy deadline is three months before publication.
30 September-3 October 1985, Venice, Italy 2nd INTERNATIONAL CONGRESS ON COBALT METALLURGY AND USES. Details from Cobalt Development Institute, l&12 High Street, Barnes, London, SW13 9LW, UK.
9-11 July 1985, Brisbane, Queensland, Australia IFAC SYMPOSIUM ON AUTOMATION FOR MINERAL RESOURCE DEVELOPMENT. Details are available from the Australian Institute of Mining and Metallurgy, PO Box 310, Carlton South, Victoria, Australia 3053.
GRESS, organized by the Department of Geosciences. Universidad de1 Norte. Antofagasta; Details from the Organizing Committee, 4th Chilean Geological Congress, Department of Geosciences, Universidad de1 Norte-Antofagasta, Casilla (Box) 1280, Antofagasta, Chile.
*14-27 July 1985, Aberdeen, Scotland, UK Sixth International Seminar on ENVIRONMENTAL IMPACT ASSESSMENT. Details are available from Mrs Sandra Ralston, Seminar Organizer, CEMP, Department of Geography, University of Aberdeen, Old Aberdeen, AB9 2UF, UK.
27-30 August 1985, Melbourne, Australia INTERNATIONAL MINING.HISTORY CONFERENCE. Details are available from Dr Peter Richardson, Economic History Department, University of Melbourne, Parkville, Victoria 3052, Australia.
19-24 August 1985, Antofagasta, 4th CHILEAN GEOLOGICAL
‘denotes
Chile CON-
new entry
RESOURCES
POLICY June
1985
*27-31 August 198.5, Katowice, Poland SIMMEX. Silesian International Trade Fair for Mining, Power Industry and Metallurgy. Details from Intern&onal Fair, Glogowska 14, 6C-734 Poznan, Poland, tel:6P-93-41, telex:0413251 targ pl.
8-10 October 1985, Denver, CO, USA SURFACE MINING AND RECLAMATION, National Meeting of the American Society of Surface Mining and Reclamation. Details from William T. Plass, ASSMR, 21 Grandview Drive, Princeton, WV24740, USA. 21-23 October 1985, Washington, DC USA BIOTECH 85 USA. International Conference and Exhibition. Details from Biotech ‘85 USA, Online Conference Inc, Suite 1190, 2 Penn Plaza, New York, NY 10121, USA, tel (212)279-8890. 28 October-l November 1985, Sydney, Australia COAL SCIENCE Conference. Details from Coal Science Conference, PO Box 1441, Sydney, NSW, Australia. 1613 November 1985, London, UK SULPHUR ‘85 The British Sulphur Corporation’s ninth international conference.
151