Citation

Adams, R.G., Gilbert, C.L. and Stobart, C.G. (2019), "Index", Modern Management in the Global Mining Industry, Emerald Publishing Limited, Leeds, 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.

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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