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Earth resources, Impacts and Sustainability > Economic drivers and context for resource demand > Flashcards

Economic drivers and context for resource demand Flashcards

1
Q

What can make global news heteorgenous?

A

The fact that saome areas dont have free news and reports are often subjective

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2
Q

When might exploration commence or cease?

A

Changes in price
Changes in restrictions

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3
Q

What is the effect of stockpiling/ surpluses?

A

Lowers price as avaliability high allows greater consumer choice

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4
Q

What is the market effect of supply shortages?

A

higher price as lower avaliability and less consumer choice

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5
Q

What is the trend in lithium production and who is the largest producer?

A

Net increase (2020 - 85,000 tons)
Australia

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6
Q

What is lithium key for?

A

The energy transition from fossil fuels

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7
Q

What is lithium used for?

A

high capacity power/ rechargeabe batteries

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8
Q

What are lithium deposits like?

A

Bulk in a handful of countries usually as evaporites

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9
Q

What is the resource lifetime of lithium?

A

Over 50 years

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10
Q

Why is rate of extraction for lithium low?

A

To control commodity price

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11
Q

What was the lithium extraction of the USA like compared to its reserves?

A

Every ton produced by US they had 833 tonnes in reserve

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12
Q

What was the reason for the increase in lithium price in 2020?

A

Increased demand and limited supply

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13
Q

Why has lithium prices returned to pre-peak levels in 2024?

A

Oversupply of battery materials is likely to persist for the short term.
Decelerating growth in EV sales in China may cap lithium demand
The emergence of alternative battery materials and energy storage technologies poses a potential headwind for lithium-ion batteries

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14
Q

How could current low prices make further price drop less likely for lithium?

A

Force producers to cut output cushioning price fall

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15
Q

What are the characteristics of 1 carat of diamond?

A

0.2 grams
Approx 6.5 mm in diameter

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16
Q

What is the price of diamond linked to?

A

consumer choice – financial downturns mean less money spent, luxury commodities hit hard

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17
Q

What diamonds are more affected by reduced consumer input?

A

LArger diamonds
smaller ones for industry not as affected

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18
Q
A
19
Q

What was the wrolds second largest diamond?

A

Found in Botswana and was 2492 carats

20
Q

How much diamond production comes from botswana?

A

20% of world production

21
Q

What reason did china cut exports of germanium and gallium?

A

Political decision in retaliation to US bans on use of Chinese electronics equipment and chip export to China

22
Q

Why was it significant that china cut REE exports of germanium and gallium?

A

IMportant in tech like computer chips and china produces 80% of germanium and 60% of gallium

23
Q

What was the effect of china cutting REE exports?

A

Price obviously rises
Other countries produce these elements, but takes time to increase production
Alternative minerals now sought to remove reliance on these

24
Q

Whaat is REE antimony used in?

A

Used in fireworks, but also in alloys, paints, and ceramics. Alloys include military applications (ammunition, missiles, night vision goggles)

25
Q

HOw much of global antimony comes from china?

A

48%

26
Q

Why did china restrict export of antimony?

A

Restricted for national security – Political decision to limit US and European access

27
Q

What source is the uks largest energy deriver?

A

Natural gas - (13% of this from USA, UAE, Peru and Angola)

28
Q

How much stroage of gas does the uk have in TWH?

A

8.9
30 wells with a capacity for 100 cubic feet of gas
Capacity for 9 days of Uk gas use

29
Q

What is the main way to increased resource security?

A

Domestic producton to ensure internal supply

30
Q

What does resource security mean more broadly?

A

who is permitted to use resources produced
(embargoes, sanctions, etc.)

31
Q

What are some examples of countries trying to increase resource security?

A

Development of US oil shale and shale gas resources in response to nationally surging demand and slowing production
UK development of lithium extraction (Cornish Lithium) - private and not nationalized venture
China limiting rare earth elements

32
Q

Why is stockpiliing of resources done?

A

A common practive to atrificially maintain prices

33
Q

Why is overproduction done?

A

Artificailly maintain price and is done to stop alternatives being productive

34
Q

What is the implication for geoscience careers in energy?

A

Boom and bust cycle of energy sectors based on the economy

35
Q

What is a boom phase in the energy sector?

A

Strong economy, strong demand, resource extraction high; prices high; no stockpiling
Marginal resources change from conditional reserves> total reserves

36
Q

What is a bust phase in the energy sector?

A

Weak economy, low demand, surpluses so stockpiling; low prices
Marginal resources change from total reserves>conditional reserves

37
Q

How is employment of geoscientists in energy dicateted by boom and bust?

A

Historically buoyant careers in exploration – typically restricted to in boom cycle
Bust cycles – diversification of careers, recently into alternative and renewable energy, geotechnics, hydrogeology, environmental sector including environmental management and remediation.

38
Q

Who has the highest production of lithium and who has the highest reserve and what is the implication of this?

A

Highest production Australia with a reserve of around 4.2 million tons
while the highest reserve is chilies with 9.2 million tons meaning they have the option to increase prodcution and will maintain reserve for longer

39
Q

Why did the price of diamonds change when Ukraine was attacked?

A

People uncertain about dollar do started investing in gold and diamonds

40
Q

How can finding large diaonds affect investing?

A

If a company finds large diamonds people will invest as the value of that company will increase when the diamond value is shown

41
Q

What technique is being used to diamond mines to find larger diamonds and avoid breakages?

A

The use of xrays to scan the rock face for larger diamonds and then cutting them out

42
Q

What happened to the orice of REEs when China cut exports?

A

price increased as wholesalers started to stockpile

43
Q

Why did the US reduced the amount of chips china recieved?

A

To slow down military development but now US dont get matierla they need to make the chips

44
Q

What has the increased REE price caused by chinas cuts allowed for?

A

Previously sub-economic sources to now become viable

Earth resources, Impacts and Sustainability (12 decks)

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