MINERAL RESOURCES OF THE PH (MIN ECON)

Question 1

An ore when location, quantity, grade , geol characteristics, and continuity of mineralisaton are known and there is a concentration or occurence of the material of intinsic economic interest in or on earth’s crust in such form and quantity that there are reasonable prospect for eventual economic extraction

Answer 1

Mineral Resource

Question 2

Econmicallyminerable part of a measure or indicated mineral resource

Answer 2

Ore Reserve

Question 3

A portion of a mineralized envelope within which ore reserves have been defined

Answer 3

Orebody

Question 4

What does the term economic imply in terms of ore reserve?

Answer 4

Extraction has been establsihed or analytically demonstrated to be viable or justifiable under reasonable investment assumption

Question 5

Any single mineral or combination of minerals occuring in a mass, or deposit, of econmic interest

Answer 5

Mineralisation

Question 6

What event in the mid seventies abruptly slowed down the deman in metals

Answer 6

Coeval Oil Crisis

Question 7

What is the most produced mineral resources?

Answer 7

Sand and Gravel

Question 8

What is the least produced?

Answer 8

Diamond, PGEs Gold, electronic metals and Silver

Question 9

What is the most valuable mineral resources produce?

Answer 9

Crude oil, Natural gas, Coal and Sand and Gravel

Question 10

What happens if demand for a minreal product is greater that the present supply?

Answer 10

Prices increases and companies profit and more investment is poured into the industry

Question 11

What happens if the there’s a surplus of supply and low demand?

Answer 11

Price falls, producers loss and pulling out of resources/investments

Question 12

Forces determining prices of mineral products

Answer 12

1) Demand and Supply 2)Gov’t Action 3)Recycling 4)Substitution and New technology

Question 13

How does demand change?

Answer 13

1) Significant commodity substitution and 2)A change in technology 3)Expectation of future price change or shortagescan lead to hoarding thus increading demand

Question 14

What is supply?

Answer 14

It refers to how much of a commodity will be offered for sale at a given price over a set period of time which is dependent on price and conditions of supply

Question 15

What level of price will stimulate supply?

Answer 15

HIgh prices stimulate supply and increase in output

Question 16

How does supply change?

Answer 16

1) Changes dure to force majuere circumstances 2) Improved technology in exploitation and 3)Discovery and exploitation of large new bodies

Question 17

How does government action affect metal price?

Answer 17

Government can stabilize prices by hoarding stickpiles and control the spike of price.

Question 18

How does recycling affect metal price?

Answer 18

Recycling prolong resource life, reduce mining waste and smelter effluecnts this leading to immunity from price rising, shortages of primary materials and actions of cartels. Also, energy for recycled materisals are usually lower than for ore treatments

Question 19

How does substitution and new technology affect metal price?

Answer 19

Diminution in demand as the world thrives to improve techonology and find more effective substitution

Question 20

Year when OPEC created uprecedented oil and metal price increase

Answer 20

1973

Question 21

This helps in forecasting price trends of metalsover intermediate term (decades)

Answer 21

rise and fall of world business activity

Question 22

An example of a world event which greatly affected metal price

Answer 22

OPEC 1973 oil crisis

Question 23

What is the reason of nongold discoveries from 1976 onwards?

Answer 23

Difficult of exploration of a viable deposit in an unfavorable economic climate

Question 24

What types of metals significantly decline in demand durng the 1990s?

Answer 24

Traditional metals, Mn, Pb, Sn ad W

Question 25

What metals fluorished instead?

Answer 25

Ti, Ta and others

Question 26

what was the price of Gold from 1934 to 1973?

Answer 26

$US 35 per troy ounce

Question 27

Who and when was fixed link between dollar and gold removed?

Answer 27

Nixon, 1971

Question 28

Highest price of Gold during the 1980s?

Answer 28

$US 850 per ounce

Question 29

What was the result fo the rise of Gold price in 1971?

Answer 29

There was an increase in prospecting and disocvery of many large deposits

Question 30

What type of industrial minerals are meant for local market?

Answer 30

Low Unit value

Question 31

What type of industrials minerals are internationally tradeable?

Answer 31

High Unit Value minerals

Question 32

How can a llow unit value becaome valuable?

Answer 32

When it is available close to a market

Question 33

Differentiate the effects of world business activity between metals and non metals?

Answer 33

IM are generally more stable and affected less compared to metals

Question 34

What brings grater stability in industrial mineral price?

Answer 34

Their use ad partial use in cnosumer nondurable for which consumption remains comparatively stable during recession or in other words, since industrial minerals are consistentl used by consumers its price is relatively stable

Question 35

how does the value of a industrical mineral vary?

Answer 35

Depending on its end use and amount of processing/purification it has indergone.

Question 36

An example of industrial mineral which varied with supply and demand?

Answer 36

POtash

Question 37

What industrial minerals are likely to be short in supply?

Answer 37

sulfur, barite, talc and pyrophyllite