Resource development Flashcards
What is resource security?
The ability of a country to provide a sustainable supply of resources to maintain a standard of living for their population, whilst protecting the ability of future generation to access them.
What is a resource?
Any aspect of the physical environment that can be used by humans and exploited for economic gain.
Give an example of some resources.
- Fossil fuels
- Fresh water
- Food
- Humans
What are stock resources?
Resources which cannot be used without depleting the stock because their rate of formation is so slow in terms of the human lifespan. These are non-renewable and finite.
Give an example of stock resources.
- Natural gas
- Coal
- Oil
What are flow resources?
Resources which can be consumed in any given period of time without endangering future consumption.
Give an example of flow resources.
- Solar power
- Hydroelectric power
- Geothermal energy
What are critical flow resources?
Resources that are dependent on the way in which humans manage and use the resource.
Give some examples of non-critical resources.
- Tides
- Waves
- Wind
What are possible resources?
Resources that are thought to exist (based on the knowledge of geology)
What are inferred resources?
Resources that have been identified from limited sampling of geology.
What is a frontier resource?
A newly colonised region where resources have been discovered and are brought into production for the first time.
What does Friedman’s core-periphery development model address?
Profitability of a resource based on access/cost of extraction and the amount of money received.
What is geological uncertainty?
Uncertainty about whether a resource exists based on surveys and characteristics of similar deposits.
What are indicated reserves?
Reserves that can be estimated with a level of confidence to allow economic viability, considering quality, quantity, density, and characteristics.
What is the purpose of feasibility studies in relation to indicated reserves?
To work out the probability reserve using estimated data.
Define inferred reserves.
Reserves that can only be estimated on limited geological sampling, uncertain and possible reserves.
What are hypothetical reserves?
Reserves that are reasonable to expect to exist.
What are speculative reserves?
Reserves with no previous discoveries but materials may be expected to occur in certain geological settings.
What are measured reserves?
Reserves where quality, quantity, density, and characteristics are well established and estimated with confidence.
What are proven reserves?
Reserves that are economically mineable/extractable.
What factors affect the security of resources?
A combination of physical risk and geopolitical risk.
What does physical risk relate to?
The availability and accessibility of resources in a country.
What does geopolitical risk involve?
Trade and the ability to exert market power over another country to provide a stable flow of resources.
List the factors that determine physical risk.
- Quality of the resource found
- Quality of the resource in that reserve
- Physical location and accessibility
- Technology available to access resources economically.
What are recoverable reserves?
Reserves extracted for their commercial value under specific time constraints and technology.
What are possible reserves?
Areas where undiscovered resources are thought to exist due to geomorphology but have not yet been explored.
What is involved in the chronology of resource development?
Exploration, evaluation of discoveries, assessments of impacts, and construction of infrastructure.
What occurs during the exploitation phase?
Continues until all viable resources have been extracted.
What is exhaustion in the context of resource extraction?
Occurs when remaining supplies are uneconomical to recover or when resources have run out.
