This textbook provides an introduction to the field of mineral economics and its use in understanding the behaviour of mineral commodity markets and in assessing both public and corporate policies in this important economic sector. The focus is on metal and non-metallic commodities rather than oil, coal, and other energy commodities.
The work draws on John Tilton's teaching experience over the last 30 years at the Colorado School of Mines and the Catholic University of Chile, as well as short courses for RioTinto and other mining companies. This is combined with the professional consulting and academic research of Juan Ignacio Guzman over the past decade, in order to demonstrate the industry application of the economic principles described in the earlier chapters.
The book should be an ideal text for graduate and undergraduate students in the fields of mining engineering and natural resource economics and policy. It should also be of interest to professionals and investors in mining and commodity markets, and those undertaking continuing education in the mineral sector.
John E. Tilton is a Research Professor in the Division of Economics and Business and a University Professor Emeritus at the Colorado School of Mines, Golden, Colorado, USA. He is also a Professor in the Department of Mining Engineering at the Pontificia Universidad Catolica de Chile as well as a Resources for the Future University Fellow. Juan Ignacio Guzman is Chief Executive Officer of GEM Ltda., an industrial engineering company that advises the mining industry in management and economics, and of BOAMINE SpA, provider of software solutions for the mining industry. He is also Assistant Professor in the Department of Mining Engineering, Pontificia Universidad Catolica de Chile.
1. Introduction Part 1: Mineral Economics: A Conceptual Framework 2. Demand 3. Supply 4. Markets and Prices Part 2: Public Policy 5. Public Policy, Rents, and Taxation 6. Mineral Commodity Trade and Comparative Advantage in Mining 7. Market Power and Competition Policy 8. Mining and Economic Development 9. Depletion and Scarcity 10. The Environment and Sustainable Development