PEAK METALS
uranium made the mining of uranium unnecessary. Another important, but less discussed, corollary of
the ‘peak’ theories is that the emerging economies of the world will not be given the opportunity to develop economically and socially using metals and minerals as key inputs. As long as the ‘peak’ theories are only discussed among academics, they will not cause much harm. But if the ‘peak’ theorists manage to gain support from politicians, and political action would be taken based on the unproven theories, serious damage could be done. Today’s emerging economies would perhaps be forced to try to find new, so far unknown routes for their future economic development. If the emerging economies would not be able to use metals and minerals for their quick and efficient economic development, there could be serious political and social implications. The ‘peak’ proponents are basically pessimists who have lost faith in man’s innovative ability.
Magnus Ericsson, Raw Materials Group, Stockholm, and Patrik Söderholm,Luleå University of Technology.
www.rmg.se 17 th Media Partner:
There is no reason to doubt that when the innovative power of millions is released as the peoples of China, India and other emerging economies are able to apply their ambition and creativity to global problems, that new solutions will emerge. We remain optimists. •
Finding Metals
Magnus Ericsson, also a professor of mineral economics at the Lulea University of Technology in northern Sweden, is working on a multi- million euro European Union-funded project, which examines the peak metal production theory. The overall project was commissioned to try to define which metals are critical to economic and social development. Ericsson says politicians and others lacking enough knowledge about mining and resources were trusting the theory. Mining, processing and use of metals deemed in short supply could be banned, hitting industrialising nations hardest. That would create conflicts, and possibly even wars. Metals where mine production is already said to have peaked include mercury and lead. But this is down to health and safety reasons rather than a lack of ore in the ground. In cases like copper (where supplies are tight at present) prices will rise to make producing metal from lower ore grades in deeper mines profitable. Firms will be able to spend more on output and investment and worries will fade.
World Steel Conference
14-16 March 2011, Aldrovandi Villa Borghese, Rome
Why attend this event? The World’s Leading Steel Event for Senior Executives
• Benefi t from expert analysis on the steel market from CRU’S steel team • Make quality contacts at this executive event • Have your questions answered by leading industry strategists • Gain comprehensive insight into the changing infl uences on the steel industry
• Build relationships at a range of social functions
www.worldsteelconference.com
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