[No abstract available] / Science, Faculty of / Earth, Ocean and Atmospheric Sciences, Department of / Graduate

[No abstract submitted] / Science, Faculty of / Earth, Ocean and Atmospheric Sciences, Department of / Graduate

[No abstract submitted] / Science, Faculty of / Earth, Ocean and Atmospheric Sciences, Department of / Graduate

The intensity of use of a mineral is traditionally defined as the consumption (production plus net imports) of the mineral divided by gross national product. It has been proposed that this ratio of raw material input to gross economic output is a predictable function of per capita income and that the relationship is based on economic theory. Though the theory has never been clearly defined, the intensity of use method has been used to make long term forecasts. This dissertation formulates a theoretical model of the consumption of minerals and the resulting intensity of use which is used to test the validity of the traditional intensity of use measure and its forecasting ability. Previous justifications of the intensity of use hypothesis state that changes in technical efficiency, substitution rates among inputs, and demands are explained by per capita income, which, as it grows, produces a regular intensity of use pattern. The model developed in this research shows that the life of the goods in use, foreign trade of raw and final goods, prices, consumer preferences, technical innovations, as well as the above factors fully explain economic use, which is not simply a function of per capita income. The complete model is used to restate the traditional theory of intensity of use and to examine the sensitivity of traditional measures to changes in the explanatory variables which are commonly omitted. The full model demonstrates the parameters that must be examined when making a long term forecast. Regular intensity of use patterns are observed for many minerals in many nations. Setting aside the theoretical questions, the intensity of use method is often used to make long term projections based on these trends in intensity of use as well as the trends in population and gross national product. This dissertation examines the forecasting ability of the traditional intensity of use method and finds that it is not necessarily an improvement over naive consumption time trend forecasts. Furthermore, it is unstable for very long term projections.

No description available.

No description available.

Thesis (M.Eng.(Mining Engineering))--University of Pretoria, 2009. / Abstract in English. Includes bibliographical references.

M.Com. (Business Management) / All valuations of mineral assets in South Africa are guided by the South African Mineral Resources Committee (SAMREC) and South African Mineral Valuation (SAMVAL) codes. They have also been adopted by the Johannesburg Securities Exchange (JSE) in order to protect shareholders. Different capital budgeting methods are used for mineral assets valuation in South Africa. These are the net present value (NPV), internal rate of return (IRR), payback period, cost, market and real options methods. It is not known which capital budgeting method is most often used for mining property valuations, as South African mining companies and associations are not required to share their capital budgeting processes with the public. In addition, the SAMVAL code does not recommend the use of the real options method and no reasons are provided. The study was aimed at establishing the capital budgeting method most often used for mining property valuations in South Africa, as well as the reasons why the real options method is not recommended by the SAMVAL code. A judgement sample of expert valuators was utilised in the study and interviews were carried out using open ended questions. The research revealed that NPV is the capital budgeting method most often used for mining property valuations followed by the IRR method. Outside South Africa, Bhappu & Guzman (1995) found that these preferences were reversed. Since the IRR method represents a notional rather than an actual return on investment, South African valuators were found to be more rational than their overseas counterparts in the application of these discounted cash flow (DCF) methods. The findings also revealed that the cost, market and payback methods were less preferred to the NPV and IRR methods. The reasons given were all consistent with the theory. The cost method was avoided because it uses historical cost data which is not usually applicable, the market method was limited due to the lack of available information on truly comparable projects and the payback method was shunned for undervaluing mining properties by ignoring cash flows that arrive after the payback period. The respondents also indicated that the real options method is the least used. The method (which includes the value of embedded optionality) was regarded as complex and not widely understood and this was also thought to explain why it is not recommended by the SAMVAL code. This finding indicated that in South Africa the embedded optionality in mining projects may not be taken into account and as a result, opportunities for the exploitation of its mineral assets could be missed.

Africa is rich with plentiful mineral resources, yet it is a continent associated with underdevelopment, low economic growth and unskilled labour. Arguments abound that if developing countries added more value to their commodities locally, rather than exporting them to other countries in a raw and unprocessed format, their key economic indicators, such as employment and economic growth, would be enhanced. This study explored debates by scholars and policymakers, who either support or are against the position that mineral beneficiation is a panacea to Africa’s economic challenges. The study explored arguments by scholars and policymakers as to why African countries fail to pursue mineral beneficiation which has subsequently relegated their economies to the bottom end of economic development. The research explored how International Relations (IR) scholars in the past tried to define development. These debates on development were explored using the theoretical frameworks of modernisation and dependency. The study found that these debates, have highlighted the important role which mineral resources play in international relations. Diplomacy and foreign policy were found to be key aspects in the debates on mineral beneficiation in the continent. The study employed a qualitative research approach to explore arguments by scholars and policymakers on whether the continent should beneficiate its mineral resources. Data was collected, analysed and categorised. The findings of the research were discussed based on the themes which emerged from the literature reviewed. The study focused on whether by beneficiating minerals locally, the continent could realise sustainable economic growth for its citizens. The study explored whether debates by scholars, mining industry and government policymakers could dispel or support the argument that mineral beneficiation is a panacea for sustainable economic growth and skills development in the continent. The study found that debates on whether African governments should beneficiate their abundant mineral resources will continue to evolve and develop. Key words: mineral resources; underdevelopment; economic growth; mineral beneficiation; comparative advantage; skills development; employment creation, diplomacy, resource diplomacy, upstream and downstream linkages. / Mini Dissertation (MA)--University of Pretoria, 2019. / University of Pretoria / Political Sciences / MA / Unrestricted

Thesis is submitted in partial fulfilment of the requirements for the degree of Master of Science in Engineering to the Faculty of Engineering and the Built Environment, School of Mining Engineering, University of the Witwatersrand, Johannesburg, 2018 / Iron ore prices rallied from USD15/DMT during 2004 and experienced a significant drop from USD 140/DMT during the latter part of 2013. The purpose of the work is to identify the key drivers impacting on iron ore demand globally. Understanding the supply and demand balance and impact on price, is key to informed decision making relating to the iron ore business. The research methodology applied largely followed a quantitative methodology. Key drivers of iron ore demand, supply and demand balance and the impact on price were evaluated. The method applied consisted of gathering data from secondary sources and a detailed quantitative analysis on GDP, stage of economic development, steel consumption, supply and demand of iron ore and intensity of use. Approximately 98% of all iron ore is used for steel making and on that basis steel consumption is the primary driver for iron ore demand. Steel is mostly used for construction and manufacturing and is driven by emerging economies of which China is currently the largest contributor. Global GDP growth correlates well with steel consumption and is primarily driven by emerging economies. Urbanisation was and still is a key driver for construction in China, to provide housing and related infrastructure for transportation and services. Scrap steel recycling, currently at 15%, affect the demand for new steel and indirectly iron ore. Iron ore is abundant and can easily meet the demand. The significant growth from 2004/5 to 2013/14 and the unprecedented demand for steel resulted in elevated iron ore prices, introducing high cost iron ore, predominantly from Chinese State owned companies. From late 2013, the iron ore prices reduced significantly. This was mainly due to the steel consumption in China slowing down; delivering of large scale, low cost iron ore projects in Australia and Brazil and a significant reduction in oil prices. The key drivers impacting iron ore demand is: global GDP growth, industrialisation and urbanisation of emerging economies, recycling of steel, supply and demand balance of iron ore, the cost of production and the price of global iron ore. For the medium term outlook, the iron ore market will be structurally over-supplied and, as a result, the demand could be met at significantly lower cost of production levels than that seen during the period leading up to the price collapse in 2013. This is primarily because of the increase in low-cost supply from the major suppliers displacing higher cost producers. China will continue to grow and drive the global demand for steel and iron ore during the medium term albeit at much lower rates when compared to the last decade. The demand for steel will increase until 2020 according to various analyst views. The iron ore prices are expected to trade between USD50/DMT to USD70/DMT from 2016 to 2020 mainly because of the over-supply situation and demand being mostly met by large scale, low-cost producers. The decision around the continuation of high cost, state owned Chinese iron ore producers, new large-scale low cost production and the oil price will impact on the price outlook. / MT2018