This thesis explores the application of Markowitz' Modern Portfolio Theory onto 220 years of financial returns for 13 metals and 21 poly-metallic ore types. The interdisciplinary research shows that poly-metallic ores can be described as naturally occurring portfolios that were diversified by natural geological processes. Safest and optimal portfolios for metals and ores can be computed for different time horizons using portfolio optimization algorithms. Results for optimized ore portfolios are thereby subject to geological constraints. The study revealed that commodity cycles last between six and twenty years and exhibit clockwise and counterclockwise motions in the risk-return framework. The cycle length differences for clockwise cycles are statistically significant and thus specific to all investigated metals and ores. By incorporating novel cycle parameters into decision making tools it is suggested that current industry decisions for resource development can be improved. Insights into the performance of metals and ores through the industrial cycles, as well as into the frequency of profitable super cycles can assist Metals & Mining executives in strategic planning and investment.:Introduction 1 Data 3 Metals & ore types studied 5 2.1 Metals.......................................... 5 2.2 Ore types ........................................ 5 2.3 Prices .......................................... 10 2.4 Summary ........................................ 12 II Analysis 13 3 Modern Portfolio Theory 15 3.1 Overview ........................................ 15 3.2 Definitions........................................ 15 3.3 Assumptions ...................................... 17 3.4 Discussion & Conclusion................................ 18 4 Poly-metallic ores as natural portfolios 19 4.1 Objectives........................................ 19 4.2 Results.......................................... 19 4.3 Summary & Discussion................................. 24 4.4 Conclusion ....................................... 25 5 Static portfolio optimization 27 5.1 Objectives........................................ 27 5.2 Assumptions ...................................... 27 5.3 Results.......................................... 27 5.4 Summary & Discussion................................. 31 5.5 Conclusion ....................................... 32 6 Dynamic portfolio optimization 33 6.1 Assumptions ...................................... 33 6.2 Results.......................................... 34 6.3 Summary & Discussion................................. 44 6.4 Conclusion ....................................... 45 7 Commodity cycles & metal assets 47 7.1 Commodity cycles ................................... 47 7.2 Commodity cycle observations ............................ 54 7.3 Summary ........................................ 76 7.4 Discussion........................................ 77 7.5 Conclusion ....................................... 78 III Application 81 8 Commodity cycles & resource development strategies 83 8.1 The timing of mine development and mining start-up................ 83 8.2 Lead times from discovery to operation........................ 88 8.3 Exploration....................................... 89 8.4 Project valuation considerations............................ 91 8.5 Summary & Discussion................................. 92 8.6 Conclusion ....................................... 93 9 Industrial cycles & modern history 95 9.1 The Metal Markets Indicator-MMI ......................... 95 9.2 The Metal Markets Indicator & the economy .................... 97 9.3 The MMI & military conflict ............................. 105 9.4 MMI cyclicality..................................... 115 9.5 Summary & Discussion................................. 122 9.6 Conclusion ....................................... 123 10 Industrial cycles & metal performance 125 10.1 Methodology ...................................... 125 10.2 Metal performance during technological epochs ................ 126 10.3 Discussion........................................ 133 10.4 Conclusion ....................................... 137 11 Industrial cycles & ore type preferences 139 11.1 Coal Age ........................................ 139 11.2 Oil Age ......................................... 142 11.3 Atomic Age....................................... 144 11.4 Discussion........................................ 146 11.5 Conclusion ....................................... 150 12 Industrial cycles & ore provinces 151 12.1 Ore genetic models and industrial cycles....................... 151 12.2 Ore geology and geography .............................. 154 12.3 Ore provenances and mining technology ....................... 156 12.4 Discussion........................................ 157 12.5 Conclusion ....................................... 157 13 The state and future of the M&M Industry 159 13.1 The current state.................................... 159 13.2 The dawn of a new Industrial Age .......................... 163 13.3 The future........................................ 164 13.4 Summary & Discussion................................. 167 13.5 Conclusion ....................................... 168 14 Summary 169 15 Conclusion 171 IV Appendix 173 Bibliography 233 Index 245

The Simpson Mountains have long been of economic interest and have renewed interest in their potential value. Field mapping of the project area redefined structural relationships between stratigraphic units. Geometric and kinematic analysis of structures in the Simpson Mountains show the range is deformed by the three most recent tectonic events: the Sevier Orogeny, the Laramide Orogeny, and Basin and Range Extension. Laramide structures define the range with a significant E-W normal fault and an E-W thrust fault, which are both likely related to Eocene-age igneous intrusions. Principal component analysis (PCA) of regional quartzite X-ray Fluorescence (XRF) data resulted in distinctive populations between the Eureka Quartzite and the Mutual and Prospect Mountain Quartzites. The PCA was paired with petrographic analysis of regional quartzites where samples were diagnostically classified to help validate the PCA results. XRF analysis of volcanic rocks show volcanic arc origin. 40Ar/39Ar dating of the volcanic rocks associated with the intrusions yield new ages of 34.09±0.10 to 37.05±0.06 Ma and 19.11±0.02 to 19.18±0.03. Lithostratigraphy of the map area was validated by identification of fossil samples. The Eocene intrusions are likely sources of mineralization in the range along older Sevier structures.

В диссертации дана краткая историческая справка о происхождении настольных игр, их видах, существующих на сегодняшний день игровых механиках, представлены данные опроса среди продавцов настольных игр. Проанализированы особенности наиболее популярных настольных игр и создана новая уникальная настольная игра, которая является дополнением книги А. С. Ярцова «Российская горная история». / The dissertation provides a brief historical background on the origin of Board games, their types, existing game mechanics, and provides survey data among sellers of Board games. The features of the most popular Board games are analyzed and a new unique Board game is created, which is an addition to the book by A. S. Yartsov "Russian mountain history".