Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.
-
Upload
andrea-ball -
Category
Documents
-
view
221 -
download
0
Transcript of Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.
![Page 1: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/1.jpg)
1
ECONOMICS OF MINING
MINNESOTA MINERALS EDUCATION WORKSHOP
Hibbing Community College, Hibbing MinnesotaJune 18, 2013
presented by Henry (Rick) Sandri, Ph.D., Mineral Economics
![Page 2: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/2.jpg)
2
Rick Sandri – Background
Education• BS – Foreign Service, Georgetown University• MS – Applied Economics, American University• PhD – Mineral Economics, Colorado School of Mines
Work Experience• The World Bank – Economic Analyst• American Iron & Steel Institute - Economist• Booz Allen & Hamilton – Economic Consultant• Behre Dolbear & Company – Economic Consultant• K & M Engineering & Consulting – Financial Consultant• Burlington Northern Inc. – Economist / Planner• Inco Limited – Planner – Business Development• Select Resources – President• Duluth Metals Ltd. – President & CEO• Vermillion Gold - President
![Page 3: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/3.jpg)
3
Some General Definitions:
• Economics – Economics is the social science that analyzes the production, distribution, and consumption of goods and services as needed for mankind/ the efficient allocation of scarce resources.
• Mineral Economics – Mineral Economics is the study of the business and economic aspects of natural resource extraction and use.
• Natural Resources – Resources that occur naturally within environments that exist relatively undisturbed by mankind.
• Renewable Natural Resources – Resources that can be replenished naturally, or with limited assistance, i.e. sunlight, air, wind, agricultural crops, timber, animals, etc.
• Non-Renewable Natural Resources – Resources that form extremely slowly and those that do not naturally form in the environment; i.e. minerals , metals, energy sources, etc.
• Ore – Any naturally occurring material that can be extracted at a profit, including all costs associated with environmental reclamation & restoration.
![Page 4: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/4.jpg)
4
Non-Renewable Mined Metals & Minerals
• Precious Metals – Gold, Silver, Platinum, Palladium
• Base Metals – Copper, Zinc, Lead, Tin, Nickel
• Ferrous Metals – Iron, Columbium, Molybdenum, Chromium
• Light Metals – Titanium, Aluminum, Silicon
• Industrial Minerals – Talc, Salt, Gypsum, Pumice, Quartz
• Fertilizer Minerals – Potash, Phosphate, Sulfur, Vermiculite,
• Gem Stones – Diamond, Ruby, Garnet, Sapphire
• Construction Materials – Limestone, Granite, Marble, Sandstone
• Energy Minerals & Materials – Coal, Peat, Oil Shale
• Radioactive Minerals & Materials – Uranium, Thorium, Radium
![Page 5: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/5.jpg)
5
Economics – The Study Of Choice
As an individual, for example, you face the problem of having limited resources with which to live, as a result, you must make certain choices with your time and money.
You'll probably spend part of your money on rent/ mortgage, energy, food and clothing. Then you might use some of the rest to purchase entertainment or a vacation. Some may go to education or savings.
Economists are interested in the choices you make, and inquire into why, for instance, you might choose to spend your money on a new DVD player instead of replacing your old TV.
They would want to know whether you would still buy a carton of cigarettes if prices increased by $2 per pack, $8 per pack, $20 per pack.
The underlying essence of economics is trying to understand how both individuals and nations behave in response to certain material constraints.
![Page 6: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/6.jpg)
6
Economics, including Mineral Economics,
is made up of two basic fields of study:
Micro Economics & Macro Economics
Micro Economics – The study of the economic behavior of individual units of an economy (such as a person, household, firm, or industry) and not of the aggregate economy.
Macro Economics – Study of the behavior of the whole (aggregate) economies or economic systems instead of the behavior of individuals, individual firms, or markets
Natural Resource Economics (including Mineral Economics) – The study of economics as it applies to the natural resource industry and environment, including Micro and Macro Economics.
![Page 7: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/7.jpg)
7
The Essence of Economics Supply, Demand & Price
Supply - A fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Aggregate supply is the supply from all suppliers.
Demand - An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. Aggregate demand is the demand from all consumers.
Price - A value that will purchase a finite quantity, weight, or other measure of a good or service.
Price Equilibrium - The equilibrium price is the price where the goods and services supplied by the producer equals the goods and services demanded by the customers.
![Page 8: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/8.jpg)
8
The Law of Demand
The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good.
![Page 9: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/9.jpg)
9
Demand & PriceExample: Coffee Demand per Month
![Page 10: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/10.jpg)
10
The Law of Supply
The law of supply states that the higher the price of the good, the higher the quantity supplied to the market.
![Page 11: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/11.jpg)
11
1 2 3 4 5 6 7 8 9 100.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Supply Example: Cumulative supply of copper from 10 individual mines
Supply Curve
$ per Pound
![Page 12: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/12.jpg)
12
Supply, Demand & Price Equilibrium
When supply & demand are equal the economy is said to be at equilibrium. At this point, the allocation of goods is most efficient because the amount of goods being supplied is exactly the amount of goods being demanded.
![Page 13: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/13.jpg)
13
Surpluses & Shortages
Surpluses occur when supply exceeds demand (no longer in equilibrium) and shortages occur when demand exceeds supply (no longer in equilibrium). Over time the market will adjust to equilibrium.
![Page 14: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/14.jpg)
14
Demand Curve Adjustment
A movement along the demand curve will occur when the price of the good changes and the quantity demanded changes in accordance to the original demand relationship. In other words, a movement occurs when a change in the quantity demanded is caused only by a change in price, and vice versa.
![Page 15: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/15.jpg)
15
Supply Curve Adjustment
A movement along the supply curve will occur when the price of the good changes and the quantity supplied changes in accordance to the original supply relationship. In other words, a movement occurs when a change in the quantity supplied is caused only by a change in price, and vice versa.
![Page 16: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/16.jpg)
16
A Change in Supply, Demand & Price
A new equilibrium will be established with a change in supply and demand. This may or may not result in a new equilibrium price.
![Page 17: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/17.jpg)
17
The Economics of Mining
This is the traditional view of the competition between Environmental Concerns, Social Needs, and Economic Desires, resulting in a Sustainable Target Area.
![Page 18: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/18.jpg)
18
The Economics of Mining
However, this is the newer view of the “nested” competition between Environmental Concerns, Social Needs, and Economic Desires, resulting in much larger Sustainable Target Area.
This is one of the major challenges in Natural Resource Economics.
![Page 19: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/19.jpg)
19
The Economics of Mining
Copper – As An Example
• Crustal abundance – 68 parts per million (0.0068%)
• First metal mined by humans – 8000 years ago • Used in the early development of civilizations
– the Copper Age (3500 – 2300 BC) – tools & weapons
– the Bronze Age (3300 – 1100 BC) – tools & weapons
• Malleable metal used in pipe, wire, sheet and strip
• Highly prized for its conductivity of electricity
• Used as a monetary instrument • Biofouling & germicide element, prevents growth of
biologicals
![Page 20: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/20.jpg)
20
The Economics of Mining – Copper
2012 Copper Uses (Demand)
33% - Construction
33% - Electronics
13% - Machinery
13% - Transport
8% - Consumer Goods
2012 World Copper Demand – 20,000,000 metric tonnes (44 billion pounds) of copper.
![Page 21: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/21.jpg)
21
Where is Copper Found?
Numerous countries, but most occurrences are small and uneconomic. Most active copper mines are clustered in geologic formations, such as the Chile-Peru-Ecuador-Colombia Porphyry Copper Belt.
![Page 22: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/22.jpg)
22
The Economics of Mining – Copper
2012 Copper Supplies (Sources)
2012 World Copper Supply – 17,000,000 metric tonnes (34.5 billion pounds) of copper from new mines and 3,000,000 metric tonnes (6.6 billion pounds ) from recycling.
27% - Chile8% - China6% - Peru6% - US5% - Australia4% - Russia3% - Zambia3% - Congo3% - Canada3% - Mexico19% - Other Coun-tries
![Page 23: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/23.jpg)
23
2% Copper – Medium –High Grade Mineralization
2 out of 100 parts (2%) are copper, the other 98 parts (98%) are waste.
This is considered medium to high grade for copper .
Mineral Occurrence in the Earth’s Crust verses Mineable Grades
Aluminum 8.2% 49%
Iron 6.3% 25%
Titanium 0.6% 2%
Nickel 0.009% 1%
Copper 0.007% 0.3%
Lead 0.001% 0.1%
Platinum 0.00006% 0.001%
Gold 0.00003% 0.0008%
![Page 24: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/24.jpg)
24
Orebodies Are Not Perfect You Typically Cannot Mine 100%
The extraction of ore usually results in the extraction of significant waste rock as well. This waste must be handled, and in some cases treated.
![Page 25: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/25.jpg)
25
3:1 Waste to Ore Ratio
3 tonnes to the waste pile, 1 tonne to the plant for processing. This can alter the economics significantly. Higher grade is always preferred.
![Page 26: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/26.jpg)
26
Example Of A Open Pit Copper ModelWhim Creek, Australia
![Page 27: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/27.jpg)
27
Underground MiningA Possibility If The Grade Is High Enough
Sulphur Springs Deposit in Montana – a new discovery @ +2.5% Cu.
![Page 28: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/28.jpg)
28
Discovering & Opening A Copper Mine• Acquire Interesting Ground
• Discover Mineralization
• Explore with Sampling & Drilling
• Confirm Size and Grade
• Confirm Geologic Resource
• Test & Confirm Metallurgy
• Conceptualize Mine & Mill
• Preliminary Economic Assessment
• Detailed Mine & Mill Plan • Initiate Environmental Testing
• Social & Impact Analysis
• Prepare Pre-Feasibility Study
• Labor & Staffing Studies
• Prepare Feasibility Study
• Environmental Impact Statement
• Permit Application & Receipt
• Finance Project Development
• Design and Engineer Mine & Mill
• Build Facilities
• Open Mine & MillOn a 100 million metric tonne mine – 10 to 20 years and $500 million to $1 billion expended before the first pound of copper is produced.
![Page 29: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/29.jpg)
29
Copper Mine Project – Operations ExampleYear -2 -1 1 2 3 4 5
Production - Ore mt/y 0 0 500,000 1,000,000 1,000,000 1,000,000 1,000,000 Production - Waste mt/y 0 1,200,000 800,000 1,000,000 1,500,000 2,500,000 4,000,000 Production Salable Copper mt/y 0 0 10,000 20,000 20,000 20,000 20,000
Mining - Ore $/mt $5.00 $0 $0 $2,500,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000Mining - Waste $/mt $4.00 $0 $4,800,000 $3,200,000 $4,000,000 $6,000,000 $10,000,000 $16,000,000Crush & Grind $/mt $10.00 $0 $0 $5,000,000 $10,000,000 $10,000,000 $10,000,000 $10,000,000Copper Concentration $/mt $6.00 $0 $0 $3,000,000 $6,000,000 $6,000,000 $6,000,000 $6,000,000Copper Production $/mt $4.00 $0 $0 $2,000,000 $4,000,000 $4,000,000 $4,000,000 $4,000,000Sales $/mt $1.00 $0 $0 $10,000 $20,000 $20,000 $20,000 $20,000General & Admin $/mt $2.00 $0 $0 $1,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000Total Costs $0 $4,800,000 $16,710,000 $31,020,000 $33,020,000 $37,020,000 $43,020,000
Copper Sales Price $/mt $6,500 $0 $0 $65,000,000 $130,000,000 $130,000,000 $130,000,000 $130,000,000Gross Sales $0 $0 $48,290,000 $98,980,000 $96,980,000 $92,980,000 $86,980,000Royalty 3% $0 $0 $1,448,700 $2,969,400 $2,909,400 $2,789,400 $2,609,400Taxes 30% $0 $0 $14,487,000 $29,694,000 $29,094,000 $27,894,000 $26,094,000Net Profit $0 $0 $32,354,300 $66,316,600 $64,976,600 $62,296,600 $58,276,600
Construction Costs -$10,000,000 -$15,000,000 -$2,500,000Replacement Capital -$250,000 -$2,500,000 -$2,500,000 -$2,500,000 -$2,500,000Mine Closure Costs -$5,000,000
Project Cash Flow -$10,000,000 -$19,800,000 $12,894,300 $32,796,600 $29,456,600 $22,776,600 $7,756,600Net Present Value @ 10% $41,761,042Net Present Value @ 0% $75,880,700Internal Rate of Return 54%
![Page 30: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/30.jpg)
30
The Chocolate Chip Cookie Mine
The following handout is a working example of project that you can bring back to your classrooms using chocolate chip cookies as mines.
The project involves the students to ‘acquire’ land assets (cookies), equipment (toothpicks & paperclips), and mine for ore (chocolate chips), while filling out an economic / financial sheet, similar to the one on slide 25. The handout has instruction for carrying out the exercise.
The example allows the students to conceptualize some of the complexity of mining and finance, while having fun extracting chocolate chips.
![Page 31: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/31.jpg)
31
Economic Of Mining
Question or Comments?
Thank You
This Session is followed by the
Mineral Economics Lightning Round
![Page 32: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/32.jpg)
32
Mineral Economics
Lightning Round
Fun!Excitement
!Prizes!
![Page 33: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/33.jpg)
33
Mineral Economics
Lightning Round1 A
Titanium -
Principally used in:
Aircraft
Paints / Plastics
Sporting Goods
![Page 34: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/34.jpg)
34
Mineral Economics
Lightning Round1 B
Titanium -
Principally used in:
Aircraft
Paints / Plastics
Sporting Goods
![Page 35: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/35.jpg)
35
Mineral Economics
Lightning Round2 A
Where is the world’s largest un-mined copper nickel deposit?
United States
Russia
China
![Page 36: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/36.jpg)
36
Mineral Economics
Lightning Round2 B
Where is the world’s largest un-mined copper nickel deposit?
United States - Minnesota
Russia
China
![Page 37: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/37.jpg)
37
Mineral Economics
Lightning Round3 A
Gold -
Largest Producer
South Africa
United States
China
![Page 38: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/38.jpg)
38
Mineral Economics
Lightning Round3 B
Gold -
Largest Producer
South Africa
United States
China
![Page 39: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/39.jpg)
39
Mineral Economics
Lightning Round4 A
Oil – What is its
Classification?
Animal
Mineral
Vegetable
![Page 40: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/40.jpg)
40
Mineral Economics
Lightning Round4 B
Oil -
Classification
Animal
Mineral
Vegetable
![Page 41: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/41.jpg)
41
Mineral Economics
Lightning Round5 A
What is a Picul?
Tin Weight
Steel Acid Bath
Copper Trading Derivative
![Page 42: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/42.jpg)
42
Mineral Economics
Lightning Round5 B
What is a Picul?
Tin Weight
Steel Acid Bath
Copper Trading Derivative
![Page 43: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/43.jpg)
43
Mineral Economics
Lightning Round6 A
What Two Metals Have Distinct Colors?
Aluminum & Nickel
Iron & Platinum
Gold & Copper
![Page 44: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/44.jpg)
44
Mineral Economics
Lightning Round6 B
What Two Metals Have Distinct Colors?
Aluminum & Nickel
Iron & Platinum
Gold & Copper
![Page 45: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/45.jpg)
45
Mineral Economics
Lightning Round7 A
What New Mineral/Metal Discoveries Are Significant For Minnesota?
Platinum, Titanium
Nickel, Cobalt
Copper, Gold
![Page 46: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/46.jpg)
46
Mineral Economics
Lightning Round7 B
What New Mineral/Metal Discoveries Are Significant For Minnesota?
Platinum, Titanium
Nickel, Cobalt
Copper, Gold
![Page 47: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/47.jpg)
47
Mineral Economics
Lightning Round8 A
Elemental Concentration in the Crust – Highest Metal Concentration
Boron
Iron
Silicon
![Page 48: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/48.jpg)
48
Mineral Economics
Lightning Round8 B
Elemental Concentration in the Crust – Highest Metal
Boron
Iron
Silicon
![Page 49: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/49.jpg)
49
Mineral Economics
Lightning Round9 A
Which metal/mineral is the largest produced in Minnesota?
Iron Ore
Building Stone
Sand & Gravel
![Page 50: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/50.jpg)
50
Mineral Economics
Lightning Round9 B
Which metal/mineral is the largest produced in Minnesota?
Iron Ore
Building Stone
Sand & Gravel
![Page 51: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/51.jpg)
51
Mineral Economics
Lightning Round10 A
What is the best metal for conducting electricity?
Bismuth
Copper
Silver
![Page 52: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/52.jpg)
52
Mineral Economics
Lightning Round10 B
What is the best metal for conducting electricity?
Bismuth
Copper
Silver
![Page 53: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/53.jpg)
53
Mineral Economics
Lightning Round11 A
Cobalt is named for what?
Blue Color
Discovery in Kobal, Germany
Gremlin Metal
![Page 54: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/54.jpg)
54
Mineral Economics
Lightning Round11 B
Cobalt is named for what?
Blue Color
Discovery in Kobal, Germany
Gremlin Metal
![Page 55: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/55.jpg)
55
Mineral Economics
Lightning Round12 A
What is the principle use of Garnets?
Grinding Media
Gem Stone
Counter Tops
![Page 56: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/56.jpg)
56
Mineral Economics
Lightning Round12 B
What is the principle use of Garnets?
Grinding Media
Gem Stone
Counter Tops
![Page 57: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/57.jpg)
57
Mineral Economics
Lightning Round13 A
Which metal/mineral liquid in its natural state?
Mercury
Nacholite
Molybdenum
![Page 58: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/58.jpg)
58
Mineral Economics
Lightning Round13 B
Which metal/mineral liquid in its natural state?
Mercury
Nacholite
Molybdenum
![Page 59: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/59.jpg)
59
Mineral Economics
Lightning Round14 A
What is man’s oldest mined metal?
Gold
Copper
Iron
![Page 60: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/60.jpg)
60
Mineral Economics
Lightning Round14 B
What is man’s oldest mined metal?
Gold
Copper
Iron
![Page 61: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/61.jpg)
61
Mineral Economics
Lightning Round15 A
What has the highest melting point?
Tungsten
Nickel
Chromium
![Page 62: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/62.jpg)
62
Mineral Economics
Lightning Round15 B
What has the highest melting point?
Tungsten
Nickel
Chromium
![Page 63: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/63.jpg)
63
Mineral Economics
Lightning Round16 A
What percent of world’s diamonds are used for gems?
5%
35%
20%
![Page 64: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/64.jpg)
64
Mineral Economics
Lightning Round16 B
What percent of world’s diamonds are used for gems?
5%
35%
20%
![Page 65: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/65.jpg)
65
Mineral Economics
Lightning Round17 A
What is (probably) the most important industrial mineral/metal?
Sulfur
Limestone
Iron Ore/Iron
![Page 66: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/66.jpg)
66
Mineral Economics
Lightning Round17 B
What is (probably) the most important industrial mineral/metal?
Sulphur
Limestone
Iron Ore/Iron
![Page 67: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/67.jpg)
67
Mineral Economics
Lightning Round18 A
What minerals/metals is Minnesota known for?
Granite, Iron Ore, Aggregate
Iron Ore, Copper, Gold
Frac Sands, Iron Ore, Peat
![Page 68: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/68.jpg)
68
Mineral Economics
Lightning Round18 B
What minerals/metals is Minnesota known for?
Granite, Iron Ore, Aggregate
Iron Ore, Copper, Gold
Frac Sands, Iron Ore, Peat
![Page 69: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/69.jpg)
69
Mineral Economics
Lightning Round19 A
Early prospectors in Minnesota explored for Gold, but what did they find?
Copper
Silver
Iron Ore
![Page 70: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/70.jpg)
70
Mineral Economics
Lightning Round19 B
Early prospectors in Minnesota explored for Gold, but what did they find?
Copper
Silver
Iron Ore
![Page 71: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/71.jpg)
71
Mineral Economics
Lightning Round20 A
What is (probably) the most dangerous chemical?
Sulfur Dioxide
Di-hydrogen Monoxide
Carbon Monoxide
![Page 72: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/72.jpg)
72
Mineral Economics
Lightning Round20 B
What is (probably) the most dangerous chemical?
Sulphur Dioxide
Di-hydrogen Monoxide
Carbon Monoxide
![Page 73: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/73.jpg)
73
Mineral Economics
Lightning Round
And The Winner Of
The Lightning Round Is?
![Page 74: Presented by Henry (Rick) Sandri, Ph.D., Mineral Economics 1.](https://reader038.fdocuments.us/reader038/viewer/2022102818/56649dc85503460f94abd2ac/html5/thumbnails/74.jpg)
74
Mineral Economics
Lightning Round
All Of You!
Thank you Again