Resource Security Flashcards
What is a resource?
Something that has value and is made use of by people
What are the two types of resource (not stock or flow)?
Human and physical resources
What is resource security?
The abilllity to safeguard a reliable and sustainable flow of resources to maintain the living standards of a population - is dealt with on a national level.
What are the three types of resources?
Stock
Flow
Critical flow
What is a stock resource?
A resource which is finite and non renewable, including things such as metal ores and mineral deposits
What is a flow resource?
Renewable resources that are infinite, e.g. solar energy and wind power
What is a critical flow resource?
Flow resources that can be exhausted if not managed effectively
What is a possible resource?
When there are in situ indicators that a resource reserve may be present in an area, but no sampling has been carried out. At this stage there is insignificant data to justify an exploration phase and the degree of mineral sampling confidence is insignificant.
What is an inferred resource?
When it is estimated that there is a resource in the area on the basis of limited sampling into the geology. Limited information is gathered and little sampling is done
There is insufficient data to justify the expenditure on planning the exploration phase
What is an indicated reserve?
There is greater confidence of a resource being present in an area. Mine / quarry / boring is considered, and the size of the revenue has been partially measured to create an estimate for its complete size. There is evaluation of the economic viability of deposits.
At this stage the geological and grade consistency tests to be reasonably assumed
Chance of 50% or greater that mineralisation occurs
What is a measured reserve?
The reserve has been fully measured and is known accurately, plans for mining have been detailed, and resource extraction will go ahead - assuming it is economically viable
Sufficient sample tests allow geological and grade consistency to be confirmed
Chance of 90% or greater that mineralization occurs
What are the 4 types of resources in order of confidence (low to high)?
Possible resource
Indicated resource
Inferred reserve
Measured reserve
What are potential stocks?
Stocks/reserves that have been evidenced but not fully quantified or explored
What are known stocks?
Stocks that are quantified and accesible
What are estimated stocks?
When quantification is difficult and the size of the reserve must be estimated
What are depleting reserves?
When the rate of exploitation is quicker than the speed of recovery
What are exhausted stocks?
When economically recoverable (viable) stocks have been fully depleted
What are the factors that decide whether a reserve is economically viable?
- Market price
- Size of stock
- Grade
- Remoteness/accessibility
- Political situation
What are the 8 stages of the mineral resources devlopment cycle and how long is each stage?
- Available land resources
- Exploration (8-10 years)
Environmental assesment and approval + ongoing stakeholder consultations - Construction (1-3 years)
- Operation (10-30 years)
- Closure (1-2 years)
- Monitoring (5-infinity years)
- Reclamation (1-4 years)
What is an environmental impact assesment (EIA)?
An EIA is a process where the impacts on the environment of a proposed project are gauged. Here, any unacceptable measures can be mitigated and reduced by taking relevant measures
What is an EIS?
An environmental impact survey comes following an EIA states what has been found and what needs to be done - it ensures decision makers consider the environment during projects and whether to go ahead with the project or not
What has increasingly complex and vague international environmental laws meant?
Construction projects are taking much longer and more expensive, with specialist contractors like the TNC Schlumburger that can be hired to prepare EIS’s and ensure their approval by the relevant authorities
What is the resource peak?
The global maximum production of a resource
What is hubberts peak?
A graph that implies that maximum oil production or global oil reseres will occur toward the middle of the reserves life cycle