10947 (v.3) WASM Mineral Market Analysis 601

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Area:	WASM Mineral Economics Teaching Area
Contact Hours:	32.0
Credits:	25.0
Lecture:	8 x 4 Hours
Prerequisite(s):	10939 (v.4) WASM Natural Resources Economics 601
The Nature of Mineral Market Analysis, Microeconomic Principles - Brief Review. Demand and Consumption - Demand Determinants, Intensity of Use - Concepts and Trends, Material Substitution, Demand Elasticities. Costs, Supply and Production - Primary Supply - Stages, Sources and Determinants, Secondary Supply and Recycling, Supply Elasticities, Comparative Cost Analysis, Long Run Cost Trends. Market Structure, Prices, Economic Rents and Competitiveness - The Industrial Organisation Paradigm, Mineral Markets - Types and Evolution, Prices - Past and Future, Volatility Hedging, Cartels and Commodity Agreements, Economic Rents. Future Trends and Prospects - an examination of selected mineral commodities.