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Volker Steinbach, Federal Institute for Geosciences and Natural Resources (Germany)
Peter Buchholz, Federal Institute for Geosciences and Natural Resources (Germany)
Juergen Vasters, Federal Institute for Geosciences and Natural Resources (Germany)
Markus Wagner, Federal Institute for Geosciences and Natural Resources (Germany)
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Although the upward trend in prices for mineral resources appears to flatten and the prices of nickel, zinc and lead are gently dropping as compared to 2007, the seller market for mineral raw materials with high price levels still prevails. It shows that the technical availability of metal production is continuously lagging behind the demand. Consequently, we expect prices to be highly volatile also in 2008.
Meanwhile, the mineral industry has realized that the present bull market is not a flash in the pan, but turns out to last for a longer period of time. The fifth year in succession, China's hunger for mineral raw materials fuels demand. In response, the mining sector is boosting the mine production and reinforcing exploration activities worldwide. The focus of exploration is centred to the regions of North and South America as well as Africa.
Hunting for mineral raw materials becomes a major issue for manufacturing companies to secure their supply. Concomitantly, the mining sector faces a new wave of mergers and acquisitions which stokes fears for increased control in supply and price gouging.
The run on mineral raw materials repeatedly poses questions on the global impacts of mining to the environment and societies. New codes of conduct and good governance standards are being developed by mining companies, governments and international organisations. In order to improve the transparency in the minerals industry, new transparency initiatives are also being developed by the international community which promote and verify economic, financial, social and environmental standards of mining, trade and manufacturing. An example is the certification programme for mining and trade of selected non-ferrous mineral raw materials in the artisanal and small scale mining sectors, which is being developed at present by the Federal Institute for Geosciences and Natural Resources (BGR) based upon a G8-initiative.
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