SLEEPWALKING THROUGH THE TWENTY-FIRST CENTURY MINING BOOM

During the last decade (2000-2010) global mining companies (other than wholly owned government entities) accumulated profits of about $200 billion, among the highest of any business group. These profits were driven in part by an unprecedented increase during the decade in the price of most mineral commodities as estimated by the U.S. Geological Survey, including rare earth elements (700%), gold (330%), tungsten (320%), copper (290%), silver (254%), indium (200%), molybdenum (180%), nickel (150%), potash (100%), phosphate (100%), steel (85%), cobalt (40%) and lithium (10%) compared to 27% for the Consumer Price Index. These price increases reflected continuing demand from major mineral consumers in North America, Europe and Japan, and greatly increased demand from Brazil, China, India and other expanding economies. Mineral exploration, stimulated by the increased demand, began the decade with annual expenditures of $2 billion and ended with almost $11 billion, for a total of about $68 billion for the decade. By 2010, almost 2100 companies were exploring in 125 countries, with greatest activity (in decreasing order of expenditures) in Canada, Australia, United States, Mexico, Peru, Chile, Russia, China, Brazil and Argentina. Much larger amounts were spent to develop the many discoveries made by this exploration activity. After sleep walking through most of this tumultuous decade, academic institutions have begun to recognize that it has greatly expanded opportunities for geologists who will find and produce these mineral commodities as well as those who carry out research into the migration and concentration of elements in the upper lithosphere. Less recognized but of equal importance is the new generation of mine-finding graduates already produced by this activity and the support and guidance that they can provide to academic and professional programs in geology.