Industrial Minerals - Industrial Mineral Economics and the Raw Materials Survey

T is unfortunate that the word "economics" has -¦¦ come to mean, in the minds of many people, a sort of half-baked mixture of New Deal philosophy and bookkeeping. It may mean anything from mine cost keeping to the theory of gold as a monetary standard. As applied to the industrial mineral industries as a whole it means to us an integrated study of all of the technical, geographical, market, financial, and other factors which determine whether or not a given enterprise has a sound chance of making a business success. Of course it is impossible to generalize too freely in this large group of industries which go to make up the nonmetallic minerals. This group includes such dissimilar products as crushed stone and ca- pacitor mica, phosphate rock and spinning fiber asbestos, roofing granules and potash salts, borate minerals and monumental granite. Yet in many respects their economic problems are similar and, at the same time, far different from those of the metals and of petroleum and coal. These basic differences are almost never recognized by people outside the industries and are rarely appreciated even by metal mining engineers. But in many instances these economic factors are fully as important as, if not more important than, technologic problems. It has been a long fight to get an intelligent and wide-spread appreciation of sound technology in the nonmetallic mineral industries. The importance of the economic side of the problem has yet to be widely understood and appreciated. The problem was outlined in considerable detail by one of the authors some 18 years ago in a long series of articles* and he has since prepared numerous talks