The Mineral Equation

It is my pleasure to deliver the first Keynote Address to the first joint conference between The Australasian Institute of Mining and- Metallurgy and The American Institute of Mining, Metallur- gical and Petroleum Engineers. I am particularly pleased to be participating in this first joint meet- ing as I have been a member of one Institute for 41 years and the other for 35 years. An examination of the membership of both Institutes confirms the fact that the mineral in- dustry is an international one. This has long been the case and basically stems from the occurrence of mineral resources in most countries of the world. It is therefore fitting that these two 'Inter- national Institutes', representing the professions involved in the mineral industry, should choose `International Resource Management' as the theme of the first joint conference. The topic of this Keynote Address is `The mineral equation' or the counterbalancing supply and demand items and the factors affecting them. I propose to attempt to present the overall picture of the mineral equation as subsequent papers and sessions will deal with specific items in more detail. My thesis is broad and deceptively simple; it is that the continued existence and growth of world material civilization depends, in large measure, on the continued use and further dis- covery of world mineral resources. Material civili- zation is used as a broad term to include the pro- duction of man's shelter and tools together with the production of the `consumer' goods and ser- vices needed by society. First let us spend a few minutes looking at the development of material civilization.