State of the World's Nonfuel Mineral Resources: Supply, Demand, and Socio-Institutional Fundamentals

Abstract

Current material supply-demand imbalances are driven by situational rather than physical scarcities, resulting in a growing interest among government, civil society, and industry groups to consider not only the availability of mineral resources, but also the sustainability implications of their production. This, in turn, places increasing pressure on mining companies to broaden their concerns when planning new mining projects, covering its “social license to operate” by incorporating strategies for limiting negative socioenvironmental impacts alongside calculations of the project's economic viability as well as balancing a large number of potential stakeholders. Accordingly, understanding also the sociopolitical context of mineral development is crucial for the creation of sustainable practices within the mining industry. By applying a sustainable development framework, this article outlines the complex web of challenges associated with sustainable mineral extraction, ranging from technological and economic development to political and institutional concerns on how to govern and manage scarce resources in a globalized world.