SEG - Society of Economic Geologists

8 SEG NEWSLETTER No 90 • JULY 2012
FOUNDATION PRESIDENTIAL PERSPECTIVE
Turbulent Times
World metals and equity markets have
become a rollercoaster, whipsawing
from one extreme to another in a matter
of days…or hours…with constant
fear that the car will come off the rails
completely…or that the rails will simply
disappear. To be sure, a sinister
metaphor with which to start a column,
but one that reflects the shortterm
perspective held by many. We
have to live, work, educate, and raise
exploration and research funds in this
uncertain environment, but we do have
the advantage as geologists of being
able to bring a longer term geological
focus to bear and recognize that not
only will this pass, but that much
opportunity can spring from such turbulence
if we can survive it. With luck,
the current downturn will end soon
and be followed by another major upleg
in the markets.
Before going further along this
thread, I would like to again recognize
the success of last year’s fundraising
efforts, led by Don Birak and Pat
Highsmith, who secured several longterm
commitments from major donors:
a textbook example of making hay while
the sun shines. These funds will serve us
well in getting through the current
spate of penny pinching, especially on
the part of Junior companies, many
that have found the well is currently
dry despite continued high metal
prices. We hope that the majors, still
benefitting from near-record high metals
prices, continue to be generous in
investing in their future.
What is most important is that we
keep our long-term perspective on our
educational goals and programs and the
need to keep bringing along the next
generation of economic geologists. The
current turbulence may result in some
retrenchments, and of course these are
likely to hit the least experienced professionals
first. To keep from losing
many of our recent recruits, we have to
be consistent in our message that this
does not shatter their long-term job
prospects but actually enhances them.
The reality remains that our profession
has a bimodal age distribution and that
there is a huge gap between the experienced
senior members of the profession
and the new entrants…and that SEG is
committed to bridging that gap as best
we can with a concerted knowledgetransfer
effort. On one side of this equation,
the companies that support us
need reinforcement of the message that
the new generation represents their
long-term survival and they need to
continue to focus short-term on both
keeping them in the profession and
preparing them for the future.
Fortunately, but not surprisingly, our
first efforts in this regard, especially the
recently launched exploration-focused
field and short courses, have been a signal
success and serve as an excellent
demonstration of our ability to deliver
on the promises SEG has made to our
supporters. These
should prove a
solid selling point
for on-going SEGF
fundraising as we
ramp up these educational
programs
to reach a more
global audience. On
PETER K.M. MEGAW
SEG Foundation
President 2012
the other hand, the new generation
needs reinforcement of the message
that they are the only possible recipients
of this transfer and to stay the course.
This message to the new generation
needs to be delivered personally, and
often, by the senior professionals with
whom they are working and who have
lived through such times before, and can
recognize the opportunities the gap combined
with market uncertainty creates.
It is hard to predict how long the
present turbulence will last, but it is
certain that humans will continue to
consume the resources that we study
and seek and that to do this in an efficient
and responsible manner we need
the best trained professionals we can
muster. SEG’s commitment to training
them is solid, well directed, and off to a
very good start. Thanks to SEGF efforts,
it is also well funded for at least the
near future. The anticipated international
expansion of our educational
programs will obviously require additional
and on-going funding and the
SEGF appreciates any and all efforts to
support these programs. 1
T hank You
SEG Corporate Sponsors
XVI Peruvian Geological Congress & SEG 2012 Conference
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