Minerals Report - International Seabed Authority
Minerals Report - International Seabed Authority Minerals Report - International Seabed Authority
3.2. Assumptions made for each kind of deposit. Table 6 presents the assumptions made for each category of deep-sea mineral deposits. For polymetallic nodules, the French case is proposed as a reference. For cobalt-rich crusts, the study undertaken on the deposit of Niau (Tuamotu) provides a set of values that seems reliable. The case for massive sulphides deposits is more complicated. In the absence of credible information, two sets of values are presented: - The arithmetic mean of the metal contents contained in Table 3 for the different mineral deposits: "sulphides (mean)”. - The set of data given for the Pacmanus deposit in Papua New Guinea: "sulphides (rich)". The "sulphides (mean)" is a virtual deposit that likely does not exist. It gives only a "possible average economic value" of a sulphides deposit, as they are presently described in the literature. As data on the metal contents of these deposits were obtained for scientific purposes rather than for an evaluation for mining purposes, the sampling that was performed is likely to have overestimated the metal contents of these deposits. The Pacmanus data set does not represent the most valuable of the sulphides deposits contained in Table 3. The records given for the Suiyo deposit, because of their high gold content, produce a higher value. However, the gold values are exceptional and could be suspect in absence of information on the sample representativity. At the time of writing, the data relative to the Juan de Fuca DSDP drilling were not fully published, although they constitute the best evaluation that have been made of a sulphides deposit. The metal recoveries for massive sulphides deposit are an optimistic guess from the figures given in Table 5. INTERNATIONAL SEABED AUTHORITY 442
Table 6: Assumptions made for the different deep seabed mineral deposits Nodules Cobalt crust Sulphides (mean) Sulphides (rich) grade recovery grade recovery grade recovery grade recovery NI 1.37 % 0.96 0.6 % 0.72 Co 0.25 % 0.94 1.2 % 0.70 Mn 30.00 % 0.85 Cu 1.25 % 0.95 0.1 % 0.71 4.71 % 0.7 10.9 % 0.7 Zn 14.07 % 0.8 26.9 % 0.8 Pb 2.41 % 0.7 1.7 % 0.7 Ag 263 g/t 0.8 230 g/t 0.8 Au 3.19 g/t 0.8 15 g/t 0.8 3.3. Metal prices Figure 2 displays the evolution of metal prices during the period 1960- 1999, as annual variations in percent of the 1960-1999 average value. Most prices indicate a slow decrease from 1980, which marks an important turn in the economy of all "commodities". Since that time, the mining industry has faced a new economic order where world production capacities exceed the market needs. Operators have had to adjust their production to meet this situation by closing their less profitable mines, reducing their staff and modernizing their means of production. Silver, gold and cobalt show important historical changes (more than 300 % above the mean). For silver and gold, the 1980 highs correspond to the speculations of the Hunt brothers that provoked an important crisis in the precious metals market. The high cobalt prices of the same period were the consequence of the invasion of the Shaba province in Zaire, where the major cobalt and copper mines are situated. The manganese price increase after 1974 is due to the appearance on the market of ferro-silico-manganese alloys that replaced ferro-manganese INTERNATIONAL SEABED AUTHORITY 443
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Table 6: Assumptions made for the different deep seabed mineral deposits<br />
Nodules Cobalt crust Sulphides (mean) Sulphides (rich)<br />
grade recovery grade recovery grade recovery grade recovery<br />
NI 1.37 % 0.96 0.6 % 0.72<br />
Co 0.25 % 0.94 1.2 % 0.70<br />
Mn 30.00 % 0.85<br />
Cu 1.25 % 0.95 0.1 % 0.71 4.71 % 0.7 10.9 % 0.7<br />
Zn 14.07 % 0.8 26.9 % 0.8<br />
Pb 2.41 % 0.7 1.7 % 0.7<br />
Ag 263 g/t 0.8 230 g/t 0.8<br />
Au 3.19 g/t 0.8 15 g/t 0.8<br />
3.3. Metal prices<br />
Figure 2 displays the evolution of metal prices during the period 1960-<br />
1999, as annual variations in percent of the 1960-1999 average value.<br />
Most prices indicate a slow decrease from 1980, which marks an<br />
important turn in the economy of all "commodities". Since that time, the<br />
mining industry has faced a new economic order where world production<br />
capacities exceed the market needs. Operators have had to adjust their<br />
production to meet this situation by closing their less profitable mines,<br />
reducing their staff and modernizing their means of production.<br />
Silver, gold and cobalt show important historical changes (more than<br />
300 % above the mean). For silver and gold, the 1980 highs correspond to the<br />
speculations of the Hunt brothers that provoked an important crisis in the<br />
precious metals market. The high cobalt prices of the same period were the<br />
consequence of the invasion of the Shaba province in Zaire, where the major<br />
cobalt and copper mines are situated.<br />
The manganese price increase after 1974 is due to the appearance on<br />
the market of ferro-silico-manganese alloys that replaced ferro-manganese<br />
INTERNATIONAL SEABED AUTHORITY 443
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