Abstract
‘The mining boom that got underway in the middle of the last decade has already made us the richest citizens in Australian history. The extra income amounts to about 15 per cent of our economy, or about $190 billion each year. It is as though we inherited the entire economy of New Zealand in one fell swoop – and if prices remain steady, we will keep inheriting it year in, year out. In fact, with iron ore exports set to double, and LNG exports on track to quadruple, we’ll probably inherit two New Zealands before long’.1
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Notes
P. Cleary (2011) Too Much Luck (Collingwood VIC: Black Inc), p.5.
BEA (2014), US Bureau of Economic Analysis website, available at www.bea.gov
Statistics Canada (2014), Statistics Canada website, available at www.statcan.gc.ca
ABS (2014), Australian Bureau of Statistics website, available at http://ausstats.abs.gov.au
ICMM (2014) The Role of Mining in National Economies (2nd edition) (International Council on Mining and Metals), p.23.
IMF (2013), World Economic Outlook (Washington DC: International Monetary Fund).
The data point is taken from the OECD at http://stats.oecd.org. ‘For a full discussion of these matters’, see R. Garnaut (2013) Dog Days: Australia After the Boom (Collingwood VIC: Redback).
MMSD (2002) Breaking New Ground: Executive Summary, Mining, Minerals and Sustainable Development (London: Earthscan), p.5.
M. Humphreys, J.D. Sachs and J.E. Stiglitz (2007) Escaping the Resource Curse (New York: Columbia University Press).
P. Collier and A.J. Venables (2011) Plundered Nation? Successes and Failures in Natural Resources Extraction (London: Palgrave Macmillan).
McKinsey Global Institute (2013) Reversing the Curse: Maximizing the Potential of Resource-Driven Economies, available at www.mckinsey.com
African Union (2009) Africa Mining Vision, Addis Ababa, Ethiopia.
PwC (2012) Corporate Income Taxes, Mining Royalties and Other Mining Taxes: Summary of Rates and Rules of Selected Countries, PricewaterhouseCoopers., available at www.pwc.co.uk
WGC (2013a) World Gold Council Guidance Note on Non-GAAP Metrics: All-In Sustaining Costs and All-In Costs, 27 June 2013, available at www.gold.org
This section draws on D. Humphreys (2012), Transatlantic Mining Corporations in the Age of Resource Nationalism, Transatlantic Academy Paper Series, Washington DC.
African Union (2009) Africa Mining Vision, February 2009, pp.8, 17.
PwC (2013), Mine – A Confidence Crisis: Review of Global Trends in the Mining Industry – 2013, PricewaterhouseCoopers, available at www.pwc.co.uk, p.48.
WTO (2010) World Trade Report 2010: Trade in Natural Resources, (Geneva: World Trade Organization).
D. Humphreys (2013) ‘Minerals: Industry History and Fault Lines of Conflict’ in R. Dannreuther and W. Ostrowski (eds) Global Resources: Conflict and Cooperation (London: Palgrave Macmillan).
D. Humphreys (2013) ‘New Mercantilism: A Perspective on How Politics in Shaping World Metal Supply’, Resources Policy, 38, 3.
W. Ostrowski (2013) ‘The Political Economy of Global Resources’ in R Dannreuther and W. Ostrowski (eds) Global Resources: Conflict and Cooperation (London: Palgrave Macmillan), p.104.
The World This Week, The Economist, 15 June 2013.
Ernst & Young, Business Risks Facing Mining and Metals, editions 2008–2009– 2014–2015.
Oyu Tolgoi (2014), Factsheet on Economic Contribution, available at http://ot.mn.en
Simandou (2013) Simandou Economic Impact Report, May 2013, available at www.riotintosimandou.com
ICMM (2011) Mining: Partnership for Development Toolkit, available at www.icmm.com
ICMM (2012) Mining’s Contribution to Sustainable Development – An Overview, available at www.icmm.com
WGC (2013b) Responsible Gold Mining and Value Distribution: A Global Assessment of the Economic Value Created and Distributed by Members of the World Gold Council, available at www.gold.org
A point made in M. Solomon (2012) The Rise of Resource Nationalism (Cape Town: South African Institute of Mining and Metallurgy).
Copyright information
© 2015 David Humphreys
About this chapter
Cite this chapter
Humphreys, D. (2015). Dividing the Spoils. In: The Remaking of the Mining Industry. Palgrave Macmillan, London. https://doi.org/10.1057/9781137442017_8
Download citation
DOI: https://doi.org/10.1057/9781137442017_8
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-68427-4
Online ISBN: 978-1-137-44201-7
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)