A hybrid assessment model for mineral resource availability

Abstract:

Traditional mineral resource availability assessment methods always have strong assumptions and limitations on application. Both the physical mechanism of the Hubbert model and the economic mechanism of the cumulative availability curve (CAC) can only evaluate specific dimension of the availability of mineral resources. So, we propose a hybrid model that could explain from geological factors to the metal market. In this model, mineral resource availability will be assessed by two indicators in a coordinate system. One is output elasticity of mining technology, which is calculated by Cobb-Douglas production function. Another one is the price elasticity ratio of reserve and production. Finally, we apply this model to assess copper, cobalt, and other metals all over the world.