The Sudbury Mining Solutions Journal gave Republic of Mining.com permission to post Dr. David Robinson’s column. This Sudbury-based magazine showcases the mining expertise of North Bay, Timmins and Sudbury.
Dr. David Robinson
Here is the formula for a crystal ball. Take a cube of derived demand, add a book from a Singapore scholar, stir in some used predictions and a sprinkling of judgment. Apply this mix liberally to the mining supply and services industry and voilá – you can see the future.
Economists have long understood that nobody really wants grass seed – they like it once it has been turned into bread and a few people like it turned into lawns. Demand for wheat is almost all “derived” from the more basic demand for food. Demand for copper is even more indirect: copper makes wire to deliver electricity to bake bread. Nobody eats copper or stoves or electricity.
Nobody eats scoop trams, either. Continue Reading →