Resources Policy最新文献

{"title":"Could natural resources and financial development influence the markets for renewable energy in developing economies?","authors":"Ishaya Tambari ,&nbsp;Pierre Failler ,&nbsp;Shabbar Jaffry ,&nbsp;He Yuan","doi":"10.1016/j.resourpol.2025.105691","DOIUrl":"10.1016/j.resourpol.2025.105691","url":null,"abstract":"<div><div>Governments and stakeholders are prioritising sustainable development for economic growth and environmental quality. Oil-producing economies rely heavily on oil revenues, which can negatively impact the environment. This dilemma raises the question of protecting environmental quality or pursuing economic development. Financial development is crucial for technological innovation, energy-efficient projects, and renewable energy generation. This paper applied the Methods of ‘Moments Quantile Regression’ to examine the impact of financial development on renewable energy (RE) generation in the top three net oil exporters and importers from 1990 to 2020. The results show that financial development is consistently associated with higher levels of RE generation per capita in these countries. Meanwhile, the lack of a statistically significant association between natural resource rents and RE generation suggests that abundant natural resources do not inherently constrain RE development in these African countries.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"108 ","pages":"Article 105691"},"PeriodicalIF":10.2,"publicationDate":"2025-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144756698","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The blessing and curse of natural resource dependence: A stochastic frontier analysis on productivity, resource rent, governance and sustainability","authors":"Woon Kan Yap ,&nbsp;Nor Liyana M. Anuar ,&nbsp;Yun Cyn Choong","doi":"10.1016/j.resourpol.2025.105695","DOIUrl":"10.1016/j.resourpol.2025.105695","url":null,"abstract":"<div><div>This study <strong>examines</strong> the relationship between natural resource dependence and total factor productivity (TFP) and how institutional governance and CO2 emissions condition this relationship. Natural resources are finite with limited scalability; consequently, resource-rich economies must eventually diversify, incurring an opportunity cost in the form of potential productivity losses when capital is reallocated from established extractive sectors. To quantify this opportunity cost, we apply a stochastic frontier framework to a panel of resource-dependent countries, allowing the marginal effect of natural resource rents on TFP to be recovered through the estimation of technical inefficiency. The results indicate that greater resource dependence generally raises TFP, but only in environments characterised by weak governance and high CO2 emissions. However, below a certain threshold level of dependence, improved institutional governance emerges as the principal driver of productivity. Two policy actions follow. First, consolidate and effectively regulate the extractive sector to capture the scale economies. Second, reallocate a portion of the resulting higher natural resource rents to more productive industries in which the country possesses a comparative advantage, including frontier industries. The successful implementation of these policy actions hinges on improved governance that boosts efficiency and transparency. In turn, economic diversification presents an opportunity for a green transition due to traditional extractive industries being compelled to modernise extraction with cleaner, more efficient capital in anticipation of a shift in labour toward emerging growth sectors.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"108 ","pages":"Article 105695"},"PeriodicalIF":10.2,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144749470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic viability and risk management of auger mining in Indonesia using real option valuation under volatile market conditions","authors":"Abdullah Alghani,&nbsp;Dzikri Firmansyah Hakam","doi":"10.1016/j.resourpol.2025.105690","DOIUrl":"10.1016/j.resourpol.2025.105690","url":null,"abstract":"<div><div>Coal is one of the commodities that contribute the most to Indonesia's GDP, as well as to other coal-exporting countries such as Australia, China, India, and others. Currently, many coal companies in Indonesia face challenges in optimizing their coal reserves to increase profitability. One method that has proven effective from both technical and economic perspectives is auger mining. However, with global coal prices declining in 2023 after experiencing a significant increase following the pandemic in 2022 (Iea, 2023), the economic feasibility of auger mining for companies, particularly in the long term, has come into question. This research is the first study aimed at assessing the economic feasibility of auger mining using DCF simulation, Monte Carlo Simulation (MCS), and Real Option Valuation (ROV) Binomial Lattice, based on a real-case problem under uncertain coal market conditions, and evaluating the risks of its implementation.</div><div>This study aims to assess the feasibility of auger mining based on three scenarios: Auger Type A (higher productivity with higher mobilization cost) under Standard and Aggressive Utilization, and Auger Type B (lower productivity with lower mobilization cost) under Standard Utilization. Based on the analysis using the DCF method, all three scenarios yield positive economic values (NPV, IRR, and PI). However, the Auger Type A Standard Utilization scenario was selected for further analysis using the MCS and ROV methods, as it is considered the most realistic scenario both technically and in terms of medium-level economic valuation compared to the other two scenarios. According to the DCF analysis, the Auger Type A Standard Utilization scenario has an NPV of $1.71 million, with a break-even point that is relatively close to the base-case coal price ($52.24/ton), decreasing by only $5.27 (10.08 %). The risk of the project having a negative NPV in the future is 25 % (MCS) and 38 % (ROV). The ROV – Binomial Lattice analysis provides an added option value of $0.16 million if the project is terminated at any future point.</div><div>Based on these results, the auger project does have a positive NPV but is considered moderate-to-high risk. Therefore, several recommendations are needed to improve the project's valuation and minimize risks, such as minimizing operational costs, including the break-even coal price in work contracts, optimizing the values of Physical Availability (PA) and Utilization Availability (UA), and negotiating flexibility for terminating the project in the future if the NPV becomes negative.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"108 ","pages":"Article 105690"},"PeriodicalIF":10.2,"publicationDate":"2025-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144738263","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mine suppliers: Understanding backward linkages in Kitwe, Zambia","authors":"Anja Benshaul-Tolonen,&nbsp;Paula Fernandez Musso","doi":"10.1016/j.resourpol.2025.105672","DOIUrl":"10.1016/j.resourpol.2025.105672","url":null,"abstract":"<div><div>The integration of domestic firms into the mining global value chain (GVC) can bolster local economies, yet the scale and impact of these linkages remain largely unknown. This study examines the mining value chain in Kitwe, a key mining hub in Zambia’s Copperbelt. Ten years of official government VAT data on domestic purchases and imports reveals that mine suppliers have a stronger presence in the Kitwe import market compared to other local firms. However, their demand for goods and services, both domestically and internationally, is influenced by fluctuations in the global copper price. In addition, our cross-sectional firm survey indicates that mine suppliers are older, larger, and more likely registered with tax authorities. The majority of surveyed firms express strong interest in entering the mining GVC but report that competition, low demand and lack of network connections constrain them from achieving their desired level of engagement. Policy efforts should focus on fostering stronger, higher value-added linkages and connecting more local firms to the mining sector, while also developing strategies to mitigate the deleterious effects of fluctuating copper prices.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"108 ","pages":"Article 105672"},"PeriodicalIF":10.2,"publicationDate":"2025-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144704307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Graphite and manganese mining in the U.S.: Proposed projects and federal battery mineral policies","authors":"E.A. Holley ,&nbsp;L. Fahle ,&nbsp;N.M. Smith ,&nbsp;R. Deberdt ,&nbsp;J. Calderon ,&nbsp;G. Gibbs ,&nbsp;M. Bazilian","doi":"10.1016/j.resourpol.2025.105689","DOIUrl":"10.1016/j.resourpol.2025.105689","url":null,"abstract":"<div><div>Demand is increasing for the minerals used in energy transmission and storage, such as graphite and manganese in batteries. These two commodities are produced in relatively few locations around the world, and major consumers such as the European Union (EU) and the United States (US) are highly reliant on imports, especially for refined products from China. In the US, graphite and manganese are not currently mined. In efforts to avoid geopolitical supply chain disruptions, the U.S. federal government has implemented new policies promoting domestic mining and processing of critical minerals. This contribution reviews the geological resources and development status of graphite and manganese projects in the U.S. and examines the impacts of policies on U.S. mining and processing of these two commodities. Measured, indicated, and inferred resources of 20.9 Mt are known for graphite, including 3.7 Mt of reserves. Resources of 50.5 Mt are known for manganese, with no established reserves. Graphite exploration is in advanced stages in Alaska and Alabama and in early stages in Montana and New York. There is one operating processing plant for natural graphite in Louisiana and one is under construction in Alabama. Synthetic graphite is produced in one plant in New York, and synthetic graphite plants are under construction in Georgia and Tennessee. One manganese mine is in permitting review in Arizona, and manganese exploration is underway in Minnesota and Arizona. Historic manganese mines in Arkansas, Maine, Colorado, Nevada, and Montana are unlikely to reopen in the near term, and exploration for manganese on the seafloor is in very early stages. The potential for known resources to meet demand is modeled based on three energy transition scenarios and a range of battery share assumptions, showing that known graphite resources are likely sufficient to meet future U.S. demand for hundreds of years, whereas manganese resources are sufficient to meet only decades of projected U.S. demand. Supply bottlenecks will arise if these projects do not progress into development. Policies intended to spur domestic production include the Biden administration's Bipartisan Infrastructure Law of 2021, the 2022 authorization of the Defense Production Act, the 2022 CHIPS in Science Act, the 2022 Inflation Reduction Act, as well as the second Trump administration's 2025 executive orders on Unleashing American Energy and Unleashing America's Offshore Minerals and Resources. Potential shortfalls include overemphasis on processing compared to mining, insufficient incentives, and a contentious regulatory framework for both terrestrial and deep sea mining.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"108 ","pages":"Article 105689"},"PeriodicalIF":10.2,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653611","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Nickel and cobalt from U.S. mines and refineries: Assessment of five dimensions of mineral availability","authors":"E.A. Holley ,&nbsp;A. Malone ,&nbsp;L. Fahle ,&nbsp;N.M. Smith ,&nbsp;J. Calderon ,&nbsp;R. Eggert ,&nbsp;D.E. Spiller ,&nbsp;M.D. Bazilian","doi":"10.1016/j.resourpol.2025.105687","DOIUrl":"10.1016/j.resourpol.2025.105687","url":null,"abstract":"<div><div>Federal policies in the United States (U.S.) are aimed at increasing domestic mining and refining of critical minerals such as nickel (Ni) and cobalt (Co). These two metals are key components in lithium-ion NMC batteries common in electric vehicles. This paper examines active and proposed Ni and Co mining and refining projects in the U.S. to evaluate five dimensions of mineral availability: 1) Geological, 2) Technical, 3) Economic, 4) Political, and 5) Social and Environmental. Only very small amounts of Ni and Co have been mined in the U.S. in recent decades. Despite significant geological resources of Ni and Co in the U.S., the only Ni mining is at Eagle, Michigan, which produces a nickel concentrate that is refined in Canada. There is no U.S. Co production, and recent Co mine construction in Idaho has halted due to market pricing. Proposals for new Ni mines have met with social opposition and regulatory complexity at Maturi, NorthMet, and Mesaba in Minnesota based on environmental concerns. Domestic refining is limited to minor byproduct recovery of Ni and Co from Stillwater ores at the Columbus refinery, Montana. Refineries have been proposed or are under construction in Missouri, Idaho, and Minnesota. Despite the geological availability of U.S. Ni and Co, the majority of these resources have not yet been demonstrated as viable from the technical, economic, political, social and environmental dimensions.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"108 ","pages":"Article 105687"},"PeriodicalIF":10.2,"publicationDate":"2025-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Beyond black gold: Rethinking fiscal policy for a diversified future in Kuwait's oil-dependent economy","authors":"Ayele U. Gelan,&nbsp;Siddig A. Salih","doi":"10.1016/j.resourpol.2025.105679","DOIUrl":"10.1016/j.resourpol.2025.105679","url":null,"abstract":"<div><div>This paper investigates the implications of fiscal policy reform in an oil-dependent economy, using Kuwait as a case study. The research highlights the structural imbalances rooted in Kuwait's heavy reliance on oil revenues and aims to demonstrate how comprehensive fiscal reforms can mitigate this dependency while addressing other economic distortions. Utilizing a recursive dynamic computable general equilibrium (CGE) model calibrated to Kuwait's 2022 social account matrix, the study simulates various scenarios over an eighty-one-year horizon to evaluate the potential impacts of different fiscal policy changes. Key findings reveal that without significant reforms, the fiscal dependence on oil will persist, as indicated by only marginal decrease in the fiscal dependence on extractives (FDE) index under a business-as-usual scenario. However, targeted reforms, including increases in taxes and reductions in subsidies, can drastically lower the FDE index by the end of the simulation period, suggesting that non-oil revenues could fully finance government expenditures and yield budget surpluses. The results underscore the broader economic-wide benefits of fiscal policy reform, which not only reduce fiscal dependency on oil but also rectify other structural economic imbalances. This study provides significant insights into the potential for structured fiscal reforms to generate synergistic economy-wide effects, emphasizing the necessity for a resource dependent economy to pursue such reforms to ensure sustainable economic stability post-oil depletion.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"108 ","pages":"Article 105679"},"PeriodicalIF":10.2,"publicationDate":"2025-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Global iron ore trade network resilience assessment and shock response patterns of critical economies","authors":"Gang Wu ,&nbsp;Xiaomin Liu ,&nbsp;Yue Pu ,&nbsp;Lianyue Feng","doi":"10.1016/j.resourpol.2025.105675","DOIUrl":"10.1016/j.resourpol.2025.105675","url":null,"abstract":"<div><div>Iron ore is one of the critical strategic resources, emphasizing the importance of maintaining the trade system stability and predicting potential risks to analyze its trade network resilience and the shock response patterns of critical economies. This paper constructs the global iron ore trade networks (GIOTNs) using the CEPII database covering 219 economies in 2000–2023. We measure network resilience, node resilience, and explore the impact of economies on network resilience using two interrupt simulation strategies. Then, we identify the critical nodes, analyzing their shock response patterns and their driving factors based on the two-way fixed effects model. We report that: (I) The number of trade relationships, clustering, and information transfer exhibit an overall growth trend, with network density at a relatively higher level, suggesting that the GIOTNs have higher network diversity and connectivity. The fluctuation range of assortativity is relatively small, and there are obvious reciprocal trade relationships in the GIOTNs, resulting in higher network stability. Consequently, the resilience of GIOTNs is constantly increasing. (II) Developed economies have higher trade diversity, Asian economies have higher product demand, Australia and Brazil have higher product supply, the Netherlands and China play important trade bridge roles, China has stronger trade transmission power. (III) The impact of economies on the network resilience of GIOTNs not only exhibits obvious hierarchical characteristics, but also shows an obvious correlation under the import trade diversity and product supply, import and export trade diversity, trade diversity and trade bridge location. (IV) Critical economies gradually form seven shock response patterns that affect the resilience of the GIOTNs, empirical analysis indicates that these shock response patterns are potentially driven by the economy’s trade diversity, trade bridge position, and iron ore production, especially in the trade bridge position.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"108 ","pages":"Article 105675"},"PeriodicalIF":10.2,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sustainability transition paradox: Emerging dimensions of illegal artisanal and small-scale mining of critical minerals in Africa","authors":"James Boafo ,&nbsp;Francis Arthur-Holmes","doi":"10.1016/j.resourpol.2025.105673","DOIUrl":"10.1016/j.resourpol.2025.105673","url":null,"abstract":"<div><div>The global push for energy transition has intensified competition for Africa's mineral resources, which are essential for producing low-emission technologies. This renewed demand is reshaping the continent's extractive sector and, in some cases, exacerbating governance challenges and reinforcing illegal artisanal and small-scale mining (ASM) activities. In this review, we examine how the search and demand for critical minerals contribute to illegal ASM operations in Africa. Drawing on emerging evidence from the copper industry in Zambia, the lithium sector in Zimbabwe, and the cobalt industry in the Democratic Republic of Congo (DRC), we identify a growing incidence of illegal ASM activities involving critical minerals. Our findings suggest that the high global demand for critical minerals contributes to illegal ASM activities in our case study countries. However, significant contributing factors include rural poverty, unemployment, limited livelihood options, access to mineral-rich lands, declining agricultural productivity due to climate change, and the need for funds to support rebel activities. We argue that the race for Africa's resources to support global energy transition may create a <em>sustainability transition paradox</em>—advancing long-term social and technological transformation while simultaneously intensifying sustainability challenges such as environmental degradation and water pollution. These insights have important implications for policies aimed at promoting responsible mining practices and ensuring that energy transitions are both equitable and sustainable.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"108 ","pages":"Article 105673"},"PeriodicalIF":10.2,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mineral price shocks on macroeconomic aggregates in a highly dependent small open economy: Evidence from Peru, 2003–2024","authors":"Elmer Sánchez-Dávila ,&nbsp;Andrés Riquelme","doi":"10.1016/j.resourpol.2025.105677","DOIUrl":"10.1016/j.resourpol.2025.105677","url":null,"abstract":"<div><div>The aim of this paper is to estimate the effects of a mineral price shock on macroeconomic aggregates in a small open economy that is highly dependent on mineral exports, such as Peru. The paper considers two key features of the Peruvian mining industry: its polymetallic nature and the cyclical phases of price fluctuations. The former allows for the development of a Mineral Price Index (MPI), while the latter enables the testing of structural breaks, which facilitates the use of a Time-Varying Parameter Vector Autoregressive (TVP-VAR) model. Our results indicate that a shock to the MPI has a significant effect of 11.5 % on GDP and 15.5 % on overall inflation. However, the impact varies depending on the phase of MPI fluctuations. These findings underscore the importance of having flexible policy responses to mitigate the effects of future mineral price shocks and highlight the role that mineral price fluctuations play in shaping Peru's macroeconomic performance, particularly during boom periods. This paper also contributes to filling the gap in the local empirical literature regarding these two aspects of the Peruvian mining industry.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"108 ","pages":"Article 105677"},"PeriodicalIF":10.2,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623421","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}