Resources Policy最新文献

{"title":"Drilling down: Oil prices, oil production, and production taxes in North Dakota","authors":"Dragan Miljkovic ,&nbsp;Puneet Vatsa","doi":"10.1016/j.resourpol.2025.105748","DOIUrl":"10.1016/j.resourpol.2025.105748","url":null,"abstract":"<div><div>This paper examines the relationships between cycles in oil prices, oil output, and production tax revenue in North Dakota, the third-largest oil-producing state in the United States. The oil industry contributed over 50% to North Dakota's total tax revenue from 2018 to 2022, highlighting the importance of understanding these relationships. The analysis proceeds in two stages. First, we use the Hamilton filter to decompose the three time series to extract their cyclical components. Then, we employ Shannon transfer entropy, an information-theoretic non-parametric technique, to analyze the lead-lag relationships between these cycles. The results show significant information flow from oil price changes to oil production tax revenue and oil output, suggesting that oil market dynamics in North Dakota were primarily driven by price changes; the most considerable flow of information occurred contemporaneously. The results also point to limited feedback from production levels to prices. Overall, these findings underscore the critical role of oil prices in shaping the state's oil production and fiscal outcomes.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"110 ","pages":"Article 105748"},"PeriodicalIF":10.2,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145159021","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":"A global analysis of asymmetric sustainability effects of human and natural capital resources","authors":"Konstantinos Eleftheriou ,&nbsp;Peter Nijkamp ,&nbsp;Michael L. Polemis","doi":"10.1016/j.resourpol.2025.105744","DOIUrl":"10.1016/j.resourpol.2025.105744","url":null,"abstract":"<div><div>Assessing whether and how a country is achieving sustainable growth remains one of the most controversial issues in environmental and resource economics. In particular, there is no clear empirical consensus in the existing literature on the degree of substitutability (complementarity) between human and natural capital resources, especially when spatial spillovers are present. This challenging issue calls for further theoretical and empirical insights. To advance and highlight the ongoing debate, we use a sample of 124 countries for the period 1995–2018 and utilise both <em>an Asymmetric Error Correction Model</em> (AECM) and an <em>Asymmetric Spatial Error Correction Model</em> (ASpECM) to explore the degree of substitutability between the two forms of capital. The empirical findings unveil a short-run asymmetric behaviour between human and natural capital which is evident in both types of models (spatial and non-spatial). It is noteworthy that a complementarity relationship appears to be evident when natural capital increases. However, this result is reversed when natural capital decreases, indicating that the two forms of capital are then substitutes. Finally, we find that the existence of long-run symmetry in the non-spatial model embodies a strong bias, if we take account of the existence of spatial dependence, meaning that human capital adjusts more rapidly in response to a negative deviation from its long-run equilibrium with natural capital than to a positive deviation.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"110 ","pages":"Article 105744"},"PeriodicalIF":10.2,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145110044","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":"Anticipatory CSR: Legitimacy politics in Uganda's pre-production oil sector","authors":"Laura Smith,&nbsp;Anne Tallontire,&nbsp;James Van Alstine","doi":"10.1016/j.resourpol.2025.105756","DOIUrl":"10.1016/j.resourpol.2025.105756","url":null,"abstract":"<div><div>Corporate Social Responsibility (CSR) has become a taken-for-granted practice used by the global extractive industries, yet its role in the early stages of large-scale oil and mining projects remains underexplored. This paper presents a longitudinal study of how Western and Chinese oil companies implemented CSR in Uganda's Albertine Graben between 2006 and 2016. Drawing on over a hundred interviews and document analysis, we trace how CSR shifted from ad hoc local philanthropy to more professionalised and strategically targeted interventions as companies sought to establish operations over an unusually long exploration period. Using the lens of political CSR, we show how CSR functioned as an anticipatory political practice, through which companies negotiated legitimacy across scales, managed elite relationships, and shaped regulatory space before oil production began. We further demonstrate that CSR operated as political currency, strategically deployed to secure economic and political licences by negotiating with local communities, subnational elites, and national government actors. While companies framed CSR around the ‘social licence to operate’, in practice the economic and political licences took precedence as firms sought to mitigate risk, secure investor confidence, and manage state relations. The findings extend debates on political CSR by highlighting its anticipatory role, its use as political currency, and its implications for governance and benefit-sharing in Africa's contemporary extractive industries.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"110 ","pages":"Article 105756"},"PeriodicalIF":10.2,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145363438","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":"Occupational health and safety concerns in the artisanal and small-scale mining sector: A review","authors":"Gavin Hilson","doi":"10.1016/j.resourpol.2025.105733","DOIUrl":"10.1016/j.resourpol.2025.105733","url":null,"abstract":"<div><div>This review examines the health and safety record in the artisanal and small-scale mining (ASM) sector, offering explanations as to why problems in this area have persisted and intensified over time. It argues that most of the health and safety concerns on display at ASM sites worldwide are attributable to the sector's confinement to the informal economy. After reviewing scholarly work that singles out and examines the pervasiveness of individual health and safety concerns in ASM, and attempts made to address them, the paper pivots to four country cases – Brazil, Colombia, Uganda and Zimbabwe – where research is currently being undertaken by the author and colleagues to profile more closely the health and safety record of the sector. These cases are used to reinforce the argument that the poor health and safety record of the ASM sector is linked to its persistent informality, which regulations and policies are responsible for ‘creating’.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"110 ","pages":"Article 105733"},"PeriodicalIF":10.2,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325276","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":"Sustainable mining development in Ghana: An integrated AHP-TOPSIS-Manhattan distance approach","authors":"Mohammed Gadafi Tamimu ,&nbsp;Decui Liang","doi":"10.1016/j.resourpol.2025.105757","DOIUrl":"10.1016/j.resourpol.2025.105757","url":null,"abstract":"<div><div>This study presents a comprehensive, expert-guided decision-support framework for assessing the sustainability performance of mining operations in Ghana. To tackle the persistent challenges of illegal mining and advocate for improved resource management in the country, the study employs an integrated decision-making model incorporating the Analytic Hierarchy Process (AHP), the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), and Manhattan Distance. The framework aims to improve ranking sensitivity, mitigate distortion from extreme scores, and offer a transparent, replicable approach for evaluating lawful mining sites according to many sustainability criteria. Twelve sustainability indicators spanning policy, technical, organizational, and environmental dimensions were evaluated utilizing data gathered from 20 business and academic experts. Five legally recognized and geographically dispersed mining sites were assessed: Newmont Golden Ridge Ltd. (Akyem), AngloGold Ashanti (Obuasi), Gold Fields Ghana Ltd. (Tarkwa), Chirano Gold Mines Ltd.(Bibiani), and Cardinal Namdini Mining Ltd. (Bolgatanga). The model demonstrated considerable variations in performance among regions. Newmont Akyem distinguished itself as the highest-performing site because to its strong environmental practices and adherence to regulations, whilst Namdini placed lowest, revealing deficiencies in community integration and environmental management. The sensitivity analysis validated the resilience of the results across several weighting situations. The findings highlight the necessity for tailored policy interventions, strategic investment prioritization, and governance assistance to enhance sustainability outcomes. This research presents methodological enhancements beyond conventional instruments such as the Best–Worst Method (BWM), establishing a scalable framework for sustainable mining evaluation and decision-making in Ghana and analogous environments.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"110 ","pages":"Article 105757"},"PeriodicalIF":10.2,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145325275","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":"Natural resource extraction, energy efficiency moderation, and sustainable development in the Gulf Cooperation Council countries","authors":"Jamal Alnsour","doi":"10.1016/j.resourpol.2025.105750","DOIUrl":"10.1016/j.resourpol.2025.105750","url":null,"abstract":"<div><div>Social development plays a crucial role in shaping societies, enhancing the overall quality of life, addressing social challenges, strengthening social structures, boosting economic performance, improving human resource skills, stimulating creative solutions, and creating sustainable development. The Social Progress Index (SPI) encompasses all these characteristics. The aim of this research is to investigate the effect of natural resource extraction on social development in a quadratic manner across Gulf Cooperation Council (GCC) countries from 2011 to 2023. We use energy efficiency as a social development factor and a moderator of the relationship between natural resource consumption and sustainable social development. Previous studies have hardly linked these dynamics to each other, and none have focused on GCC countries. Assessing the quadratic relationship contributes to understanding the nonlinear relationships between the variables, determining how the impacts can vary in strength or direction at different levels of the variables. To this end, we employ Bayesian regression. The empirical outcomes show that the link between natural resource extraction and social development follows a U-shaped curve. Energy efficiency improves sustainable social development and increases natural resource sustainability. We also use several control variables, including population density and technological innovation, with both factors showing a positive impact on social development. Based on these results, this study suggests establishing a comprehensive program to invest in environmental technologies that reduce energy use and improve energy efficiency. The details of this program were discussed in depth.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"110 ","pages":"Article 105750"},"PeriodicalIF":10.2,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145159638","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":"Deconstructing cost overrun and delay in mining projects: A system-based model of prices, quantities, and time","authors":"Patricio Faúndez ,&nbsp;Juan Ignacio Guzmán","doi":"10.1016/j.resourpol.2025.105754","DOIUrl":"10.1016/j.resourpol.2025.105754","url":null,"abstract":"<div><div>Cost overruns and project delays are persistent challenges in mining project development, with far-reaching financial and economic implications. This study analyzes a unique dataset of 256 observations from 202 mining projects across six continents, spanning evaluation periods from 1994 to 2020. We propose and empirically test a decomposition of capital cost overruns into price-driven (<span><math><mrow><mo>Δ</mo><mi>p</mi></mrow></math></span>) and quantity-driven (<span><math><mrow><mo>Δ</mo><mi>q</mi></mrow></math></span>) components. This framework allows for a more granular understanding of the internal and external drivers of deviation and, to our knowledge, represents the first application of a simultaneous system of equations linking <span><math><mrow><mo>Δ</mo><mi>p</mi></mrow></math></span>, <span><math><mrow><mo>Δ</mo><mi>q</mi></mrow></math></span>, and project delay (<span><math><mrow><mo>Δ</mo><mi>τ</mi></mrow></math></span>) in the mining sector.</div><div>The results validate three key hypotheses: (1) Using the reduced-form solution of the simultaneous system, we find that a one-month structural delay shock is associated, on average, with a 0.30 % increase in input prices and a 0.38 % increase in project quantities. Under the cost overrun identity, these marginal effects jointly imply an average 0.68 % monthly increase in total project cost; (2) increases in prices and quantities significantly contribute to schedule delays, confirming a feedback loop; and (3) prices and quantities exhibit a statistically significant inverse relationship, suggesting a substitution dynamic under budget pressure.</div><div>These results underscore the need for a systems-based approach to project planning and risk management. The study offers practical recommendations for firms and policymakers, including the use of early-warning indicators, scenario-based contingency planning, and countercyclical investment strategies. By providing the first empirical validation of this structural framework in mining megaprojects, the paper advances both academic understanding and industry practice in capital project governance.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"110 ","pages":"Article 105754"},"PeriodicalIF":10.2,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269121","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":"Energy, critical minerals, and precious metals: Navigating interconnectedness and portfolio strategies in investment risk management","authors":"Seyi Saint Akadiri ,&nbsp;Oktay Ozkan","doi":"10.1016/j.resourpol.2025.105747","DOIUrl":"10.1016/j.resourpol.2025.105747","url":null,"abstract":"<div><div>Commodity markets are becoming increasingly interdependent, exposing investors and policymakers to systemic risks that intensify during financial crises, geopolitical shocks, and the global energy transition. However, most analyses examine energy, critical minerals, and precious metals in isolation, overlooking how shocks in one market propagate to others. This study addresses this gap by integrating these three asset classes into a single connectedness framework. Using a Quantile Vector Autoregression (QVAR) model and monthly data from January 1984 to December 2024, the results show that energy commodities consistently act as the primary transmitters of spillovers, while critical minerals and precious metals play a dual role, sometimes cushioning portfolios against shocks, but at other times amplifying contagion depending on macroeconomic conditions. Evidence from the Total Connectedness Index and network visualisations highlights shifting spillover patterns, with systemic risk concentrated in coal, aluminium, copper, and silver. Portfolio-based cumulative return analysis further demonstrates that incorporating critical minerals and precious metals enhances resilience against energy-driven volatility. Robustness checks across three- and five-year horizons confirm these dynamics. These findings underscore the need to manage commodity interdependencies to mitigate systemic risk, strengthen financial stability, and build resilient investment strategies in an era of accelerating energy transition and heightened resource dependency.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"110 ","pages":"Article 105747"},"PeriodicalIF":10.2,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119726","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":"Assessment of critical minerals supply chain for the United States in perspective of trade restriction by foreign countries","authors":"Ji Won Moon,&nbsp;Sean Y. Xun,&nbsp;Jaewon Chung,&nbsp;Steven D. Textoris","doi":"10.1016/j.resourpol.2025.105726","DOIUrl":"10.1016/j.resourpol.2025.105726","url":null,"abstract":"<div><div>In this study, major global producers of the 50 critical minerals designated by the United States government in 2022 were investigated to analyze the supply chain vulnerability to the United States by screening a single foreign country’s role at extraction, processing, and trade. The “freedom in the world” indicator was integrated into these stages to calculate the score of potential risk (<em>Spr</em>), which this study introduced to assess the likelihood of supply chain disruptions. The commodities with high scores of <em>Spr</em> (Tier 1) matched the ones with existing export-controlled critical minerals imposed by China until 2023, which include gallium, germanium, graphite, rare earths, and tungsten. In order of <em>Spr</em>, the remaining minerals were classified into tiers of potential supply risk: Tier 1 (<em>Spr</em> ≥ 50%) indicates high risk (bismuth, magnesium, antimony, and tellurium); Tier 2 (50% &gt; <em>Spr</em> ≥ 32%), moderate risk (indium, vanadium, arsenic, tantalum, and zirconium); and Tier 3 (<em>Spr</em> &lt; 32% with high potential risk if geopolitical conditions change), low to sensitive risk (niobium and platinum). The effectiveness of the approach was further demonstrated by the 2024 export controls implemented by China on antimony, bismuth, and magnesium, which were all classified as Tier 1 prior to the restriction. A short list of critical minerals in this study may be monitored although the current risk is low. The <em>Spr</em> of critical minerals provided an indicator in determining the levels and sources of potential supply risk as well as informing mitigation strategies in the years ahead.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"110 ","pages":"Article 105726"},"PeriodicalIF":10.2,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145110042","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":"Exploring mining extraction dynamics in Africa: A Hotelling model perspective with non-linear costs","authors":"Sassire Napo ,&nbsp;Didier Tatoutchoup ,&nbsp;Eloi Somtinda Sondo","doi":"10.1016/j.resourpol.2025.105745","DOIUrl":"10.1016/j.resourpol.2025.105745","url":null,"abstract":"<div><div>This paper assesses the applicability of the Hotelling model to non-renewable resource extraction in Africa by examining seven key minerals (bauxite, copper, gold, iron, nickel, phosphate, and tin) across 18 major producing countries. Our findings systematically reject the Hotelling model’s predictions: estimated discount rates are significantly negative across most countries and commodities, contradicting the theoretical assumption of intertemporal profit maximization. Furthermore, observed depletion times (averaging 105 years) fall markedly short of theoretical optima (240–256 years), suggesting systemic over-extraction. Results vary substantially by mineral and country, with phosphate reserves (e.g., Morocco) showing slower depletion, while copper and gold sectors (e.g., DRC, Ghana) exhibit faster extraction. These deviations suggest that the Hotelling model may be inadequate for capturing the complex realities of resource extraction in developing economies, where factors such as widespread illegal mining, institutional rigidities, political instability, and regulatory weaknesses that facilitate resource predation create different optimization conditions than those assumed by the classical model.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"110 ","pages":"Article 105745"},"PeriodicalIF":10.2,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145159020","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}