Fig. 2.1. The Theory of Perfect...

Fig. 2.1.

The Theory of Perfect Competition.

Fig. 2.2.

The Theory of Monopolistic Competition.

Fig. 2.3.

Commodity Supply Chain Examples.

Fig. 2.4.

The Classic Market-clearing Model of Commodity Prices.

Fig. 2.5.

CRU’s Compass Forecasting Methodology.

Fig. 2.6.

Per Capita Steel Intensity.

Fig. 2.7.

Steel Intensity Per Unit GDP (kg/$ bn GDP at 2005 Prices).

Fig. 2.8.

Gap Analysis - Hard Coking Coal Example.

Fig. 2.9.

Long-run Marginal Cost Curve – Phosphate Rock Example.

Fig. 3.1.

Conceptual Overview of Metals Recycling.

Fig. 3.2.

The Importance of Scrap Increases When Consumption Slows or the Recycling Rate Increases.

Fig. 3.3:

Any acceleration in growth of total demand has to be met from primary supply sources; deceleration in total demand growth reduces the need for primary supply.

Fig. 4.1.

The Copper Supply Chain.

Fig. 4.2.

The Aluminium Supply Chain.

Fig. 4.3.

The Iron and Steel Supply Chain.

Fig. 4.4.

The Geography of Potash Prices.

Fig. 5.1.

Three Hypothetical Price Forecasts, Each Right on Average.

102

Fig. 5.2.

LME Versus Bank Finance, Aluminium.

106

Fig. 5.3.

Options for Producers, Consumers and Traders.

109

Fig. 5.4.

Aluminium Premiums for Physical Delivery, 2006-2015. Delivered Price as % of LME Cash Price.

110

Fig. 6.1.

Key Elements in the Risk Management Process.

121

Fig. 6.2.

Basic Hedging Programme Design.

126

Fig. 7.1.

Three Key Elements in Value-based Management.

137

Fig. 7.2.

The Efficient Frontier.

141

Fig. 7.3.

Strategic Characterisation of Processes - The Steel Example.

142

Fig. 8.1.

The Four Basic Value-based Costing Concepts Are Designed to Be Compatible with the Typical Corporate Structure.

155

Fig. 9.1.

There Are Two Halves to the Operating Excellence Part of Shareholder Value.

185

Fig. 9.2.

The Three Elements in Capital Productivity Can Be Quantified Using a Small Number of Simple Concepts.

186

Fig. 9.3.

Milling Is the Most Intensively Utilised of All the Elements in the Production Chain, and So the Bottleneck in the Whole System.

187

Fig. 9.4.

Machine Productivity Is a Concept That Can Be Readily Communicated at the Operator Level.

190

Fig. 9.5.

Analysis of Drills Showed Scope for Better Utilisation and Operating Efficiency: Thus Fewer Drills were Required.

195

Fig. 10.1.

Real Equity and Bond Returns, 1956-2015.

205

Fig. 10.2.

Weighted Average Cost of Capital in Mining, 1991-2015.

209

Fig. 11.1.

General Evolution of Value in the Mine Development Process.

217

Fig. 11.2.

International Standards for Quantifying Resources and Reserves.

222

Fig. 11.3.

The Gateway System for Mine Development.

225

Fig. 12.1.

Real Metals Prices, 1950-2015.

237

Fig. 2.1.	The Theory of Perfect Competition.	19
Fig. 2.2.	The Theory of Monopolistic Competition.	22
Fig. 2.3.	Commodity Supply Chain Examples.	29
Fig. 2.4.	The Classic Market-clearing Model of Commodity Prices.	39
Fig. 2.5.	CRU’s Compass Forecasting Methodology.	47
Fig. 2.6.	Per Capita Steel Intensity.	48
Fig. 2.7.	Steel Intensity Per Unit GDP (kg/$ bn GDP at 2005 Prices).	49
Fig. 2.8.	Gap Analysis - Hard Coking Coal Example.	51
Fig. 2.9.	Long-run Marginal Cost Curve – Phosphate Rock Example.	52
Fig. 3.1.	Conceptual Overview of Metals Recycling.	55
Fig. 3.2.	The Importance of Scrap Increases When Consumption Slows or the Recycling Rate Increases.	59
Fig. 3.3:	Any acceleration in growth of total demand has to be met from primary supply sources; deceleration in total demand growth reduces the need for primary supply.	60
Fig. 4.1.	The Copper Supply Chain.	66
Fig. 4.2.	The Aluminium Supply Chain.	67
Fig. 4.3.	The Iron and Steel Supply Chain.	68
Fig. 4.4.	The Geography of Potash Prices.	76
Fig. 5.1.	Three Hypothetical Price Forecasts, Each Right on Average.	102
Fig. 5.2.	LME Versus Bank Finance, Aluminium.	106
Fig. 5.3.	Options for Producers, Consumers and Traders.	109
Fig. 5.4.	Aluminium Premiums for Physical Delivery, 2006-2015. Delivered Price as % of LME Cash Price.	110
Fig. 6.1.	Key Elements in the Risk Management Process.	121
Fig. 6.2.	Basic Hedging Programme Design.	126
Fig. 7.1.	Three Key Elements in Value-based Management.	137
Fig. 7.2.	The Efficient Frontier.	141
Fig. 7.3.	Strategic Characterisation of Processes - The Steel Example.	142
Fig. 8.1.	The Four Basic Value-based Costing Concepts Are Designed to Be Compatible with the Typical Corporate Structure.	155
Fig. 9.1.	There Are Two Halves to the Operating Excellence Part of Shareholder Value.	185
Fig. 9.2.	The Three Elements in Capital Productivity Can Be Quantified Using a Small Number of Simple Concepts.	186
Fig. 9.3.	Milling Is the Most Intensively Utilised of All the Elements in the Production Chain, and So the Bottleneck in the Whole System.	187
Fig. 9.4.	Machine Productivity Is a Concept That Can Be Readily Communicated at the Operator Level.	190
Fig. 9.5.	Analysis of Drills Showed Scope for Better Utilisation and Operating Efficiency: Thus Fewer Drills were Required.	195
Fig. 10.1.	Real Equity and Bond Returns, 1956-2015.	205
Fig. 10.2.	Weighted Average Cost of Capital in Mining, 1991-2015.	209
Fig. 11.1.	General Evolution of Value in the Mine Development Process.	217
Fig. 11.2.	International Standards for Quantifying Resources and Reserves.	222
Fig. 11.3.	The Gateway System for Mine Development.	225
Fig. 12.1.	Real Metals Prices, 1950-2015.	237

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