| Table 1.1. | Value of Global Mine Production, $bn, 2015. | 6 |
| Table 1.2. | Value of Production of Extractive Industries, $bn, 2015. | 9 |
| Table 2.1. | Herfindahl Index, Iron Ore, 2015. | 23 |
| Table 2.2. | Herfindahl Index, Steel, 2015. | 24 |
| Table 2.3. | Herfindahl Index, Aluminium, 2015. | 25 |
| Table 2.4. | Herfindahl Index, Nickel, 2015. | 26 |
| Table 2.5. | Commodity Market Characterisation. | 41 |
| Table 4.1. | Typical Commodity Marketing Activities. | 69 |
| Table 4.2. | Benchmark Prices for Major Commodities. | 75 |
| Table 5.1. | Commodity Exchange Business Model Drivers. | 86 |
| Table 5.2. | LME Contract Volumes and Liquidity 2015. | 87 |
| Table 5.3. | Price Volatility Trends for Selected Metals. | 91 |
| Table 5.4. | Key Functions of Commodity Exchanges. | 98 |
| Table 5.5. | Three-month Futures Price as a Forecast (Absolute Errors, $/t). | 100 |
| Table 5.6. | Three-month Futures Price as a Forecast (Percentage Errors). | 100 |
| Table 5.7. | Three-month Futures Price as a Forecast (Bias, $/t). | 101 |
| Table 5.8. | Three-month Futures Price as a Forecast (Percentage Bias). | 101 |
| Table 5.9. | LME Contangos and Backwardations, 1981-2015. | 105 |
| Table 5.10. | LME Warehouses Are Very Expensive by Competitive Commercial Standards. | 111 |
| Table 6.1. | Roles of Members of a Price Risk Management Committee. | 127 |
| Table 7.1. | Different Sources of Comparative Advantage Exist in Each Sector. | 143 |
| Table 8.1. | The VBC Nomenclature. | 157 |
| Table 8.2. | Hypothetical Cu-Au Mine Production and Market Assumptions. | 169 |
| Table 8.3. | Hypothetical Cu-Au Mine Cost Assumptions (Typical Year). | 170 |
| Table 8.4. | Cost Estimate Reconciliation. | 172 |
| Table 11.1. | Key Criteria for Determining Project Progress in Relation to the Gateways. | 227 |
| Table 11.2. | Work Required by Discipline for Passing Each Gateway. | 228 |
| Table 12.1. | Major Metals: Annual Average Price and Volume Changes. | 236 |
| Table 12.2. | Major Metals: Production and Reserves (Million Tonnes), 2015 Versus 2000. | 238 |
| Table 13.1. | Components of the Policy Potential Index. | 255 |
| Table 1.1. | Value of Global Mine Production, $bn, 2015. | |
| Table 1.2. | Value of Production of Extractive Industries, $bn, 2015. | |
| Table 2.1. | Herfindahl Index, Iron Ore, 2015. | |
| Table 2.2. | Herfindahl Index, Steel, 2015. | |
| Table 2.3. | Herfindahl Index, Aluminium, 2015. | |
| Table 2.4. | Herfindahl Index, Nickel, 2015. | |
| Table 2.5. | Commodity Market Characterisation. | |
| Table 4.1. | Typical Commodity Marketing Activities. | |
| Table 4.2. | Benchmark Prices for Major Commodities. | |
| Table 5.1. | Commodity Exchange Business Model Drivers. | |
| Table 5.2. | LME Contract Volumes and Liquidity 2015. | |
| Table 5.3. | Price Volatility Trends for Selected Metals. | |
| Table 5.4. | Key Functions of Commodity Exchanges. | |
| Table 5.5. | Three-month Futures Price as a Forecast (Absolute Errors, $/t). | |
| Table 5.6. | Three-month Futures Price as a Forecast (Percentage Errors). | |
| Table 5.7. | Three-month Futures Price as a Forecast (Bias, $/t). | |
| Table 5.8. | Three-month Futures Price as a Forecast (Percentage Bias). | |
| Table 5.9. | LME Contangos and Backwardations, 1981-2015. | |
| Table 5.10. | LME Warehouses Are Very Expensive by Competitive Commercial Standards. | |
| Table 6.1. | Roles of Members of a Price Risk Management Committee. | |
| Table 7.1. | Different Sources of Comparative Advantage Exist in Each Sector. | |
| Table 8.1. | The VBC Nomenclature. | |
| Table 8.2. | Hypothetical Cu-Au Mine Production and Market Assumptions. | |
| Table 8.3. | Hypothetical Cu-Au Mine Cost Assumptions (Typical Year). | |
| Table 8.4. | Cost Estimate Reconciliation. | |
| Table 11.1. | Key Criteria for Determining Project Progress in Relation to the Gateways. | |
| Table 11.2. | Work Required by Discipline for Passing Each Gateway. | |
| Table 12.1. | Major Metals: Annual Average Price and Volume Changes. | |
| Table 12.2. | Major Metals: Production and Reserves (Million Tonnes), 2015 Versus 2000. | |
| Table 13.1. | Components of the Policy Potential Index. |
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