The highly dynamic nature of the electric vehicle industry has intensified global demand for nickel, a critical input in battery production. As the world's largest nickel producer, Indonesia faces the dual challenge of fostering industrial growth while limiting environmental impacts. This study develops a system dynamics model to evaluate the economic and environmental consequences of trade policy options in Indonesia's nickel supply chain, including export bans, tariffs and royalties, and tax incentives. The model integrates supply, demand, economic, and environmental subsystems to simulate scenarios for 2016–2040. Results show that an export ban paired with tax incentives increases national revenues by 154 % relative to the baseline (USD 474 billion to USD 1206 billion), underscoring the importance of downstream processing in value creation. Yet this strategy also accelerates CO2 emissions (+217 %) and solid waste generation (+348 %). The ban further creates a global demand backlog for nickel ore while generating surpluses in final products. Class 2 intermediates (NPI and FeNi) currently yield higher revenues than class 1 products (Ni matte and MHP), reflecting domestic capacity constraints. The findings highlight trade-offs between economic gains and environmental sustainability, offering a decision-support framework for policymakers to design balanced strategies in Indonesia's nickel sector.
{"title":"Navigating trade policies and sustainability: a system dynamics analysis of Indonesia’s nickel supply chain","authors":"Meditya Wasesa , Taufiq Hidayat , Dinda Thalia Andariesta , Alma Kenanga Attazahri , Bima Satritama , Haidar Aji Wasesa , Zulfiadi Zulhan , Mohammad Zaki Mubarok , Utomo Sarjono Putro","doi":"10.1016/j.resourpol.2025.105786","DOIUrl":"10.1016/j.resourpol.2025.105786","url":null,"abstract":"<div><div>The highly dynamic nature of the electric vehicle industry has intensified global demand for nickel, a critical input in battery production. As the world's largest nickel producer, Indonesia faces the dual challenge of fostering industrial growth while limiting environmental impacts. This study develops a system dynamics model to evaluate the economic and environmental consequences of trade policy options in Indonesia's nickel supply chain, including export bans, tariffs and royalties, and tax incentives. The model integrates supply, demand, economic, and environmental subsystems to simulate scenarios for 2016–2040. Results show that an export ban paired with tax incentives increases national revenues by 154 % relative to the baseline (USD 474 billion to USD 1206 billion), underscoring the importance of downstream processing in value creation. Yet this strategy also accelerates CO<sub>2</sub> emissions (+217 %) and solid waste generation (+348 %). The ban further creates a global demand backlog for nickel ore while generating surpluses in final products. Class 2 intermediates (NPI and FeNi) currently yield higher revenues than class 1 products (Ni matte and MHP), reflecting domestic capacity constraints. The findings highlight trade-offs between economic gains and environmental sustainability, offering a decision-support framework for policymakers to design balanced strategies in Indonesia's nickel sector.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"112 ","pages":"Article 105786"},"PeriodicalIF":10.2,"publicationDate":"2025-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145537502","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}
Pub Date : 2025-11-17DOI: 10.1016/j.resourpol.2025.105795
Cece Cherif Delamou
In the present paper we study the stabilizing effect of alternative fiscal policy measures in response to a fall in a developing country's revenues from their natural resources sector. The theoretical framework of a new-Keynesian small open economy is used, and the model is calibrated to the economy of Guinea. We find that a countercyclical public investments policy reduces private consumption further in the short run while the associated increasing level of public capital allows for a higher net increase in future private consumption only from the medium run onwards. The tax relief policy, in addition to requiring less public borrowing than the countercyclical spending policy as well as leading to less inflationary pressures, raises private consumption from baseline, on-impact and in the short run. The commonly recommended use of a sovereign wealth fund does raise private consumption and non-resource output, on impact and durably afterwards, and reduces inflation and public borrowing requirements, but does contract the competitiveness of domestically produced intermediate goods and causes a downswing in labor demand domestically.
{"title":"Fiscal stabilization in resource-rich developing economies amid a resource revenues downturn: A new-Keynesian analysis","authors":"Cece Cherif Delamou","doi":"10.1016/j.resourpol.2025.105795","DOIUrl":"10.1016/j.resourpol.2025.105795","url":null,"abstract":"<div><div>In the present paper we study the stabilizing effect of alternative fiscal policy measures in response to a fall in a developing country's revenues from their natural resources sector. The theoretical framework of a new-Keynesian small open economy is used, and the model is calibrated to the economy of Guinea. We find that a countercyclical public investments policy reduces private consumption further in the short run while the associated increasing level of public capital allows for a higher net increase in future private consumption only from the medium run onwards. The tax relief policy, in addition to requiring less public borrowing than the countercyclical spending policy as well as leading to less inflationary pressures, raises private consumption from baseline, on-impact and in the short run. The commonly recommended use of a sovereign wealth fund does raise private consumption and non-resource output, on impact and durably afterwards, and reduces inflation and public borrowing requirements, but does contract the competitiveness of domestically produced intermediate goods and causes a downswing in labor demand domestically.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"111 ","pages":"Article 105795"},"PeriodicalIF":10.2,"publicationDate":"2025-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145576959","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}
Pub Date : 2025-11-15DOI: 10.1016/j.resourpol.2025.105788
Thomas M. van Rensburg, Mohammad Asif Khan, Noreen Brennan
{"title":"To mine or not to mine, that is the question: Assessing public preferences for deep-sea mining using a choice experiment in Norway","authors":"Thomas M. van Rensburg, Mohammad Asif Khan, Noreen Brennan","doi":"10.1016/j.resourpol.2025.105788","DOIUrl":"10.1016/j.resourpol.2025.105788","url":null,"abstract":"","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"111 ","pages":"Article 105788"},"PeriodicalIF":10.2,"publicationDate":"2025-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145577015","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}
Pub Date : 2025-11-15DOI: 10.1016/j.resourpol.2025.105793
Alejandro Buesa , Pablo Piñero , Luis Pedauga , José Manuel Rueda-Cantuche , Brian Baldassarre
Strategic autonomy can benefit from circular economy initiatives, such as reducing primary inputs and recycling critical raw materials in key technologies. Using titanium metal in the EU as a showcase, we start by combining information from heterogeneous sources: non-systematic data, macroeconomic statistics and micro-level information from Customs agencies. This procedure allows us to disaggregate secondary (i.e., titanium scrap) flows depending on their production stage, sector of origin and quality. Building upon this novel dataset, we design two enhanced circularity scenarios with marked strategic autonomy implications: a reduction of scrap buyback agreements in the EU with the US, and an increase in scrap collection from end-of-life aircraft. Finally, these scenarios are fed into an inter-country input–output model to compute their economic and employment impact. The results of our simulations show that the EU would benefit from retaining and valorizing secondary titanium flows domestically instead of routing it to third countries, most notably if domestic processing capacity is also increased, by up to 40 million euros in value added and around 620 jobs.
{"title":"The benefits of enhanced circularity on strategic autonomy: Titanium metal in the EU","authors":"Alejandro Buesa , Pablo Piñero , Luis Pedauga , José Manuel Rueda-Cantuche , Brian Baldassarre","doi":"10.1016/j.resourpol.2025.105793","DOIUrl":"10.1016/j.resourpol.2025.105793","url":null,"abstract":"<div><div>Strategic autonomy can benefit from circular economy initiatives, such as reducing primary inputs and recycling critical raw materials in key technologies. Using titanium metal in the EU as a showcase, we start by combining information from heterogeneous sources: non-systematic data, macroeconomic statistics and micro-level information from Customs agencies. This procedure allows us to disaggregate secondary (i.e., titanium scrap) flows depending on their production stage, sector of origin and quality. Building upon this novel dataset, we design two enhanced circularity scenarios with marked strategic autonomy implications: a reduction of scrap buyback agreements in the EU with the US, and an increase in scrap collection from end-of-life aircraft. Finally, these scenarios are fed into an inter-country input–output model to compute their economic and employment impact. The results of our simulations show that the EU would benefit from retaining and valorizing secondary titanium flows domestically instead of routing it to third countries, most notably if domestic processing capacity is also increased, by up to 40 million euros in value added and around 620 jobs.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"111 ","pages":"Article 105793"},"PeriodicalIF":10.2,"publicationDate":"2025-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145527031","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}
Pub Date : 2025-11-15DOI: 10.1016/j.resourpol.2025.105797
Albert Adehokey , Lawrence Kwabena Brobbey , Dorcas Peggy Somuah , Joana Akua Serwaah Ameyaw
Informal artisanal and small-scale mining (ASM) has significantly expanded in Ghana and other African countries, often causing environmental degradation and social conflicts. However, insights on who benefits and the mechanisms used to benefit have not been well studied. We engaged the Theory of Access to examine the mechanisms actors involved in informal ASM use to gain, maintain and control benefits to mineral-rich lands in the Amansie West District of Ghana. Data were collected through focus group discussions and key informant interviews with informal ASM operators, traditional leaders, local government officials, laborers, supervisors, landowners, youth leaders, and smallholder farmers from four communities in the district. Three mechanisms of access; rights-based, structural and relational, and socio-developmental merchandising where prospective ASM operators undertake social development projects to gain and maintain access to gold in mining communities were identified. These are complemented by force, capital, knowledge, labor opportunities, and identity. Traditional leaders and local governance authorities are involved in a symbiotic relationship in granting and controlling access to gold contrary to the laws of Ghana. Vigilante youth groups benefit from informal ASM by mounting barriers on access roads that lead to mining communities and collecting money for the passage of excavators and other heavy equipment used in ASM operations. The findings highlight the need for innovative policy interventions like a multi-stakeholder dialogue process that integrates customary and statutory systems to regulate informal ASM, ensuring it is both environmentally sustainable and beneficial for local communities and the state.
{"title":"Who benefits from informal artisanal and small-scale mining (ASM) in Ghana? Evidence from the Amansie West District","authors":"Albert Adehokey , Lawrence Kwabena Brobbey , Dorcas Peggy Somuah , Joana Akua Serwaah Ameyaw","doi":"10.1016/j.resourpol.2025.105797","DOIUrl":"10.1016/j.resourpol.2025.105797","url":null,"abstract":"<div><div>Informal artisanal and small-scale mining (ASM) has significantly expanded in Ghana and other African countries, often causing environmental degradation and social conflicts. However, insights on who benefits and the mechanisms used to benefit have not been well studied. We engaged the Theory of Access to examine the mechanisms actors involved in informal ASM use to gain, maintain and control benefits to mineral-rich lands in the Amansie West District of Ghana. Data were collected through focus group discussions and key informant interviews with informal ASM operators, traditional leaders, local government officials, laborers, supervisors, landowners, youth leaders, and smallholder farmers from four communities in the district. Three mechanisms of access; rights-based, structural and relational, and socio-developmental merchandising where prospective ASM operators undertake social development projects to gain and maintain access to gold in mining communities were identified. These are complemented by force, capital, knowledge, labor opportunities, and identity. Traditional leaders and local governance authorities are involved in a symbiotic relationship in granting and controlling access to gold contrary to the laws of Ghana. Vigilante youth groups benefit from informal ASM by mounting barriers on access roads that lead to mining communities and collecting money for the passage of excavators and other heavy equipment used in ASM operations. The findings highlight the need for innovative policy interventions like a multi-stakeholder dialogue process that integrates customary and statutory systems to regulate informal ASM, ensuring it is both environmentally sustainable and beneficial for local communities and the state.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"111 ","pages":"Article 105797"},"PeriodicalIF":10.2,"publicationDate":"2025-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145526889","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}
Pub Date : 2025-11-15DOI: 10.1016/j.resourpol.2025.105785
Dilruba Erkan , Henny Warsilah , Sri Yudawati Cahyarini
Good practice in extractive governance in resource-abundant regions requires understanding communities' perspectives through its everyday life experiences and perceptions in their full complexity. However, the ambivalent nature of community responses in such regions is poorly understood as the participation and opposition to extraction are often intertwined. Here, we analyze how communities perceive tin mining; and how they negotiate and articulate these responses in Belitung Island, Indonesia. A substantial body of work offered empirical research that maps out the intertwinedness of participation and opposition beyond the assumed binaries of agreement or disagreement. In this study, we further highlight the importance of occupational distance, such as (in)direct economic relations or dependency on mining, in influencing how communities negotiate and articulate their positions. Despite Belitung's long-standing role in global tin supply chains, the efforts to examine how differing economic relations to mining impact the island community perceptions have received less attention. This study contributes to those discussions by exploring how immediate economic pressures, everyday harm, and asymmetrical power relations shape perceptions of mining-related opportunities and harms, in regards to the occupational distance of households to the extractive industries. We employ mixed methods grounded in political economy, political ecology, and critical readings of the Social License to Operate (SLO) and Corporate Social Responsibility (CSR) frameworks. Drawing on 146 household surveys and 12 in-depth interviews, we show that community perceptions are not stable or voluntary positions but negotiated stances produced through uneven political-economic landscapes mediated by governance failures and socio-economic dependencies. Neither economic dependency, perceived environmental harm, nor personal losses consistently predict agreement, participation, disagreement, or resistance. This challenges dominant assumptions of simplified versions of governance frameworks by examining community responses around the extractive economy in Belitung Island. This study intrumentalize occupational distance to advance a more nuanced understanding of extractive legitimacy and its implications for context-sensitive, participatory models of governance in resource-abundant regions.
{"title":"Community responses in a contested mining landscape: Perceptions and power in Belitung, Indonesia","authors":"Dilruba Erkan , Henny Warsilah , Sri Yudawati Cahyarini","doi":"10.1016/j.resourpol.2025.105785","DOIUrl":"10.1016/j.resourpol.2025.105785","url":null,"abstract":"<div><div><em>Good practice</em> in extractive governance in resource-abundant regions requires understanding communities' perspectives through its everyday life experiences and perceptions in their full complexity. However, the ambivalent nature of community responses in such regions is poorly understood as the participation and opposition to extraction are often intertwined. Here, we analyze how communities perceive tin mining; and how they negotiate and articulate these responses in Belitung Island, Indonesia. A substantial body of work offered empirical research that maps out the intertwinedness of participation and opposition beyond the assumed binaries of agreement or disagreement. In this study, we further highlight the importance of <em>occupational distance</em>, such as (in)direct economic relations or dependency on mining, in influencing how communities negotiate and articulate their positions. Despite Belitung's long-standing role in global tin supply chains, the efforts to examine how differing economic relations to mining impact the island community perceptions have received less attention. This study contributes to those discussions by exploring how immediate economic pressures, everyday harm, and asymmetrical power relations shape perceptions of mining-related opportunities and harms, in regards to the occupational distance of households to the extractive industries. We employ mixed methods grounded in political economy, political ecology, and critical readings of the Social License to Operate (SLO) and Corporate Social Responsibility (CSR) frameworks. Drawing on 146 household surveys and 12 in-depth interviews, we show that community perceptions are not stable or voluntary positions but negotiated stances produced through uneven political-economic landscapes mediated by governance failures and socio-economic dependencies. Neither economic dependency, perceived environmental harm, nor personal losses consistently predict agreement, participation, disagreement, or resistance. This challenges dominant assumptions of simplified versions of governance frameworks by examining community responses around the extractive economy in Belitung Island. This study intrumentalize occupational distance to advance a more nuanced understanding of extractive legitimacy and its implications for context-sensitive, participatory models of governance in resource-abundant regions.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"111 ","pages":"Article 105785"},"PeriodicalIF":10.2,"publicationDate":"2025-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145526890","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}
This paper analyses over 2000 critical minerals policy submissions from the United States, the European Union, Australia, and South Africa (2010–2024). Integrating game theory with critical discourse analysis reveals how four dominant discursive strategies—securitisation of dependence, recontextualisation of exclusion, moralisation of domestic hierarchy, and moralisation of unilateral rule-setting—map onto specific non-cooperative game archetypes: the Prisoner's Dilemma, Stackelberg Followership, Assurance Game and Stag Hunt. Together, these strategies form a multi-level game that incentivises subsidy races and regulatory arbitrage, pushing the global system toward suboptimal outcomes of underfunded and inequitable value chains. To escape this equilibrium, the paper proposes an Integrative Mineral Criticality (IMC) framework to reconceptualise global governance of critical minerals as a cooperative game.
{"title":"Towards global cooperation in securing critical minerals: Game theory analyses of policy discourses from the United States, the European Union, South Africa and Australia","authors":"Desire Runganga , Bishal Bharadwaj , Helen Cabalu , Peta Ashworth","doi":"10.1016/j.resourpol.2025.105792","DOIUrl":"10.1016/j.resourpol.2025.105792","url":null,"abstract":"<div><div>This paper analyses over 2000 critical minerals policy submissions from the United States, the European Union, Australia, and South Africa (2010–2024). Integrating game theory with critical discourse analysis reveals how four dominant discursive strategies—securitisation of dependence, recontextualisation of exclusion, moralisation of domestic hierarchy, and moralisation of unilateral rule-setting—map onto specific non-cooperative game archetypes: the Prisoner's Dilemma, Stackelberg Followership, Assurance Game and Stag Hunt. Together, these strategies form a multi-level game that incentivises subsidy races and regulatory arbitrage, pushing the global system toward suboptimal outcomes of underfunded and inequitable value chains. To escape this equilibrium, the paper proposes an Integrative Mineral Criticality (IMC) framework to reconceptualise global governance of critical minerals as a cooperative game.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"111 ","pages":"Article 105792"},"PeriodicalIF":10.2,"publicationDate":"2025-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145526888","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}
Pub Date : 2025-11-14DOI: 10.1016/j.resourpol.2025.105789
Michael Mbate
This paper examines the financial architecture and developmental implications of Chinese mineral financing in Africa. Using a dataset of 33 Chinese-financed mineral projects between 2006 and 2021, it shifts the focus from the volume of lending to the modalities of finance that condition Africa's bargaining power and position within global mineral value chains. The analysis shows that financing is highly concentrated - sectorally in copper and cobalt and institutionally in USD-denominated megaprojects dominated by state-linked entities. Loan terms with short grace periods and rigid repayment schedules, combined with implementation control by Chinese firms, constrain African agency and limit domestic value retention. Conceptually, the study demonstrates the usefulness of viewing resource governance through financial architecture, where repayment structures, equity shares, and risk allocation operate as mechanisms of control. It concludes that without stronger negotiation capacity, regulatory oversight, and regional coordination, Chinese mineral finance may reproduce extractive dependence rather than support long-term industrial development.
{"title":"Financing Africa's transition minerals: Chinese capital, control structures, and developmental constraints","authors":"Michael Mbate","doi":"10.1016/j.resourpol.2025.105789","DOIUrl":"10.1016/j.resourpol.2025.105789","url":null,"abstract":"<div><div>This paper examines the financial architecture and developmental implications of Chinese mineral financing in Africa. Using a dataset of 33 Chinese-financed mineral projects between 2006 and 2021, it shifts the focus from the volume of lending to the modalities of finance that condition Africa's bargaining power and position within global mineral value chains. The analysis shows that financing is highly concentrated - sectorally in copper and cobalt and institutionally in USD-denominated megaprojects dominated by state-linked entities. Loan terms with short grace periods and rigid repayment schedules, combined with implementation control by Chinese firms, constrain African agency and limit domestic value retention. Conceptually, the study demonstrates the usefulness of viewing resource governance through financial architecture, where repayment structures, equity shares, and risk allocation operate as mechanisms of control. It concludes that without stronger negotiation capacity, regulatory oversight, and regional coordination, Chinese mineral finance may reproduce extractive dependence rather than support long-term industrial development.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"111 ","pages":"Article 105789"},"PeriodicalIF":10.2,"publicationDate":"2025-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145527030","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}
Pub Date : 2025-11-12DOI: 10.1016/j.resourpol.2025.105784
Cornelie Crous , Lochner Marais
The risks posed by mines' waste storage facilities have become evident. In 2020, the International Council on Mining and Metals (ICMM) accepted the Global Industry Standard on Tailings Management (GISTM). To discover whether the Standard has changed companies' practices, whether the changes are comprehensive enough, and whether enough attention is given to non-technical aspects, we examined sustainability reporting on tailings storage facilities by the six largest mining companies in the world that are members of the ICMM. The paper uses concepts from social constructivism. We compared the transparency in reporting before and after the acceptance of the GISTM to investigate whether it has improved reporting. Despite some improvement in transparency about the location of each tailings storage facility and the risks it poses, concerns remain. The aspects needing improvement are the disaster terminology, the frequency of reviewing tailings storage facilities, and the acknowledgement that communities change. Newmont Corporation's approach offers hope for a broader understanding of disaster. Our main conceptual contribution links the need for transparency in disaster thinking with the inability of transparency reporting to do justice to this need.
{"title":"Transparency of reporting on tailings storage facilities by the six largest members of the International Council on Mining and Metals","authors":"Cornelie Crous , Lochner Marais","doi":"10.1016/j.resourpol.2025.105784","DOIUrl":"10.1016/j.resourpol.2025.105784","url":null,"abstract":"<div><div>The risks posed by mines' waste storage facilities have become evident. In 2020, the International Council on Mining and Metals (ICMM) accepted the Global Industry Standard on Tailings Management (GISTM). To discover whether the Standard has changed companies' practices, whether the changes are comprehensive enough, and whether enough attention is given to non-technical aspects, we examined sustainability reporting on tailings storage facilities by the six largest mining companies in the world that are members of the ICMM. The paper uses concepts from social constructivism. We compared the transparency in reporting before and after the acceptance of the GISTM to investigate whether it has improved reporting. Despite some improvement in transparency about the location of each tailings storage facility and the risks it poses, concerns remain. The aspects needing improvement are the disaster terminology, the frequency of reviewing tailings storage facilities, and the acknowledgement that communities change. Newmont Corporation's approach offers hope for a broader understanding of disaster. Our main conceptual contribution links the need for transparency in disaster thinking with the inability of transparency reporting to do justice to this need.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"111 ","pages":"Article 105784"},"PeriodicalIF":10.2,"publicationDate":"2025-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145527029","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}
Pub Date : 2025-11-11DOI: 10.1016/j.resourpol.2025.105779
Gerardo Reyes-Tagle, Claudio Karl Estupiñan
Lithium is central to the global energy transition, with Argentina, Brazil, and Chile holding a significant portion of the world's reserves. Designing royalty regimes that capture rents without discouraging investment is therefore a critical policy challenge. While theory emphasizes the neutrality of profit-based instruments, common practice relies on administratively simpler sales-based royalties. In the analysis of these alternatives, existing studies have mostly used partial equilibrium approaches that overlook economy-wide effects.
This paper, on the other hand, develops a dynamic stochastic general equilibrium (DSGE) model designed to capture the economy-wide effects of four royalty schemes: a flat sales-based scheme, a flat profit-based scheme, a progressive sales-based scheme, and a progressive profit-based scheme. The model is calibrated with data from Argentina, Brazil, and Chile, and is used to simulate the effects of a 10% lithium price shock on production, investment, and fiscal balances. Results show that sales-based regimes transmit higher prices more effectively to investment, while progressive schemes capture more rents but risk discouraging marginal projects. Profit-based progressivity stabilizes fiscal balances but underperforms in rent capture. These findings can serve to inform royalty design in Latin America and other resource-rich economies facing energy transition challenges.
{"title":"Sales vs. profit-based royalties: Evidence from lithium in LAC countries","authors":"Gerardo Reyes-Tagle, Claudio Karl Estupiñan","doi":"10.1016/j.resourpol.2025.105779","DOIUrl":"10.1016/j.resourpol.2025.105779","url":null,"abstract":"<div><div>Lithium is central to the global energy transition, with Argentina, Brazil, and Chile holding a significant portion of the world's reserves. Designing royalty regimes that capture rents without discouraging investment is therefore a critical policy challenge. While theory emphasizes the neutrality of profit-based instruments, common practice relies on administratively simpler sales-based royalties. In the analysis of these alternatives, existing studies have mostly used partial equilibrium approaches that overlook economy-wide effects.</div><div>This paper, on the other hand, develops a dynamic stochastic general equilibrium (DSGE) model designed to capture the economy-wide effects of four royalty schemes: a flat sales-based scheme, a flat profit-based scheme, a progressive sales-based scheme, and a progressive profit-based scheme. The model is calibrated with data from Argentina, Brazil, and Chile, and is used to simulate the effects of a 10% lithium price shock on production, investment, and fiscal balances. Results show that sales-based regimes transmit higher prices more effectively to investment, while progressive schemes capture more rents but risk discouraging marginal projects. Profit-based progressivity stabilizes fiscal balances but underperforms in rent capture. These findings can serve to inform royalty design in Latin America and other resource-rich economies facing energy transition challenges.</div></div>","PeriodicalId":20970,"journal":{"name":"Resources Policy","volume":"111 ","pages":"Article 105779"},"PeriodicalIF":10.2,"publicationDate":"2025-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145527019","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}
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