OCR Text |
Show Gentlemen, I would like to discuss with you the changing prospect for mineral supplies on a global basis and some of the implications that these changes portend for the peace and prosperity of the community of nations. The impact of these changes could be very far-reaching indeed. First, a few facts of life: 1. The nations of the world are not equally endowed with minerals, and no industrialized nation is presently self-sufficient. 2. The industrialized areas of the world consume the overwhelming share of raw materials and are increasingly reliant on imports to meet their growing needs. Reserves are becoming depleted and domestic minerals are often more costly than available imports. 3. The undeveloped world, much of which is still only modestly explored, contains the most promising prospects for finding vast new reserves that can best be won at low cost. Geologically these countries have the advantage. 4. The United States is relatively richly endowed compared to other countries. True, there are some 2 3 minerals where over half our requirements are imported but the majority of these are either relatively less critical or are available from relatively friendly and accessible neighbors. There are some scary exceptions like chromium - 91% imported - with the USSR, South Africa, Turkey, and the Philippines principal suppliers or manganese - 9 8% imported - with Brazil, Gabon, South Africa and Zaire as the principal suppliers. But in major minerals like coal, iron ore, lead, and copper, we can take care of most of our own needs and imports are a matter of cost and convenience, rather |