What are the most reliable sources of mineral market data?

1 Types of data

There are different types of data that mining engineers need to consider when assessing mineral projects, such as prices, costs, supply, demand, trade, and forecasts. Each type of data has its own sources, methods, and limitations, and they may vary depending on the commodity, region, and time period. Therefore, it is important to understand the scope, quality, and reliability of each source, and to compare and cross-check data from multiple sources whenever possible.

3 Cost data

Cost data is an essential type of information for the feasibility and competitiveness of mineral projects. It includes operating costs, capital costs, and sustaining costs, and can vary depending on the scale, location, technology, and efficiency of each project. Reliable sources of cost data include benchmark studies from industry associations, research institutes, and universities; company reports from mining companies, contractors, and suppliers; and cost models from software tools, databases, and calculators. For example, the AME, the CSIRO, the UBC, InfoMine, Mining Intelligence, and Sherpa are all sources that provide cost data and comparisons for various commodities and regions.

4 Supply and demand data

Supply and demand data is another important type of data, as it reflects the balance and dynamics of mineral markets. Sources of supply data include production, reserves, resources, and exploration, while demand data includes consumption, imports, exports, and stocks. Reliable sources of such data are surveys and statistics from governments, agencies, and organizations like the USGS, the BGS, the IEA, and the EIA. Additionally, market outlooks and forecasts from industry analysts, consultants, and publications like CRU, S&P Global, Wood Mackenzie, and Mining Journal can provide supply and demand data and projections for various commodities. Lastly, trade data from customs, ports, and databases like UN Comtrade, Trade Map, and Panjiva can offer import and export data for various commodities across countries.

5 How to use data

Having access to reliable sources of mineral market data is not enough; mining engineers also need to know how to use data effectively and appropriately. Best practices include using data that is relevant, recent, and representative for the commodity, market, and project of interest. This data should also be consistent, transparent, and verifiable. It's important to use data that is objective, unbiased, and independent, as well as comprehensive, diverse, and balanced. Finally, engineers should aim for data that is analytical, contextual, and insightful rather than descriptive, isolated, or superficial.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?