Natural resource abundance in Nigeria: From dependence to development

There are several strategies open to an economy in its attempt to attain sustainable economic development depending on its historical background and resource endowment. One of such is the resource-led strategy. Nigeria is superabundantly rich in crude oil and has reaped billions of petrodollars. However, the country seems to be facing the problem of successfully translating this huge oil wealth into sustainable development. This paper employs the vector error-correction methodology in examining the long-run impact of the huge oil wealth accruing to Nigeria on its economic development. Indicators such as per capita GDP (PGDP), household consumption, infrastructural development (electricity), and agricultural and manufacturing output growth rates are examined. The results suggest a significant positive long-run impact of per capita oil revenue on per capita household consumption and electricity generation, while a negative relationship is established for GDP, agriculture and manufacturing. Even for those variables with negative relationship at current period, there exist positive relationships at subsequent lags. Thus, oil revenue, if properly managed and invested, could be effectively used to induce oil-led development in Nigeria provided the current inhibitions of corruption, lack of transparency, accountability and fairness in its use and distribution are removed.     

Understanding conservationists’ perspectives on the new‐conservation debate

A vibrant debate about the future direction of biodiversity conservation centers on the merits of the so‐called new conservation. Proponents of the new conservation advocate a series of positions on key conservation ideas, such as the importance of human‐dominated landscapes and conservation's engagement with capitalism. These have been fiercely contested in a debate dominated by a few high‐profile individuals, and so far there has been no empirical exploration of existing perspectives on these issues among a wider community of conservationists. We used Q methodology to examine empirically perspectives on the new conservation held by attendees at the 2015 International Congress for Conservation Biology (ICCB). Although we identified a consensus on several key issues, 3 distinct positions emerged: in favor of conservation to benefit people but opposed to links with capitalism and corporations, in favor of biocentric approaches but with less emphasis on wilderness protection than prominent opponents of new conservation, and in favor of the published new conservation perspective but with less emphasis on increasing human well‐being as a goal of conservation. Our results revealed differences between the debate on the new conservation in the literature and views held within a wider, but still limited, conservation community and demonstrated the existence of at least one viewpoint (in favor of conservation to benefit people but opposed to links with capitalism and corporations) that is almost absent from the published debate. We hope the fuller understanding we present of the variety of views that exist but have not yet been heard, will improve the quality and tone of debates on the subject.     

Discounting in the presence of scarce ecosystem services

The discount rate for cost-benefit analysis has to take account of future scarcity of ecosystem services in consumption and production. Previous literature focuses on the first aspect and shows the importance of the relative price effect, for given growth rates of consumption and ecosystem services. This paper focuses on intermediate ecosystem services in production and shows that for limited substitutability and a low growth rate of these ecosystem services, the growth rate of consumption, and thus the discount rate, declines towards a low value. Using a Ramsey growth model, the paper distinguishes three cases. If ecosystem services can be easily substituted, the discount rate converges to the usual value in the long term. Secondly, if ecosystem services can be easily substituted in production but not in consumption, the relative price effect is important. Finally, and most interestingly, if ecosystem services cannot be easily substituted in production, the discount rate declines towards a low value and the relative price effect is less important. Another part of the previous literature has shown that a declining discount rate is the result of introducing several forms of uncertainty, but this paper reaches that conclusion from an endogenous effect on the growth rate of the economy.     

储罐钢08MnNiVR和SPV490Q在石油沉积水中腐蚀性能对比

采用电化学试验、浸泡试验和慢应变速率拉伸试验研究储罐钢08MnNiVR和SPV490Q在石油沉积水中的腐蚀性能差异。电化学试验结果表明,08MnNiVR在石油沉积水中的自腐蚀电流比SPV490Q略大。浸泡试验结果表明,中短期试验时,08MnNiVR的腐蚀率略大;较长期试验时,SPV490Q的腐蚀率略大。慢应变速率拉伸试验结果表明,08MnNiVR和SPV490Q在石油沉积水中均具有高应力腐蚀抗力。     

Some observations on copper yields and ore grades

The paper examines trends in the average copper content of mined ores over the years. It has tended to decline over the long term, but by no means evenly. US averages are not typical of global averages, at least in the past four decades. Those have been both higher, and less volatile than in the US. One reason for falling averages is a change in the type of deposit mined, with a rise in the share of relatively low grade porphyry deposits. The different nature of their deposits is reflected in marked differences in grades between the different continents. African and Australian average grades are higher than the global average, and changes in the share of Central Africa in global output have affected the global average grade. Yields are have been consistently lower in North America than elsewhere, and Latin American average grades have trended downwards, reflecting both the ageing of mines and the rising share of production from porphyry deposits. Typically the yield of mines declines over time as mining proceeds. The average copper content of ore deposits is usually below the average yield of the ore accessed in the early years of production. The initial grades of new mines have not declined over the past forty years, and there has been no perceptible tendency for the average grade of porphyry deposits brought into production to decline over time. There is no apparent correlation between average grade and deposit size, but mine operators tend to exploit economies of scale to offset low grades. The relationship between the annual percentage yields (the head grade) and the reserve grades of deposits is not static. In recent years head grades have fallen closer to reserve grades. The relationship may be affected by movements in metal prices. Although the evidence about the influence of prices is not clear-cut, it does suggest that prices and cut-off grades may be inversely related. As many ores contain other valuable metals besides copper, copper yields will sometimes be subordinated to the extraction of these other metals. Copper equivalent grades have not moved in the same way as copper grades alone.     

国产Q345钢在不同热-力路径下的材料性能对比和材料模型应用

为评估和分析钢结构的耐火性能,以我国10个钢厂生产的Q345钢的424次恒载升温试验和152次恒温加载试验结果为依据,对钢材强度和应变以及不同的热-力作用路径下的力学性能进行对比研究。结果表明,在所有热-力作用路径下,恒载升温试验的强度最小,应变最大,临界温度最低;恒温加载试验的强度最大,应变最小,临界温度最高。随温度升高,热-力作用路径对钢材的力学性能影响增大:在450℃以下影响较小,在500℃以上时影响显著。如果规范采用恒温加载试验强度,是不可靠的。恒载升温条件下的ε-T-k材料模型和恒温加载条件下的ε-k-T材料模型均不能单独用于超静定钢结构的性能分析。超静定钢结构的性能分析可把火灾过程离散为若干时段,把每个时段分解为两个独立的应变-温度过程和应变-应力过程,分别应用恒载升温条件下的ε-T-k和恒温加载条件下的ε-k-T材料模型进行分析,然后迭加计算以得出最后的应变。     

The macroeconomic determinants of volatility in precious metals markets

This paper models the monthly price volatilities of four precious metals (gold, silver, platinum and palladium prices) and investigates the macroeconomic determinants (business cycle, monetary environment and financial market sentiment) of these volatilities. Gold volatility is shown to be explained by monetary variables, but this is not true for silver. Overall, there is limited evidence that the same macroeconomic factors jointly influence the volatility processes of the four precious metal price series, although there is evidence of volatility feedback between the precious metals. These results are consistent with the view that precious metals are too distinct to be considered a single asset class, or represented by a single index. This finding is of importance for portfolio managers and investors.     

Impact of different public E&P policies on natural gas reserves and production in Pakistan

Low wellhead domestic gas prices over the past few years have led to the beginning of a shortage in natural gas reserves and production in Pakistan. Gas demand steadily rises in all sectors for being an economical fuel as compare to substitutes. In the view of foregoing consumption trend, the demand for gas is expected to grow with a higher pace during the 2010s. On the contrary, indigenous gas reserves are running out and cannot keep up with the demand. This paper examines the extent of upstream activities in different petroleum policy regimes. The wellhead price for indigenous gas is compared with the prices of alternatives (for example, gas import prices). In order to put the problem in perspective, the relationship between wellhead gas price and cumulative gas reserves in Pakistan are analyzed and we find that the looming gas shortage can be ameliorated in the short-run and eliminated in the long-run through incentivized wellhead price. To put it briefly, the idea is mooted to first take advantage of huge domestic reserves to ensure competitive consumer prices for gas. The findings are applicable to several other economies with under-developed natural resources.     

How can public–private partnerships contribute to security and human rights policy and practice in the extractive industries? A case study of The Democratic Republic of Congo (DRC)

Across sub-Saharan Africa, the presence of foreign large-scale mining companies is increasing. This is in part a result of depleting resources in countries such as Canada, United States and Australia, and in part from a more favorable national mine investment climate in several mineral-rich African countries. Their increased presence raises important questions around the potential role and function of Corporate Social Responsibility (CSR) in the sector. In post-conflict and/or fragile states, CSR has further implications for conflict and risk mitigation strategies to ensure the protection of human rights. One CSR approach increasingly being considered is the public–private partnership, whereby companies, public donors, and development agencies leverage their relationships for mutual benefit. There is merit in exploring its function in post-conflict fragile states, where socio-economic needs are high and the capacity of the state to respond to a variety of mine governance challenges is limited. Two case studies from the Democratic Republic of Congo (DRC) are presented, and their policy implications, discussed.     

Corporate Social Responsibility in the extractive industries: Experiences from developing countries

This paper introduces a special issue on ‘Corporate Social Responsibility in the extractive industries: experiences from developing countries’. Drawing upon case study analysis from Latin America, sub-Saharan Africa and Asia, the papers in this issue broaden understanding of how multinational mining and oil and gas companies have embraced the CSR challenge and responded to criticisms of their performance in developing countries. This paper provides an introduction to the debate on CSR in the extractive industries in developing countries, reviewing the key issues examined on this subject to date.