RECOMMENDATIONS

Physical Accounting

1. Physical accounting of geological stocks

Goal: Monitoring of geological stocks

Geological stocks are indispensable for global sustainable development. To secure future minerals supply, we need data, information and models on geological deposits that describe the quantities and qualities of materials stored in the Earth’s crust. The goal is to have reliable data of total geological stocks, including both known and undiscovered resources, and an understanding of how they change over time. Current systems of reporting of mineral resources and reserves are based on the CRIRSCO template or the United Nations Framework Classification for Resources (UNFC), and are intended for stock market financing and government taxation of individual projects. However, the aggregated totals of the reported project quantities do not equal the total geological stock. There is no mass-balance consistent framework for integrating these numbers into national resource inventories, and there are limited studies attempting to quantify undiscovered resources (e.g. European MAP project). Unless we develop figures that describe the total geological stock, it is not possible to make robust geological stocks assessments of resource availability, mineral depletion, and sustainable resource management.

image - Figure 1: Understanding geological stocks

Figure 1: Understanding geological stocks


There are significant challenges to attaining this goal. These include:

  • lack of a framework for reporting mass-balance-consistent figures of geological resources over time and space, including system definition, terminology, and robust assessment methodology;
  • lack of robust, comprehensive, and standardised datasets for estimation of geological stocks; and
  • lack of standards and protocols to integrate, harmonise and exchange information on geological stocks derived from industry sources and national or global data inventories

Recommendations

  • Develop a standardised methodology and framework for physical accounting of geological stocks. Promote dialogue between MFA specialists, resource geologists, geodata scientists and existing working group, such as the Expert Group on Resource Classification (EGRC), to develop an appropriate framework. This recommendation might be implemented in a number of ways, such as a new EU call (e.g. H2020, Horizon Europe, GeoERA) and by assessing the role of existing bodies, such as the Minerals4EU Foundation.
  • Develop and improve 3D geological models to enhance quantification of total geological stocks and associated uncertainties.