LEADER 10588oam 22006735 450 001 9910816967903321 005 20240418090543.0 010 $a1-4648-0493-1 024 7 $a10.1596/978-1-4648-0492-2 035 $a(CKB)3710000000475737 035 $a(MiAaPQ)EBC3572452 035 $a(DLC) 2016299609 035 $a(Au-PeEL)EBL3572452 035 $a(CaPaEBR)ebr11092738 035 $a(CaONFJC)MIL826858 035 $a(OCoLC)919873489 035 $a(The World Bank)210492 035 $a(US-djbf)210492 035 $a(EXLCZ)993710000000475737 100 $a20020129d2015 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 14$aThe Extractive Industries Sector : $eEssentials for Economists, Public Finance Professionals, and Policy Makers. /$fHalland, Havard 205 $a1st ed. 210 1$aWashington, DC :$cWorld Bank,$d2015. 215 $a1 online resource (148 pages) 300 $a"A World Bank study." 311 $a1-4648-0492-3 311 $a1-4648-0605-5 320 $aIncludes bibliographical references. 327 $aFront Cover -- Contents -- Acknowledgments -- About the Authors -- Abbreviations -- Overview -- What Should We Know about the Extractive Industries Sector? -- Notes -- Organization of this Volume -- Chapter 1 Defining Sector Policy Objectives -- The Extractive Industries Value Chain -- Improving Revenue Mobilization -- Generating Extractive-Based Economic and Social Development -- Note -- Chapter 2 The Economics of the Extractive Industries Sector -- Accounting for Physical Stocks: Resources, Reserves, and the Economic Interpretation of Ore -- Theory of Rents and Valuation of Subsoil Assets -- Structure of Energy and Mineral Markets -- Notes -- Chapter 3 Institutional Framework -- Mandates and Coordination -- Role of the Sector Ministry -- Roles of the Ministry of Finance and Revenue-Collecting Agencies -- Role of the National Resource Company -- Roles of Other Ministries and Government Agencies -- Note -- Chapter 4 Investment and Production Cycles -- Characteristics of Extractive Industry Investments -- The Mining Cycle -- The Oil and Gas Cycle -- Chapter 5 Extractive Industries Policy -- Policy and Regulatory Frameworks -- Sector Financing, Ownership, and Liabilities -- Mineral Legislation, Regulation, and Contracting Regimes -- Establishing and Maintaining a Geodata Information Base -- Mineral Rights Cadastre -- Overview of Extractive Industries Tax and Royalty Regimes -- Enhancing Competitiveness and Productivity -- Note -- Chapter 6 Monitoring and Enforcing Contracts: Legal Obligations and Institutional Responsibilities -- Legal and Contractual Regimes -- Building Transparency and Accountability in Contract and Revenue Management -- Monitoring and Enforcing Fiscal Regimes for the Extractive Sector -- Environmental Safeguards: Financial Sureties for Decommissioning -- Social Safeguards: Community Foundations, Trusts, and Funds. 327 $aChapter 7 Public Infrastructure and Investment -- From Subsoil Assets to Above-Ground Investment -- Infrastructure Investment -- Chapter 8 Economic Diversification and Local Content Development -- Developing Linkages -- Appendix A Resource Classification Frameworks -- The Four Classification Codes -- Committee for Mineral Reserves International Reporting Standards (CRIRSCO) -- The Society of Petroleum Engineers-Petroleum Resources Management System (SPE-PRMS) -- United Nations Framework Classification for Fossil Energy and Mineral Reserves and Resources 2009 -- System of Environmental-Economic Accounting 2012 -- Appendix B Types of Economic Rents -- Hotelling Rents, or User Costs -- Ricardian Rents -- Quasi-Rents -- Appendix C Impact of Income Changes on Commodity Demand -- How Does Demand for Commodities Adjust? -- Notes -- Appendix D Effective Resource Contract Enforcement: A Checklist of Guidelines -- Why Use a Checklist? -- Resource Revenue Collection -- Resource Revenue Projections and Macrofiscal Planning -- Management of Expenditure and Contingent Liabilities -- References -- Boxes -- 3.1 Insufficient Institutional Coordination and Its Impact: The Case of Ghana -- 5.1 Mineral Policy -- 5.2 Modes of State Participation -- 5.3 Mining Law -- 5.4 Mining Regulations -- 5.5 Mining Contracts and Licenses -- 6.1 Establishing the Extractive Industries Tax Base: Generating Production Data -- 6.2 South Africa: Large State Liabilities Resulting from Inadequate Decommissioning -- 6.3 Financing for Community Benefit Sharing: Examples -- 6.4 Developing Local Investment Capacity in Peru -- 7.1 Effective Public Investment Management -- 7.2 A Discussion of Resource-Financed Infrastructure -- 8.1 The Diversification of Norway's Oil and Gas Value Chain -- 8.2 International Experience in Promoting Downstream Mineral Processing. 327 $a8.3 Institutional Infrastructure for Nonresource Diversification in Chile -- A.1 CRIRSCO Classification System Definitions -- A.2 SPE-PRMS Classification Definitions -- B.1 Rents Outlined in David Ricardo's 1821 Treatise On the Principles of Political Economy and Taxation -- C.1 Secular Growth and Structural Change in China: An Application of the Intensity-of-Use Approach -- Figures -- 1.1 The Extractive Industries Value Chain: A Framework for Governance -- 2.1 Graphical Representation of How a Change in Royalty Would Affect the Cutoff Grade and Economic Feasibility of Zambia's Lumwana-Chimiwungo Resource -- 2.2 Cost Curve of Copper Mine Production, Selected Projects, Zambia -- 2.3 Conceptual Depiction of Ricardian and Hotelling Rents -- 2.4 Three-Month Copper Prices Compared with Three-Month Aluminum Prices, 1990-2012 -- 2.5 Illustrative Demand Curves in the Immediate, Short, Long, and Very Long Run -- 2.6 Illustrative Supply Curves in the Immediate, Short, Long, and Very Long Run -- 2.7 World Gold Exploration Expenditures versus Gold Prices, 1975-2012 -- 3.1 Proposed Model for the Organization of Afghanistan's Ministry of Mines -- 4.1 The Four Stages of the Mining Cycle -- 5.1 Sharing Costs of Geodata between the Private and Public Sectors -- 5.2 Stylized Representation of Volume-, Value-, and Profit-Based Taxes -- 5.3 Production-Sharing Agreements -- 6.1 Managing Financial Sureties upon Site Closure: Four Administrative Steps -- 7.1 Revenue Leakages -- 7.2 Stages in Public Investment Management -- 8.1 Connecting Extractive Industries with the Larger Economy: Five Types of Linkages -- B.8.2.1 Global Copper Production, Refining, and Consumption Trends, 2013 -- A.1 CRIRSCO Framework for Mineral Reserves and Resource Classification -- A.2 SPE-PRMS Hydrocarbon Resources Classification Framework -- A.3 UNFC-2009 System: Key Principles. 327 $aC.1 The "Kuznets Facts," Illustrated by the Share of U.S. Employment in Agriculture, Manufacturing, and Services, 1800-2000 -- C.1.1 Indexed Intensity of Use in China for Various Commodities -- C.1.2 Steel Intensity and Gross Domestic Product in Selected Countries, 1900-2011 -- Tables -- 2.1 Preliminary Assessment of How Various Royalty Levels Would Affect the Cutoff Grade and Economic Feasibility of Zambia's Lumwana-Chimiwungo Resource -- 2.2 Summary of Constraints to Demand and Supply across Time Periods -- 2.3 Selected Copper Supply Disruptions in 2014 -- 4.1 The Mining Cycle -- 4.2 Feasibility Studies: An Overview -- 5.1 Separation of Key Functions in the Extractive Sector -- 5.2 The Components of an Extractive Industries Sector Program -- 5.3 Types and Characteristics of Mineral Rights Awards -- 6.1 Key Contractual Obligations: Enforcement and Budgetary Impacts -- 6.2 Evaluation of Commonly Used Financial Surety Instruments -- A.1 SEEA-2012 Classes and Relevant UNFC-2009 Categories -- Back Cover. 330 3 $aThe extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Economists, public finance professionals, and policy makers working in such countries are frequently confronted with issues that require an in-depth understanding of the sector; its economics, governance, and policy challenges; as well as the implications of natural resource wealth for fiscal and public financial management. The objective of the two-volume Essentials for Economists, Public Finance Professionals, and Policy Makers, published in the World Bank Studies series, is to provide a concise overview of the EI-related topics these professionals are likely to encounter. This first volume, The Extractive Industries Sector, provides an overview of issues central to EI economics; discusses key components of the sector's governance, policy, and institutional frameworks; and identifies the public sector's EI-related financing obligations. Its discussion of EI economics covers the valuation of subsoil assets, the economic interpretation of ore, and the structure of energy and mineral markets. The volume maps the responsibilities of relevant government entities and outlines the characteristics of the EI sector's legal and regulatory frameworks. Specific key functions of the sector are briefly discussed, as are the financial structures that underpin environmental and social safeguards; investment of public revenues generated from oil, gas, or minerals; as well as extractive-based economic diversification. The authors hope that, economists, public finance professionals, and policy makers working in resource-rich countries "including decision makers in ministries of finance, international organizations, and other relevant entities" will find the study useful to their understanding and analysis of the EI sector. 410 0$aWorld Bank e-Library. 606 $aMineral industries$xSocial aspects 606 $aMineral industries$xEnvironmental aspects 606 $aMineral industries$xEnvironmental aspects$zDeveloping countries 606 $aSustainable development$zDeveloping countries 606 $aEconomic development projects$zDeveloping countries$xEvaluation 615 0$aMineral industries$xSocial aspects. 615 0$aMineral industries$xEnvironmental aspects. 615 0$aMineral industries$xEnvironmental aspects 615 0$aSustainable development 615 0$aEconomic development projects$xEvaluation. 676 $a338.2 700 $aHalland$b Havard$01171143 702 $aLokanc$b Martin 702 $aNair$b Arvind 801 0$bDJBF 801 1$bDJBF 906 $aBOOK 912 $a9910816967903321 996 $aThe Extractive Industries Sector$93937344 997 $aUNINA