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United Kingdom – Extensive Potential and a Positive Outlook by Paul Lusty, British Geological Survey Introduction in Relation

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United Kingdom – Extensive Potential and a Positive Outlook by Paul Lusty, British Geological Survey Introduction in Relation United Kingdom – extensive potential and a positive outlook By Paul Lusty, British Geological Survey Introduction In relation to its size the United Kingdom (UK) is remarkably well-endowed with mineral resources as a result of its complex geological history. Their extraction and use have played an important role in the development of the UK economy over many years and minerals are currently worked at some 2100 mine and quarry sites. Production is now largely confined to construction minerals, primarily aggregates, energy minerals and industrial minerals including salt, potash, kaolin and fluorspar, although renewed interest in metals is an important development in recent years. With surging global demand for minerals the UK is seen by explorers as an attractive location to develop projects. With low political risk and excellent infrastructure a survey conducted by Resources Stocks (2009) ranked the UK twelfth in a global assessment of countries’ risk profiles for resource sector investment. Northern Ireland is notable in terms of the extensive licence coverage for gold and base metal exploration and in having the UK’s only operational metalliferous mine. The most advanced projects elsewhere include the Hemerdon tin-tungsten deposit in Devon, the South Crofty tin deposit in Cornwall and the Cononish gold deposit in central Scotland. UK coal has seen a resurgence during the last three years driven largely by higher global prices, making it more competitive with imports. Coal is also viewed as having a key role in the future UK energy mix. This has led to greater investment in UK operations resulting in increased numbers of new opencast sites commencing production and more permit applications for further sites. Re-opening of closed collieries and improving infrastructure at other operations with the aim of extending mine life and increasing their production is also underway. The world’s leading financial centre The UK is one of the world’s most developed economies with a heavy reliance on services, including banking and insurance. The UK is a globally significant trading nation, with the sixth largest economy in the world and a GDP of US$2,646 billion. Until the latter half of 2008 the UK had experienced a number of years of steady economic growth, outpacing many European countries. However, the UK has been one of the countries most severely affected by the global economic crisis, linked to its heavy reliance on the financial services sector. Since the start of the recession in the second quarter of 2008 the UK economy has shrunk by about 6%. However, the economic outlook is improving with equity markets recovering in the second half of 2009 and GDP increasing 0.3% in the fourth quarter of the year. Despite the financial turmoil London remains the world’s leading financial centre, with many of the world’s major mining companies either based in London or having a substantial presence in the UK. The London Stock Exchange (LSE) lists a number of mining companies in the FTSE top 100 companies. The LSE’s Alternative Investment Market (AIM) provides a thriving source of capital to help smaller and growing companies, many of them in mining and exploration. London is also home to the London Metal Exchange, the world’s principal non-ferrous metals markets, offering futures and options contracts for a wide range of metals. The UK’s substantial oil and natural gas reserves have made a significant contribution to its prosperity over the last three decades. However, North Sea reserves are declining and the UK became a net importer of energy in 2004, after many years of self-sufficiency. The estimated total value of minerals produced in the UK, expressed as sales on an ex-works basis is about £34 billion. Oil and natural gas production still dominate UK mineral production by value, accounting for almost 90% of the total. The second most important group from an economic perspective is aggregates, followed by coal and industrial minerals. Thousand tonnes Mineral 2008 2009 Coal: Deep-mined 7,927 7,495 Open cast 9,449 9,772 Iron ore 0.1 0 Lead 0.3 0.3 Gold (oz) 5,230* 6,060* Silver (oz) 12,780* 16,250* Ball clay (sales) 1,020 1,020* Barytes 43 36 Kaolin (sales) (a) 1,355 1,350* Fireclay (b) 180 180* Fluorspar 37 19 Gypsum (natural) 1,700* 1,700* Peat (000 m3) 760 800* Potash (KCl) 673 700* Rock salt 1,900* 2,000* Salt from brine 1,000* 1,000* Salt in brine (c) 2,800* 2,800* Silica sand 4,777 5,000* Talc 2 2* Chalk (b) 5,874 6,000* Clay and shale (b) 8,459 8,000* Igneous rock (d) 53,489 40,100* Limestone and dolomite 79,652 59,700* Sand and gravel (e) 85,471 65,800* Sandstone 12,255 9,200* Slate (f) 1,058 1100* Source: United Kingdom Minerals Yearbook, British Geological Survey. *estimated; (a) dry weight; (b) excluding a small amount of production in Northern Ireland; (c) used for purposes other than salt making; (d) excluding a small amount of granite produced in Northern Ireland and igneous rock produced in Guernsey; (e) including marine-dredged landings at foreign ports; (f) includes waste used for constructional fill and powder and granules used in industry. Minor metal production Metal production from indigenous sources in the UK is currently confined to a single small gold mine, the Omagh Mine in County Tyrone, Northern Ireland, and Glebe Mines’ Cavendish Mill in the Southern Pennine Orefield in Derbyshire which produces about 100t of lead concentrate per year as a minor by-product of fluorspar production. The open pit Omagh gold mine, operated by Omagh Minerals Ltd, a subsidiary of the Galantas Gold Corporation, is located near Omagh in County Tyrone. Production commenced in mid 2007. The operation, working a mesothermal quartz-sulphide vein produces a flotation concentrate which is sent to an Xstrata smelter in Canada under a life of mine off-take agreement. Additionally some concentrate is processed separately to produce gold for the company’s Irish gold jewellery business. Concentrate production during April 2009 was affected by a plant breakdown, whilst the company demonstrated significant improvements in production levels during May and June. The increases in production are attributed to improved equipment and encountering higher ore grades. In the first nine months of 2009 reported production was 4492 oz gold, 13019 oz silver and 167.9t of lead. This represents a 16% increase in gold production and a 44% increase in silver output compared with the same period in 2008. Despite this Galantas continued to make a financial loss during the first nine months of 2009, as it continues to repay the capital start up costs of the project. Never the less this was an improvement compared with the same period in 2008. Some of the major ferrous and non-ferrous metals are smelted in the UK from imported ore or partly refined matte. They include iron, lead, nickel and aluminium. The dominant primary production of metal in the UK is of pig iron from imported iron ore (12.8Mt in 2008) and coking coal. This is used to make a wide range of steel products. Until recently there were three primary aluminium smelters in the UK. However, the Rio Tinto Anglesey Aluminium smelter closed at the end of September 2009 reducing domestic output by about 140,000t per year. Xstrata owns Britannia Refined Metals at Northfleet in Kent which refines lead bullion from the company’s Mount Isa mine in Australia and also secondary lead sources. The Vale Inco Ltd plant at Clydach in south Wales produces nickel metal and other products from imported nickel matte. A number of companies produce refined platinum-group metals (PGM) in Britain, mostly by recycling spent catalysts and other secondary sources. Johnson Matthey Plc is a global leader in this sector but it is also prominent in the refining of precious metals from primary sources, with refineries at Royston in Hertfordshire and at Brimsdown, London Borough of Enfield. Vale Inco Ltd also operates a refinery at Acton near London where it refines PGM, gold and silver. Important industrial minerals producer The UK produces a diverse range of industrial minerals, ranging from relatively minor quantities of minerals such as talc, through to its position as the world’s third largest producer and exporter of kaolin, after the USA and Brazil. The kaolin deposits of south-west England are world famous for their size and quality and have provided over 165Mt of china clay since production records began in the late 19th century. China clay sales have been on a declining trend since peak output of 3.28Mt in 1988. Since then the industry has faced difficult market conditions as a result of increasing competition in Western European paper markets from imports of kaolin from the Amazon Basin in Brazil which is now the major supplier of coating kaolin into European markets. Sales were 1.4Mt in 2008 compared with 1.7Mt in 2007. A significant development in the kaolin industry was Imerys’ reorganisation of its UK kaolin business with the transfer of some production to Brazil. The UK is a major exporter of kaolin and in 2008 1.2Mt (88%) of sales were destined for export, including 756,000t to the EU. The total annual value of UK kaolin sales is about £155 million. The UK is also a leading world producer and exporter of high- quality ball clays. Annual ball clay production is typically in excess of 1Mt. In 2008, 859,000t (84%) of sales were destined for export, including 560,000t to the EU.
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