True appreciation of the economic dimension inherent in their work is rare among mineral-oriented scientists and engineers--as rare as appreciation of technologic changes among mineral economists.

Mineral economists direct attention to problems of the day: to those of pollution, environmental quality, ecology; to spot shortages of various minerals; to jockeying for markets by net exporting nations; and finally, to accessibility of capital and financing.

Government agencies, private firms, and independent foundations point by projection to quantum jumps between now and the year 2000: iron, aluminum, copper, phosphorus, and petroleum are envisioned as growing in demand from double to eight times. All of us tend to ignore technologic changes required to meet such demands. Also, we ignore changes in corporate structure such as internationalization and vertical integration. We are ignoring a growing manpower shortage. Long-term problems of today become tomorrow's emergencies in mineral economics.

The simple concept of "national self-sufficiency" will not assure future adequacy of low-cost, abundant mineral supplies. We must include in our search for minerals those areas which can supply them at greatly reduced cost. Thus low-cost transportation must be taken into account. For example, water transport is always cheaper than land transport.

The United States government welcomes participation of other organizations, public and private, to increase our national capabilities in the field of mineral economics.