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Evolutionary and Revolutionary Technologies for Mining (2002) / Chapter Skim
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7 Government-Sponsored Research and Development in Mining Technology
Pages 67-69

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From page 67...
... scientific and technical enterprise has expanded dramatically, and the federal investments in it have pro duced enormous benefits for the nation's economy, national defense, health and social well being. Successful research and development produces new tech nologies that reduce production costs; enhance the quality of existing mineral commodities; reduce adverse environmen tal, health, and safety impacts; and create or make available entirely new mineral commodities.
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From page 68...
... Without detailing the full litany of possible reasons for market failure, we note that the discount rates firms use to assess investment projects, including research and development projects, may exceed the appropriate rates for society as a whole. Therefore, without government support, the private sector tends to underfund research and development, particularly projects that are highly risky and projects that are expected to produce benefits in the distant future.
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From page 69...
... Technology developed by the bureau and its funded research clients in explosives, combustion, and ventilation not only improved mine health and safety but is also widely used in other industrial, civil, and military applications. In addition, the federal government' s research and development programs have traditionally funded work in mining schools and other centers of excellence, thereby contributing to the education of engineers and technologists needed by industry and federal and state government agencies.
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Key Terms

  • expected benefits
  • external benefits
  • development projects
  • mineral commodities
  • production costs

  • mining schools
  • commodity prices
  • produce benefits
  • copper mines
  • sxew process

  • mineral processing
  • total benefits
  • mine health
  • copper minerals
  • lead times

  • major mining
  • investment projects
  • industry research
  • expanded dramatically
  • technology research

  • developed fundamental
  • distant future
  • fundamental technology
  • profit margins
  • development outlays

  • major consideration
  • private firms
  • allocating federal
  • firms reap
  • appropriately discounted


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