The role of co-products in stabilizing the metal mining industry

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The objective of this paper is to test the hypothesis that cyclical metal mining activity is more stable when multi-metal products are produced. A theoretical short-run supply curve for a metal is developed showing by-product, co-product, and main product behaviour. This curve is used to illustrate co-product pricing trends that are indicative of different cyclical behaviour patterns. The non-parametrical sign test is used to test co-product price trends for the US metal mining industry. The results indicate that multi-metal production stabilizes the mining industry in the short run but not in the long run.

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© 1985 Elsevier Ltd. Publisher’s version of record: http://dx.doi.org/10.1016/0301-4207(85)90044-3

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