Exploration's Role in Iron and Aluminum Supply Since the Second World War

This paper analyses the role of exploration in the worldwide supply of iron and aluminum by (1) reviewing changes in the level and geographic distribution of exploration since 1945, (2) studying important discoveries, and (3) comparing exploration's role in iron and aluminum supply with its role in the supply of other metals. It finds that even though exploration and discovery of new deposits account for part of the tremendous postwar expansion in the level and geographic distribution of iron ore and bauxite production, most of the areas that became major producers were known to contain significant mineralization long before detailed evaluation, development, and mining occurred. These areas needed increased consumer demand, lower ocean freight costs, or improved processing techniques to become economically attractive. Iron and aluminum are easier‐to‐find yet harder‐to‐process, and compared with other metals, discovering a better deposit will not reduce overall costs to the same degree as other cost‐reducing forms of investment.