Resource Resilience: How to Break the Commodities Cycle

A worker cuts a diamond, reflecting Botswana’s attempt to control stages of diamond production beyond mining, Gaborone, Botswana, March 18, 2008 (AP photo by Themba Hadebe).
A worker cuts a diamond, reflecting Botswana’s attempt to control stages of diamond production beyond mining, Gaborone, Botswana, March 18, 2008 (AP photo by Themba Hadebe).

The past year has seen dramatic declines in the prices of global commodities. Between June 2014 and the beginning of this year, crude oil prices fell by 50 percent to around $50 a barrel. Similarly, mineral prices have seen a drastic fall since the peak of the “commodity supercycle” in early 2011. Between then and April of this year, iron ore prices fell by 70 percent, coal prices by 54 percent and copper prices by 40 percent. Many countries dependent on revenues from these commodities have been hit hard. Venezuela is unable to import food and medicine to satisfy the […]

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