One would anticipate that after 40 years in the mineral industry it would be simple to project the trends at least 5 or 10 years into the future. However the last 20 years, 1950-1970, have been so different in the mineral industry from the years 1930-1950 that I suggest only 20 years or so are relevant to any forward projection.Those, of us that have been about during the last 40 years find it hard to relate the two periods.The first with the depression, low base metal prices, attempts to revive the gold industry, very little export of minerals, and finally World War II and the recovery period.The second, a period of unimagined discoveries and the reappraisal of a wide variety of minerals and metals-iron, coal, bauxite, beach sands, manganese, oil and gas, and nickel, to name but a few.The second period started early in the 1950s and was triggered off by the search for oil in Australia.Rough Range No. 1 was an important milestone in our history because it initiated a series of speculations and the re-examination of much of our thinking about our mineral resources. It lead to the discovery of bauxite and the start of a flourishing aluminium industry.The realization of the extent of the iron ore resources was another, major step and the influx of overseas capital and competence started the large wave of development made effective by the Japanese markets.The momentum of the late 1950s has carried us to where we are today and will undoubtedly carry us further forward in the next few years.All this development in the mineral industry has come at a time when our pastoral industries have reached a difficult period. I have no doubt that if it were not for the mineral industry Australia would at the moment be experiencing one of its blackest eco...