As you are all aware, the theme of this con- ference is "International Resources Management"._x000D_
The subject matter of this particular session is "the mineral equation". Looking down the sub- ject matters and individual papers to be presented by other speakers in other sessions over the course of the conference, each particular item scheduled is in fact one of the variables that form an integral part of the total and complex mineral equation. Questions of reserves and resources as related to consumption must be viewed in the light of all those variables. Policy decisions taken by Government and eventually industry in these various fields will in themselves have their own impact on the defining of resources, and their ultimate availability to meet the needs of society by way of consumption. Undoubtedly, by the close of this conference, those of us in attendance will be better informed on the problems that confront the international minerals industry in the years ahead. Hopefully, we will have a better understanding of the views and philosophies of the wide range of participants in the industry-Government, private enterprise, and individuals who ultimately through their per- sonal aspirations in respect of their day to day needs will provide the final determinant as to the scope of the minerals industry.