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In page Resource depletion:

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Peak minerals marks the point in time when the largest production of a mineral will occur in an area, with production declining in subsequent years.[citation needed] While most mineral resources will not be exhausted in the near future, global extraction and production has become more challenging.[11] Miners have found ways over time to extract deeper and lower grade ores[12] with lower production costs. More than anything else, declining average ore grades are indicative of ongoing technological shifts that have enabled inclusion of more 'complex' processing – in social and environmental terms as well as economic – and structural changes in the minerals exploration industry[13] and these have been accompanied by significant increases in identified Mineral Reserves.[14][15]