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We present a stochastic dynamic simulation model for exploration and extraction of seafloor massive sulfide (SMS) mineral deposits on the Norwegian Continental Shelf (NCS). The model is developed based on selected industry knowledge, expectations, and perceptions elicited through a participatory systems mapping session with 82 participants and 20 in-depth interviews with experts from industry, academia, and the public policy sector. Using the model, we simulate the expected ranges of resource- and economic potential. The simulation results indicate an expected commercial resource base of 1.8 to 3 million tons of copper, zinc, and cobalt, in which copper makes out the most significant part. Relating to the expected commercial resource base, we highlight a discrepancy between academic and industrial expectations, in which the academic expectations are more conservative than the industrial expectations. The corresponding net present values lie in the range of a net present loss of 970 million USD up to a net present gain of 2.53 billion USD, in which the academic expectations are projected to yield a negative net present value, while the industrial expectations are projected to yield a positive net present value. Closer investigation of the results reveals that one of the main challenges regarding SMS exploration and extraction is the initial exploration costs associated with coring operations. These costs are expected to be high with today’s exploration technology. Moreover, they occur relatively early in time compared to revenue-generating activity, which has a significant negative impact on the net present value of the industry due to discounting. Thus, a key focus of the industry should be to find ways to reduce the costs associated with coring operations and/or the time it takes from initial exploration to extraction and generation of revenue.

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This paper surveys recent literature on decision support for beef and dairy farming, covering 110 articles published between 2016 and 2022. We classify these articles based on the type of farm, country of application, objectives and decisions, model scope, and methodology. The paper provides guidance for future research efforts by discussing the choice between whole farm and intrafarm modeling, the choice between optimization and simulation, and how to leverage existing modeling frameworks. Additionally, we identify opportunities for future research and discuss possibilities for increasing the adoption of decision‐support tools in practice by farmers and industry advisors.

This study pinpoints three current factors that could be momentous in a possible transition to marine mining, namely reserve-dependent capital efficiency (accessibility and grade-dependent output per unit capital), cross-sector competition (competition between two separate mining sectors), and asymmetric mineral security considerations (e.g., the resource owner(s) and government(s) tied to a sector desires production for profit and security reasons). Moreover, four conceptual optimization problems are explored to specify the potential roles of said factors in a possible transition. The first problem considers a principal agent, who make decisions on behalf of resource owner(s), government(s) and producer(s), and invests and extracts to maximize the net present value of extraction from onshore and offshore reserves while facing reserve-independent capital efficiency. The second problem considers the same as the first, except here, the principal meets reserve-dependent capital efficiency. The third problem considers two principals, each representing resource owner(s), government(s), and producer(s) tied to a sector, who invest and extract to maximize the net present value of extraction from the respective reserves subject to the decisions of the other principal. Finally, the last problem considers a duopoly setting in which the marine principal values both financial gain and mineral security. The results illustrate that reserve-dependent capital efficiency, cross-sector competition, and mineral security considerations can, in different ways, drive a possible transition to marine mining. Possible counter effective factors are highlighted and discussed.