Recently, natural resources have once again gained increasing public interest. Relevant issues are the security of supply and raw material prices, but also environmental damages caused for instance by mining. This project aimed to develop a partial equilibrium model for mineral resources. It was designed to quantify possible developments of prices and quantities, given appropriate scenarios about the development of demand, energy prices, regulation or trade restrictions. Furthermore it models recycling explicitly, which is vitally important for metals and enters as an additional source of supply. The model was calibrated and tested for the case of a metal.