Question

What is the status of mining in the developed and developing economies of the world?

Answer 1

Mining is primarily the extraction of minerals from the surface or beneath the surface of the earth’s crust for further processing in industrial and other uses. It involves more manual labour and is hazardous, so the developed economies are retreating from mining, processing and refining stages of production due to high labour costs, while the developing countries with large labour forces and striving for a higher standard of living are becoming more important. Several countries of Africa and a few of South America and Asia have over fifty per cent of the earnings from minerals alone.