2.4 Economic importance of minerals

Minerals are the backbone of our modern world, powering industries and shaping economies. From the gold in your smartphone to the copper in your home's wiring, these geological treasures are everywhere. Their economic importance can't be overstated.

But there's more to minerals than just their value. How they form, where we find them, and how we extract them all have huge impacts. From environmental concerns to social issues, the mineral industry touches many aspects of our lives.

Economic Importance of Minerals

Economic significance of minerals

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• Minerals are essential raw materials for various industries
  • Metals extracted from minerals are used in construction (steel), transportation (aluminum), electronics (copper), and more
  • Industrial materials derived from minerals are used in manufacturing (limestone for cement), ceramics (clay), glass (silica sand), and more
  • Gemstones obtained from minerals are used in jewelry (diamonds) and decorative items (jade)
• Minerals contribute significantly to the global economy
  • Mining and mineral processing provide employment opportunities in many countries
  • Mineral trade is a major component of international commerce, with countries exporting and importing valuable mineral resources

Examples of valuable minerals

• Gold
  • Used in jewelry, electronics (printed circuit boards), and as a store of value (bullion)
  • Also used in dentistry (dental alloys) and some medical applications (nanoparticles for targeted drug delivery)
• Copper
  • Used in electrical wiring, plumbing (pipes), and construction (roofing)
  • Essential for renewable energy technologies like wind turbines (generators) and solar panels (conductors)
• Diamonds
  • Primarily used in jewelry due to their beauty and durability (engagement rings)
  • Industrial applications include cutting tools (drill bits) and abrasives (polishing pads)
• Quartz
  • Used in glassmaking (silica source), ceramics (filler), and abrasives (sandpaper)
  • Essential component in electronic devices like smartphones (oscillators) and computers (silicon wafers)

Formation of ore deposits

• Ore deposits form through various geological processes that concentrate minerals
  1. Magmatic processes
     • Minerals crystallize from magma and concentrate in specific zones
     • Examples include chromite in layered intrusions (Bushveld Complex) and diamonds in kimberlites (Kimberley Mine)
  2. Hydrothermal processes
     • Minerals precipitate from hot, mineral-rich fluids
     • Examples include gold and copper in porphyry deposits (Grasberg Mine) and lead-zinc in Mississippi Valley-type deposits (Viburnum Trend)
  3. Sedimentary processes
     • Minerals accumulate through weathering, erosion, and deposition
     • Examples include placer gold deposits (Klondike Gold Rush) and banded iron formations (Pilbara Craton)
• Ore deposits are often associated with specific geological settings
  • Plate boundaries, such as subduction zones (Andes) and rifts (East African Rift)
  • Cratons, where ancient rocks preserve mineral deposits (Canadian Shield)
  • Sedimentary basins, where minerals accumulate over time (Gulf Coast salt domes)

Impacts of mineral extraction

• Environmental impacts of mineral extraction
  • Land disturbance and habitat destruction from open-pit mining and deforestation
  • Water pollution from mine waste (acid mine drainage) and tailings dam failures (Brumadinho dam disaster)
  • Air pollution from dust (particulate matter) and smelting operations (sulfur dioxide emissions)
  • Greenhouse gas emissions from energy-intensive mining and processing (diesel fuel consumption)
• Societal impacts of mineral extraction
  • Displacement of local communities due to land acquisition and resettlement
  • Health risks to miners (occupational diseases) and nearby populations (heavy metal exposure)
  • Conflicts over land use and resource control between mining companies and indigenous groups
  • Economic dependence on mining in some regions leading to boom-bust cycles (Appalachian coal towns)
• Responsible mining practices aim to mitigate negative impacts
  • Implementing environmental management systems to minimize impacts (waste reduction)
  • Engaging with local communities and addressing their concerns through consultation and benefit-sharing
  • Ensuring safe working conditions and fair labor practices in line with international standards
  • Investing in sustainable development projects in mining regions (education, healthcare)
  • Adhering to international standards and best practices for responsible mining (International Council on Mining and Metals)