10 Questions
What is a key factor affecting the viability and profitability of a mine?
Geological characteristics such as tonnage and grade
Why is finding a deposit in a well-known district more valuable?
Easier accessibility and existing infrastructure
What can extreme climates do to mining work?
Make work more difficult and limit accessibility
Why is the availability of skilled labor important for a mine?
Skilled labor is needed for efficient and safe mining operations
What can jeopardize mining rights in a country?
Corruption and political instability
What has been called the 'Resource Curse' in relation to Africa's mineral wealth?
A trend where resources-rich countries are often very poor despite their mineral wealth
What are the two main approaches being followed to change the situation of the 'Resource Curse' in Africa?
Changes in the way mining rights and ownership are being approached and changes in the way mining products are being exported
Why does the current approach of exporting mineral resources not benefit emerging economies in Africa as much as it should?
Because the mineral resources are being transformed and 'beneficiated' in more developed economies
What is one of the main reasons that resource-rich countries in Africa are often very poor?
Over-exploitation and mismanagement of mineral resources
How does the world economy changing affect the approach towards Africa's mineral wealth?
It necessitates changes in the way mining rights and ownership are being approached
Study Notes
Key Factors Affecting Mine Viability
- A key factor affecting the viability and profitability of a mine is the discovery of a deposit in a well-known district, which is more valuable due to the existing infrastructure and knowledge of the area.
Challenges in Mining
- Extreme climates can significantly impact mining work, posing difficulties and risks to operations.
Importance of Skilled Labor
- The availability of skilled labor is crucial for a mine, as it directly affects the efficiency and productivity of the operation.
Risks to Mining Rights
- Mining rights in a country can be jeopardized by various factors, which can lead to the loss of mining concessions.
The 'Resource Curse'
- The 'Resource Curse' refers to the phenomenon where Africa's mineral wealth has not translated to economic prosperity for the continent, often leaving resource-rich countries very poor.
- One of the main reasons for this is that the current approach of exporting mineral resources does not benefit emerging economies in Africa as much as it should, since the revenue generated is often not invested in the local economy.
Approaches to Addressing the 'Resource Curse'
- Two main approaches are being followed to change the situation of the 'Resource Curse' in Africa: firstly, to ensure that the revenue generated from mineral exports is invested in the local economy, and secondly, to promote sustainable development in mineral-rich countries.
Impact of Global Economic Changes
- The changing world economy is affecting the approach towards Africa's mineral wealth, with a growing focus on ensuring that the continent's resources are utilized in a way that benefits its people and economies.
Explore the socio-economic and non-geologic factors that influence the viability and profitability of mining operations. Understand the impact of location, accessibility, infrastructures, and other external elements on mining prospects.
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