Economic Growth Associated with Extraction and Processing of Ore Deposits

The present paper, which is a descriptive paper characterizes the impact of extraction andprocessing of ore deposits on the economic growth. Mineral wealth is considered as a sourceof equitable growth and poverty diminution. Economic growth is a result of value additionthat generates wealth for countries. Nations utilize the gifts of ore deposits that are the rawmaterials to manufacturing. Many countries have abundant tonnages of these naturalresources but lack proper economic development owing to lack of technology. In the worstcase, raw minerals are extracted from mines and exported in their raw state at low prices.Processing or value addition is performed outside the countries of origin and the finishedcommodities or processed materials imported as finished products can attract more money.The importation at higher prices creates the gap between poor and wealthy nations. The lackof applicable technologies to be engaged in complete value addition to the raw ore deposits inundeveloped countries will result in little economic growth. This shortage of suchtechnologies is rapidly capitalized by rich nations who already own the technology but do nothave sufficient raw minerals in their countries. Extraction of ore deposits and processing willbe enhanced by modern technologies to be able to go the full length on the value addition andfinal economic growth.

کلیدواژه ها:

Economic growth ، Ore deposits ، Extraction ، Processing.