The demand for mineral resources is increasing. So, many companies are getting engaged in the exploration activities to get more minerals to meet the demand. Here are the major factors that affect the exploration of mineral resources.
Richness of the ore
The amount of minerals available determines whether it can be explored or not. It is more economical to work with higher grade ores. These ores are easy and cheap to smelt. High-value minerals like uranium, gold, copper, etc. can be mined at a high cost as their demand is high and so can be sold at higher prices.
Size of deposit
Mining needs a large amount of expensive equipment. The deposit must be large enough to work on; else it won’t be cost effective. In the case of expensive minerals, the situation is different. Small deposits can work in places where the transport cost is low.
Open-cast mining is the cheapest and shaft mines are the most expensive ones. The cost also depends on the how large scale the operation is. If the mining is done at a large scale, then the capital and running costs can be low.
The accessibility of places where the mining operation will take place is important. The climate and topography tells whether the mining operation will be accessible or there will be obstructions.
Transportation facilities are important for successful mining. The easier and less expensive it is to transport the minerals to the sites of their use, the better it is.
If a place has a trace of minerals, it doesn’t guarantee that it can be exploited. Many times, they are only available in small amounts and so won’t be of much use. These factors are considered before starting a mining exploration.