Article source: investing.com
The mining industry is a very important part of the economy because it is the source of countless resources essential for many businesses to function. Because it plays such a pivotal role, the industry needs to find the perfect balance between safe operation, quality, productivity, risk management and environmental protection efforts.
Impact with Binary Options Trading
The mining industry has a major impact on the binary options trading market, both directly and indirectly. These influences include the price of gold, silver and other commodities, share prices of companies in the mining industry, and other businesses dependent on the industry itself. It also impacts the currency values of many countries and the indices of major and minor stock markets around the globe.
Before any area is mined, major planning is required, and begins with the need for mineral exploration. The process identifies where minerals and ores are located, and which areas are economically viable to mine. The procedure is usually conducted by a mineral exploration geologist who makes observations, collects rock samples for analysis and draws geological maps. The specialist also gathers as much information in the field as possible in order for mining companies to make objective assessments.
Surface mining is also known as open pit mining. The main advantages of surface mines are lower costs and simpler operations than underground mines. Huge concentrations of valuable metals exist on the earth’s surface as a result of groundwater and weathering. Ore deposits are often exposed by drilling and blasting before being cleared by large earth moving machinery. Common minerals and ores that are surface mined include nickel, phosphate, copper, sulphide and lateritic.
Underground mining, also known as sub-surface mining, requires digging shafts and tunnels underground to access ore deposits buried below the earth’s surface. This method of mining is dangerous and significantly more expensive than surface mining. There are two categories of mining techniques that comprise underground mining. One technique is categorised as underground soft rock mining, which is used to extract coal, salt, oil sand and oil shale. The other technique is underground hard rock mining, which extracts hard minerals and ores includingzinc, iron, gold, silver, nickel, lead, copper and tin.
Ore and minerals need to be processed and refined into usable products for them to be sold in the marketplace. The process starts when the valuable ore and minerals are separated from the surrounding rock. A range of ores require different levels and stages of processing in order to remove impurities.
Companies need to assess the risks that are associated with each mining situation and take the necessary precautions relevant to the specific mining situation. This includes choosing safer mining methods, appointing a safety officer, ensuring that workers wear safety equipment and having contingency plans in place in the event an emergency situation arises.