Prospecting And Mining

The mining industry worldwide has as many as seven thousand producing mines and more get added each year. Without them we would face serious shortages of the raw materials necessary for construction, manufacturing and other chemical industrial products the world needs including the energy sources for day to day life.

The mines provide us with the metals for home construction, airplane manufacturing, shipbuilding and the cars buses and trucks that make up our transportation systems. Our energy sources are fueled by coal and uranium mines that give us the electricity we take for granted as being there when we flip a switch. Gold, silver, and precious stones are all products of the mining industry.

Unfortunately the global economic turndown is beginning to affect all areas of this industry as it has affected other major industries. Most mining executives predict that besides a slowdown in mining activities at least 30% of existing exploration companies will close their doors in the 2008/2009 year. Already, survey report seeing drastic reductions in mining investment plans. Fred McMahon coordinator of a survey for the Director of Trade and Globalization Studies was quoted as saying: "...a large number of companies are either drastically reducing activities or going out of business all together."

In Canada even with the gloom and doom reports industry owners and executives give Canada's provincial governments a pat on the back for their programs and incentives that are set up to encourage mineral exploration and new development. Seven Canadian districts (provinces) are ranked in the top ten for the best world mining policies with Quebec being the leader.

On the international mining and prospecting scene Chile, Wyoming and Nevada have also managed to make the top ten lists in seventh place. Chile is also considered to be the top ranking Latin American nation when it comes to mining. The worst ratings went to Ecuador, Guatemala, Honduras, Bolivia, India, Zimbabwe, Kyrgyzstan and the Dem. Republic of the Congo and Indonesia but in their defense they are all developing nations that require the increased in jobs and prosperity that mining offers.

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