Earth Sciences 1070A/B Lecture Notes - Lecture 1: Platinum Group, Potash, Tungsten
6 Feb 2017
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Document Summary
Mining is a business a wealth creation industry (dr. stephen roberts) Mining is part of the commodities section in stalk market which is divided into 6 groups. Precious metals (gold, silver and platinum group elements) Base or nonferrous metals (copper, nickel, lead, zinc, tin, and aluminum) Ferrous metals (iron, cobalt, chromium, molybdenum, tungsten and manganese) Gems and gemstones (diamonds, emeralds, rubies, etc) Fusionable metals and fuels (uranium, coal, and oil sands) Commodity price is largely drive by supply and demand (greater demand and lower the. Industrial minerals and rocks (wide assortment such as garnet, quartz, asbestos, etc) supply increases price). The prices are set on the opa-markets such by exchanges or contract (coal and pot ash) and market forces (gold and silver). Each commodity is priced in different units of measurement (ie. gold is ounces and diamonds is carats) Before commodities can be bought or sold on market, they must first be discovered, extracted and processed.
