Mining
The Mineral Exploration Roadmap
Mineral Exploration Roadmap
There is nothing more exciting than making some type of discovery.
Discoveries can come in many forms – they can be physical, scientific, personal, or even philosophical in nature. But while there are different types of discoveries that can be made, perhaps the most tactile kind of discovery is in the field of mineral exploration.
The discovery of a mineral deposit can transform a piece of “moose pasture” into a new economic asset, and it may enable millions or billions of dollars worth of metals and minerals to be used for human purposes.
These minerals get used all around us – they go into our houses, cars, infrastructure, jewelry, electronics, and they can even be used to power the green revolution.
From Prospecting to Production
Making an economic mineral discovery is the goal of many teams around the world, but these efforts can also be extremely difficult, costly, and time-consuming, and most companies engaged in exploration end up walking away empty-handed.
Today’s infographic comes to us from Orix Geoscience and it shows the steps of mineral exploration, and how teams can maximize their odds of success by using data to add value throughout the process.
Steps of the Mineral Exploration Process
1. Exploration Strategy
Where do you choose to explore? There are two basic strategies:
(a) Working from the known
Deposits tend to form in clusters in prolific belts, and exploration occurs outward from known mineralization.
(b) Working from the unknown
If you review all available information, prospective areas with potential for discoveries can be identified.
2. Prospecting
In this stage, boots are now on the ground – and it’s time to explore the backwoods for showings. Prospectors will stake claims, map outcrops and showings, and search for indicator minerals.
The goal of the prospecting stage is to find the earliest piece of the exploration puzzle: the clue that there is something much bigger beneath.
3. Early-Stage Exploration
Congrats, you’ve found something interesting – and now it’s time to ramp up exploration efforts!
This is where the amount of data and sophistication picks up. In this stage, companies are using existing maps and historical data, geophysics, ground truthing, geochemistry, and trenching to try and identify drill targets.
4. The “Truth Machine”
Geologists don’t call the drill a “truth machine” for nothing.
If you’re target hits, you’re in business. If your target misses, it’s time to go back a step and find new ones.
5. Discovery
Eureka! You’ve found something. Now it’s time to see how far the mineralization goes!
Once you have enough information, you can get an official resource estimate. This data is another puzzle piece that will be crucial as you advance your discovery.
6. De-risking
Even at the best of times, mining can be expensive, risky, and tricky.
That’s why your investors and backers will want you to source even more data – it’ll allow you to see a clearer picture of the deposit, and help your team see how it could take shape as a mine.
At this stage, drilling, metallurgical tests, environmental assessments, 3d models, and mine designs are used to increase confidence in the project.
Data starts to get very granular. Your company may do a Preliminary Economic Assessment (PEA) to assess the potential economic outcomes of a mine. Then after, they may conduct an in-depth Feasibility Study to help make a production decision.
Final Steps
By this point, you may have all the puzzle pieces – a clear vision of the deposit and its potential – to make a decision!
If the puzzle looks good, it’s time to make a production decision, construct the mine, and start commercial production. But the data doesn’t stop there – at these later stages, even more data gets created and it can help you make better decisions.
Mining
Mapped: The 10 Largest Gold Mines in the World, by Production
Gold mining companies produced over 3,500 tonnes of gold in 2021. Where in the world are the largest gold mines?

The 10 Largest Gold Mines in the World, by Production
This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.
Gold mining is a global business, with hundreds of mining companies digging for the precious metal in dozens of countries.
But where exactly are the largest gold mines in the world?
The above infographic uses data compiled from S&P Global Market Intelligence and company reports to map the top 10 gold-producing mines in 2021.
Editor’s Note: The article uses publicly available global production data from the World Gold Council to calculate the production share of each mine. The percentages slightly differ from those calculated by S&P.
The Top Gold Mines in 2021
The 10 largest gold mines are located across nine different countries in North America, Oceania, Africa, and Asia.
Together, they accounted for around 13 million ounces or 12% of global gold production in 2021.
Rank | Mine | Location | Production (ounces) | % of global production |
---|---|---|---|---|
#1 | Nevada Gold Mines | 🇺🇸 U.S. | 3,311,000 | 2.9% |
#2 | Muruntau | 🇺🇿 Uzbekistan | 2,990,020 | 2.6% |
#3 | Grasberg | 🇮🇩 Indonesia | 1,370,000 | 1.2% |
#4 | Olimpiada | 🇷🇺 Russia | 1,184,068 | 1.0% |
#5 | Pueblo Viejo | 🇩🇴 Dominican Republic | 814,000 | 0.7% |
#6 | Kibali | 🇨🇩 Democratic Republic of the Congo | 812,000 | 0.7% |
#7 | Cadia | 🇦🇺 Australia | 764,895 | 0.7% |
#8 | Lihir | 🇵🇬 Papua New Guinea | 737,082 | 0.6% |
#9 | Canadian Malartic | 🇨🇦 Canada | 714,784 | 0.6% |
#10 | Boddington | 🇦🇺 Australia | 696,000 | 0.6% |
N/A | Total | N/A | 13,393,849 | 11.7% |
Share of global gold production is based on 3,561 tonnes (114.5 million troy ounces) of 2021 production as per the World Gold Council.
In 2019, the world’s two largest gold miners—Barrick Gold and Newmont Corporation—announced a historic joint venture combining their operations in Nevada. The resulting joint corporation, Nevada Gold Mines, is now the world’s largest gold mining complex with six mines churning out over 3.3 million ounces annually.
Uzbekistan’s state-owned Muruntau mine, one of the world’s deepest open-pit operations, produced just under 3 million ounces, making it the second-largest gold mine. Muruntau represents over 80% of Uzbekistan’s overall gold production.
Only two other mines—Grasberg and Olimpiada—produced more than 1 million ounces of gold in 2021. Grasberg is not only the third-largest gold mine but also one of the largest copper mines in the world. Olimpiada, owned by Russian gold mining giant Polyus, holds around 26 million ounces of gold reserves.
Polyus was also recently crowned the biggest miner in terms of gold reserves globally, holding over 104 million ounces of proven and probable gold between all deposits.
How Profitable is Gold Mining?
The price of gold is up by around 50% since 2016, and it’s hovering near the all-time high of $2,000/oz.
That’s good news for gold miners, who achieved record-high profit margins in 2020. For every ounce of gold produced in 2020, gold miners pocketed $828 on average, significantly higher than the previous high of $666/oz set in 2011.
With inflation rates hitting decade-highs in several countries, gold mining could be a sector to watch, especially given gold’s status as a traditional inflation hedge.
Mining
The 50 Minerals Critical to U.S. Security
This graphic lists all minerals that are deemed critical to both the economic and national security of the United States.

The 50 Minerals Critical to U.S. Security
This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.
The U.S. aims to cut its greenhouse gas emissions in half by 2030 as part of its commitment to tackling climate change, but might be lacking the critical minerals needed to achieve its goals.
The American green economy will rely on renewable sources of energy like wind and solar, along with the electrification of transportation. However, local production of the raw materials necessary to produce these technologies, including solar panels, wind turbines, and electric vehicles, is lacking. Understandably, this has raised concerns in Washington.
In this graphic, based on data from the U.S. Geological Survey, we list all of the minerals that the government has deemed critical to both the economic and national security of the United States.
What are Critical Minerals?
A critical mineral is defined as a non-fuel material considered vital for the economic well-being of the world’s major and emerging economies, whose supply may be at risk. This can be due to geological scarcity, geopolitical issues, trade policy, or other factors.
In 2018, the U.S. Department of the Interior released a list of 35 critical minerals. The new list, released in February 2022, contains 15 more commodities.
Much of the increase in the new list is the result of splitting the rare earth elements and platinum group elements into individual entries rather than including them as “mineral groups.” In addition, the 2022 list of critical minerals adds nickel and zinc to the list while removing helium, potash, rhenium, and strontium.
Mineral | Example Uses | Net Import Reliance |
---|---|---|
Beryllium | Alloying agent in aerospace, defense industries | 11% |
Aluminum | Power lines, construction, electronics | 13% |
Zirconium | High-temparature ceramics production | 25% |
Palladium | Catalytic converters | 40% |
Germanium | Fiber optics, night vision applications | 50% |
Lithium | Rechargeable batteries | 50% |
Magnesium | Alloys, electronics | 50% |
Nickel | Stainless steel, rechargeable batteries | 50% |
Tungsten | Wear-resistant metals | 50% |
Barite | Hydrocarbon production | 75% |
Chromium | Stainless steel | 75% |
Tin | Coatings, alloys for steel | 75% |
Cobalt | Rechargeable batteries, superalloys | 76% |
Platinum | Catalytic converters | 79% |
Antimony | Lead-acid batteries, flame retardants | 81% |
Zinc | Metallurgy to produce galvanized steel | 83% |
Titanium | White pigment, metal alloys | 88% |
Bismuth | Medical, atomic research | 94% |
Tellurium | Solar cells, thermoelectric devices | 95% |
Vanadium | Alloying agent for iron and steel | 96% |
Arsenic | Semi-conductors, lumber preservatives, pesticides | 100% |
Cerium | Catalytic converters, ceramics, glass, metallurgy | 100% |
Cesium | Research, development | 100% |
Dysprosium | Data storage devices, lasers | 100% |
Erbium | Fiber optics, optical amplifiers, lasers | 100% |
Europium | Phosphors, nuclear control rods | 100% |
Fluorspar | Manufacture of aluminum, cement, steel, gasoline | 100% |
Gadolinium | Medical imaging, steelmaking | 100% |
Gallium | Integrated circuits, LEDs | 100% |
Graphite | Lubricants, batteries | 100% |
Holmium | Permanent magnets, nuclear control rods | 100% |
Indium | Liquid crystal display screens | 100% |
Lanthanum | Catalysts, ceramics, glass, polishing compounds | 100% |
Lutetium | Scintillators for medical imaging, cancer therapies | 100% |
Manganese | Steelmaking, batteries | 100% |
Neodymium | Rubber catalysts, medical, industrial lasers | 100% |
Niobium | Steel, superalloys | 100% |
Praseodymium | Permanent magnets, batteries, aerospace alloys | 100% |
Rubidium | Research, development in electronics | 100% |
Samarium | Cancer treatment, absorber in nuclear reactors | 100% |
Scandium | Alloys, ceramics, fuel cells | 100% |
Tantalum | Electronic components, superalloys | 100% |
Terbium | Permanent magnets, fiber optics, lasers | 100% |
Thulium | Metal alloys, lasers | 100% |
Ytterbium | Catalysts, scintillometers, lasers, metallurgy | 100% |
Yttrium | Ceramic, catalysts, lasers, metallurgy, phosphors | 100% |
Iridium | Coating of anodes for electrochemical processes | No data available |
Rhodium | Catalytic converters, electrical components | No data available |
Ruthenium | Electrical contacts, chip resistors in computers | No data available |
Hafnium | Nuclear control rods, alloys | Net exporter |
The challenge for the U.S. is that the local production of these raw materials is extremely limited.
For instance, in 2021 there was only one operating nickel mine in the country, the Eagle mine in Michigan. The facility ships its concentrates abroad for refining and is scheduled to close in 2025. Likewise, the country only hosted one lithium mine, the Silver Peak Mine in Nevada.
At the same time, most of the country’s supply of critical minerals depends on countries that have historically competed with America.
China’s Dominance in Minerals
Perhaps unsurprisingly, China is the single largest supply source of mineral commodities for the United States.
Cesium, a critical metal used in a wide range of manufacturing, is one example. There are only three pegmatite mines in the world that can produce cesium, and all were controlled by Chinese companies in 2021.
Furthermore, China refines nearly 90% of the world’s rare earths. Despite the name, these elements are abundant on the Earth’s crust and make up the majority of listed critical minerals. They are essential for a variety of products like EVs, advanced ceramics, computers, smartphones, wind turbines, monitors, and fiber optics.
After China, the next largest source of mineral commodities to the United States has been Canada, which provided the United States with 16 different elements in 2021.
The Rising Demand for Critical Minerals
As the world’s clean energy transitions gather pace, demand for critical minerals is expected to grow quickly.
According to the International Energy Association, the rise of low-carbon power generation is projected to triple mineral demand from this sector by 2040.
The shift to a sustainable economy is important, and consequently, securing the critical minerals necessary for it is just as vital.
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