Editing Mining (section)

==Industry==
{{Main|List of mines|List of mining companies|:Category:Mining companies|:Category:Mining industry by country}}
[[File:Siilinjärvi Särkijärvi pit.jpg|thumb|The Särkijärvi pit of the [[Siilinjärvi carbonatite|apatite mine]] in [[Siilinjärvi]], [[Finland]]]]
Mining exists in many countries. [[London]] is the headquarters of [[Anglo American plc|Anglo American]]. [[Melbourne]] is the headquarters of the worlds two largest mining companies [[BHP]] and [[Rio Tinto (corporation)|Rio Tinto]]. <ref name=NAIndustryProfile>MacDonald A. (2002). [http://www.iisd.org/publications/pub.aspx?id=448 Industry in Transition: A Profile of the North American Mining Sector] {{Webarchive|url=https://web.archive.org/web/20110728143932/http://www.iisd.org/publications/pub.aspx?id=448 |date=2011-07-28 }}. [http://www.iisd.org/pdf/2001/mmsd_na_mining_profile.pdf Free full-text] {{Webarchive|url=https://web.archive.org/web/20130915070428/http://www.iisd.org/pdf/2001/mmsd_na_mining_profile.pdf |date=2013-09-15 }}</ref> The US mining industry is also large, but it is dominated by extraction of coal and other nonmetal minerals (e.g., rock and sand), and various regulations have worked to reduce the significance of mining in the United States.<ref name=NAIndustryProfile/> In 2007, the total [[market capitalization]] of mining companies was reported at US$962&nbsp;billion, which compares to a total global market cap of publicly traded companies of about US$50&nbsp;trillion in 2007.<ref>Reuters. [https://www.reuters.com/article/idUSL2144839620070321 Global stock values top $50 trln: industry data].</ref> In 2002, Chile and Peru were reportedly the major mining countries of [[South America]].<ref>[http://www.oecd.org/env/1819617.pdf Environmental Effects of Foreign Investment Versus Domestic Investment in the Mining Sector In Latin-America] {{Webarchive|url=https://web.archive.org/web/20161231144208/http://www.oecd.org/env/1819617.pdf |date=2016-12-31 }}. OECD.</ref> The [[mineral industry of Africa]] includes the mining of various minerals; it produces relatively little of the industrial metals [[copper]], [[lead]], and [[zinc]], but according to one estimate has as a percent of world reserves 40% of [[gold]], 60% of [[cobalt]], and 90% of the world's [[platinum group]] metals.<ref>[https://web.archive.org/web/20010108000000/http://www.mbendi.com/indy/ming/af/p0005.htm Mining in Africa – Overview]. Mbendi.</ref> [[Mining in India]] is a significant part of that country's economy. In the developed world, [[mining in Australia]], with BHP founded and headquartered in the country, and mining in Canada are particularly significant. For [[rare earth mineral]]s mining, [[China]] reportedly controlled 95% of production in 2013.<ref>{{Cite web |last=Nesbit |first=Jeff |date=April 2, 2013 |title=China's Continuing Monopoly Over Rare Earth Minerals |url=https://www.usnews.com/news/blogs/at-the-edge/2013/04/02/chinas-continuing-monopoly-over-rare-earth-minerals |url-status=live |archive-url=https://web.archive.org/web/20230403093320/https://www.usnews.com/news/blogs/at-the-edge/2013/04/02/chinas-continuing-monopoly-over-rare-earth-minerals |archive-date=Apr 3, 2023 |website=[[U.S. News & World Report]]}}</ref>
[[File:Bingham Canyon April 2005.jpg|thumb|right|The [[Bingham Canyon Mine]] of Rio Tinto's subsidiary, Kennecott Utah Copper]]
While exploration and mining can be conducted by individual entrepreneurs or small businesses, most modern-day mines are large enterprises requiring large amounts of capital to establish. Consequently, the mining sector of the industry is dominated by large, often multinational, companies, most of them [[publicly listed]]. It can be argued that what is referred to as the 'mining industry' is actually two sectors, one specializing in exploration for new resources and the other in mining those resources. The exploration sector is typically made up of individuals and small mineral resource companies, called "juniors", which are dependent on [[venture capital]]. The mining sector is made up of large multinational companies that are sustained by production from their mining operations. Various other industries such as equipment manufacture, environmental testing, and metallurgy analysis rely on, and support, the mining industry throughout the world. Canadian stock exchanges have a particular focus on mining companies, particularly junior exploration companies through Toronto's [[TSX Venture Exchange]]; Canadian companies raise capital on these exchanges and then invest the money in exploration globally.<ref name=NAIndustryProfile/> Some have argued that below juniors there exists a substantial sector of illegitimate companies primarily focused on manipulating stock prices.<ref name=NAIndustryProfile/>

Mining operations can be grouped into five major categories in terms of their respective resources. These are [[Extraction of petroleum|oil and gas extraction]], [[coal mining]], metal ore mining, nonmetallic mineral mining and quarrying, and mining support activities.<ref>{{cite web|url=https://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart_code=21&search=2017%20NAICS%20Search|title=2017 North American Industry Classification System Definition 21 |website=US Census Bureau |access-date=2018-07-19}}</ref> Of all of these categories, [[oil and gas extraction]] remains one of the largest in terms of its global economic importance. Prospecting potential mining sites, a vital area of concern for the mining industry, is now done using sophisticated new technologies such as seismic prospecting and [[Remote sensing|remote-sensing satellites]]. Mining is heavily affected by the prices of the [[commodity]] minerals, which are often volatile. The [[2000s commodities boom]] ("commodities supercycle") increased the prices of commodities, driving aggressive mining. In addition, the price of gold increased dramatically in the 2000s, which increased [[gold mining]]; for example, one study found that conversion of forest in the Amazon increased six-fold from the period 2003–2006 (292 ha/yr) to the period 2006–2009 (1,915 ha/yr), largely due to artisanal mining.<ref>Swenson JJ, Carter CE, Domec J-C, Delgado CI (2011) [http://www.plosone.org/article/info%3Adoi%2F10.1371%2Fjournal.pone.0018875 Gold Mining in the Peruvian Amazon: Global Prices, Deforestation, and Mercury Imports] {{Webarchive|url=https://web.archive.org/web/20130921014850/http://www.plosone.org/article/info:doi/10.1371/journal.pone.0018875 |date=2013-09-21 }}. PLoS ONE 6(4): e18875. {{doi|10.1371/journal.pone.0018875}}. Lay summary: [http://www.nicholas.duke.edu/dukenvironment/f11/amazon-gold-fever-comes-with-a-high-environmental-cost Amazon Gold Fever Comes with a High Environmental Cost] {{webarchive|url=https://web.archive.org/web/20130309181431/http://www.nicholas.duke.edu/dukenvironment/f11/amazon-gold-fever-comes-with-a-high-environmental-cost |date=2013-03-09 }}</ref>

===Corporate classifications===
Mining companies can be classified based on their size and financial capabilities:
* ''Major'' companies are considered to have an adjusted annual mining-related revenue of more than US$500 million, with the financial capability to develop a major mine on its own.
* ''Intermediate'' companies have at least $50 million in annual revenue but less than $500 million.
* ''Junior'' companies rely on [[equity (economics)|equity]] financing as their principal means of funding exploration. Juniors are mainly pure exploration companies, but may also produce minimally, and do not have a revenue exceeding US$50&nbsp;million.<ref name=MEG-CorpClass>{{cite web|url=http://www.metalseconomics.com/pdf/PDAC%202009%20World%20Exploration%20Trends.pdf|title=Metals Economics Group World Exploration Trends Report|access-date=2009-05-05|publisher=Metals Economics Group Inc.|archive-date=2012-08-03|archive-url=https://web.archive.org/web/20120803095004/http://www.metalseconomics.com/pdf/PDAC|url-status=dead}}</ref>
Re their valuation, and stock market characteristics, see {{section link|Valuation (finance)|Valuation of mining projects}}.

===Regulation and governance===
[[File:EITI Global Conference 2016.jpg|thumb|right|[[EITI]] Global Conference 2016]]
New regulations and a process of legislative reforms aim to improve the harmonization and stability of the mining sector in mineral-rich countries.<ref>{{cite journal
|last=Cambell
|first=Bonnie
|title=Regulation & Legitimacy in the Mining Industry in Africa: Where does
|journal=Review of African Political Economy
|year=2008
|volume=35
|issue=3
|pages=367–89
|url=http://docserver.ingentaconnect.com/deliver/connect/routledg/03056244/v35n3/s2.pdf?expires=1302287825&id=62185656&titleid=10738&accname=The+John+Rylands+University+Library%2C+The+University+of+Manchester&checksum=6F04E83AFE9F7C22DFB0A7848C306CC6
|access-date=7 April 2011
|doi=10.1080/03056240802410984
|s2cid=154670334
|archive-date=31 March 2020
|archive-url=https://web.archive.org/web/20200331130216/http://docserver.ingentaconnect.com/deliver/connect/routledg/03056244/v35n3/s2.pdf?expires=1302287825&id=62185656&titleid=10738&accname=The+John+Rylands+University+Library%2C+The+University+of+Manchester&checksum=6F04E83AFE9F7C22DFB0A7848C306CC6
|url-status=live
}}</ref> New legislation for mining industry in African countries still appears to be an issue, but has the potential to be solved, when a consensus is reached on the best approach.<ref name="Lucia">
{{cite web
 |website=The World Bank
 |title      = The World Bank's Evolutionary Approach to Mining Sector Reform
 |url        = http://siteresources.worldbank.org/INTOGMC/Resources/336099-1288881181404/7530465-1288881207444/eifd19_mining_sector_reform.pdf
|archive-url=https://web.archive.org/web/20140417054540/http://siteresources.worldbank.org/INTOGMC/Resources/336099-1288881181404/7530465-1288881207444/eifd19_mining_sector_reform.pdf
|archive-date=2014-04-17
 |access-date = 4 April 2011
}}
</ref> By the beginning of the 21st century, the booming and increasingly complex mining sector in mineral-rich countries was providing only slight benefits to local communities, especially in given the sustainability issues. Increasing debate and influence by [[NGOs]] and local communities called for new approaches which would also include disadvantaged communities, and work towards [[sustainable development]] even after [[mine closure]] (including transparency and revenue management). By the early 2000s, community development issues and resettlements became mainstream concerns in World Bank mining projects.<ref name="Lucia"/> Mining-industry expansion after mineral prices increased in 2003 and also potential fiscal revenues in those countries created an omission in the other economic sectors in terms of finances and development. Furthermore, this highlighted regional and local demand for mining revenues and an inability of sub-national governments to effectively use the revenues. The [[Fraser Institute]] (a Canadian think tank) has highlighted{{clarify|date=December 2016}} the environmental protection laws in developing countries, as well as voluntary efforts by mining companies to improve their environmental impact.<ref>[http://www.miningfacts.org/Environment/Do-Canadian-mining-companies-operating-abroad-face-weaker-environmental-regulations/ Do Canadian mining companies operating abroad face weaker environmental regulations?] {{Webarchive|url=https://web.archive.org/web/20180706030924/http://www.miningfacts.org/Environment/Do-Canadian-mining-companies-operating-abroad-face-weaker-environmental-regulations/ |date=2018-07-06 }}. MiningFacts.org. [[Fraser Institute]].</ref>

In 2007, the [[Extractive Industries Transparency Initiative]] (EITI) was mainstreamed{{clarify|date=December 2016}} in all countries cooperating with the World Bank in mining industry reform.<ref name="Lucia"/> The EITI operates and was implemented with the support of the EITI multi-donor trust fund, managed by the World Bank.<ref>{{cite web|last=Extractive Industries Transparency Initiative|title=Governance Structure|url=http://eiti.org/about/governance|access-date=4 April 2011|archive-date=13 April 2011|archive-url=https://web.archive.org/web/20110413135638/http://eiti.org/about/governance|url-status=live}}</ref> The EITI aims to increase transparency in transactions between governments and companies in extractive industries<ref>{{cite web
|publisher=Business and Human Right Resource Centre (2009)
|title=Principles: Extractive Industries Transparency Initiative (EITI)
|url=http://www.business-humanrights.org/Categories/Principles/ExtractiveIndustriesTransparencyInitiativeEITI
|access-date=6 April 2011
|archive-date=8 April 2011
|archive-url=https://web.archive.org/web/20110408081137/http://www.business-humanrights.org/Categories/Principles/ExtractiveIndustriesTransparencyInitiativeEITI
|url-status=dead
}}</ref> by monitoring the revenues and benefits between industries and recipient governments. The entrance process is voluntary for each country and is monitored by multiple stakeholders including governments, private companies and civil society representatives, responsible for disclosure and dissemination of the reconciliation report;<ref name="Lucia"/> however, the competitive disadvantage of company-by-company public report is for some of the businesses in Ghana at least, the main constraint.<ref>{{cite web|last=The Ghanaian Journal|title=At the Fifth EITI Global Conference|url=http://www.theghanaianjournal.com/2011/03/16/at-the-fifth-eiti-global-conference/|access-date=3 April 2011|archive-date=1 January 2016|archive-url=https://web.archive.org/web/20160101075848/http://www.theghanaianjournal.com/2011/03/16/at-the-fifth-eiti-global-conference/|url-status=dead}}</ref> Therefore, the outcome assessment in terms of failure or success of the new EITI regulation does not only "rest on the government's shoulders" but also on civil society and companies.<ref name="Owona, S.O.">{{cite web|last=Extractive Industries Transparency Initiative|title=Report of 5th EITI Global Conference in Paris, 2011|url=http://eiti.org/files/Report_of_5th_EITI_Global_Conference.pdf|archive-url=https://web.archive.org/web/20110726083709/http://eiti.org/files/Report_of_5th_EITI_Global_Conference.pdf|url-status=dead|archive-date=26 July 2011|access-date=4 April 2011}}</ref>

However, implementation has issues; inclusion or exclusion of [[artisanal mining]] and small-scale mining (ASM) from the EITI and how to deal with "non-cash" payments made by companies to subnational governments. Furthermore, the disproportionate revenues the mining industry can bring to the comparatively small number of people that it employs,<ref name="Lulu">{{cite web|publisher=World Bank's Oil, Gas and Mining Policy and Operations Unit (COCPO)|title=Advancing the EITI in the Mining Sector: Implementation Issues|url-status=dead|archive-url=https://web.archive.org/web/20140703183803/http://siteresources.worldbank.org/EXTOGMC/Resources/advancing_eiti_mining.pdf|archive-date=3 July 2014|url=http://siteresources.worldbank.org/EXTOGMC/Resources/advancing_eiti_mining.pdf|access-date=6 April 2011}}</ref> causes other problems, like a lack of investment in other less lucrative sectors, leading to swings in government revenue because of volatility in the oil markets. Artisanal mining is clearly an issue in EITI Countries such as the Central African Republic, D.R. Congo, Guinea, Liberia and Sierra Leone – i.e. almost half of the mining countries implementing the EITI.<ref name="Lulu"/> Among other things, limited scope of the EITI involving disparity in terms of knowledge of the industry and negotiation skills, thus far flexibility of the policy (e.g. liberty of the countries to expand beyond the minimum requirements and adapt it to their needs), creates another risk of unsuccessful implementation. Public awareness increase, where government should act as a bridge between public and initiative for a successful outcome of the policy is an important element to be considered.<ref>{{cite web|last=Revenue Watch Institute |date=20 April 2010 |title=Promoting Transparency in the Extractive Sectors: An EITI Training for Tanzania Legislators |url=http://www.revenuewatch.org/news/news-article/tanzania/promoting-transparency-extractive-sectors-eiti-training-tanzania-legislat |access-date=6 April 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110720234318/http://www.revenuewatch.org/news/news-article/tanzania/promoting-transparency-extractive-sectors-eiti-training-tanzania-legislat |archive-date=July 20, 2011 }}</ref>

===World Bank===
[[File:World Bank logo.svg|thumb|upright|World Bank logo]]
The [[World Bank]] has been involved in mining since 1955, mainly through grants from its [[International Bank for Reconstruction and Development]], with the Bank's [[Multilateral Investment Guarantee Agency]] offering [[political risk]] insurance.<ref>For an overview of the Bank and mining, see [http://www.pdac.ca/pdac/publications/papers/2001/pdf/Weber-Fahr(T-8).pdf Mining, Sustainability and Risk:World Bank Group Experiences] {{webarchive|url=https://web.archive.org/web/20110929090158/http://www.pdac.ca/pdac/publications/papers/2001/pdf/Weber-Fahr(T-8).pdf |date=2011-09-29 }}</ref> Between 1955 and 1990 it provided about $2&nbsp;billion to fifty mining projects, broadly categorized as reform and rehabilitation, greenfield mine construction, mineral processing, technical assistance, and engineering. These projects have been criticized, particularly the [[Carajás Mine|Ferro Carajas project]] of Brazil, begun in 1981.<ref>See the 1995 ''World Development'' '''23'''(3) pp. 385–400.</ref> The World Bank established mining codes intended to increase foreign investment; in 1988, it solicited feedback from 45 mining companies on how to increase their involvement.<ref name=RocksHardPlaces/>{{rp|20}}

In 1992, the World Bank began to push for privatization of [[government-owned corporation|government-owned mining companies]] with a new set of codes, beginning with its report ''The Strategy for African Mining''. In 1997, Latin America's largest miner [[Vale (mining company)|Companhia Vale do Rio Doce]] (CVRD) was privatized. These and other developments, such as the Philippines 1995 Mining Act, led the bank to publish a third report (''Assistance for Minerals Sector Development and Reform in Member Countries'') which endorsed mandatory environment impact assessments and attention to the concerns of the local population. The codes based on this report are influential in the legislation of developing nations. The new codes are intended to encourage development through tax holidays, zero custom duties, reduced income taxes, and related measures.<ref name=RocksHardPlaces/>{{rp|22}} The results of these codes were analyzed by a group from the University of Quebec, which concluded that the codes promote foreign investment but "fall very short of permitting sustainable development".<ref>GRAMA. (2003). [http://migs.concordia.ca/documents/MIGS_Campbell_Feb07.pdf The Challenges of Development, Mining Codes in Africa And Corporate Responsibility] {{Webarchive|url=https://web.archive.org/web/20160101075848/http://migs.concordia.ca/documents/MIGS_Campbell_Feb07.pdf |date=2016-01-01 }}. In: ''International and Comparative Mineral Law and Policy: Trends and Prospects''. Summarized in the [http://www.unites.uqam.ca/grama/pdf/AfricaCodes-Mining_Journal.pdf African Mining Codes Questioned]. </ref> The observed negative correlation between natural resources and economic development is known as the [[resource curse]].{{Citation needed|date=January 2021}}