Copper is an essential metal and is used in extensive amounts everywhere in the world. For developing countries like India, Chile, South Africa, etc., where most of the population is still dependent on the primary sector, the mining industry contributes a lot to their stability. However, in a developed country like Canada, mining is a way to grow its power and wealth. And in today’s world, copper mining is witnessing a big boom. Every country is trying to expand its copper mining resources. Why? Here are a few points that will give you an idea of how copper mining helps in a country’s growth.
1. Employment generation – Canada is an underpopulated country, i.e., there are not enough people to work. Therefore it depends majorly on immigrants from countries like India, Pakistan, Bangladesh, etc. To attract them and employ them, it needs to generate employment. Canadian copper mining companies require a wide range of workers, from skilled laborers to highly skilled engineers. More employed people means more expenses and a higher standard of living.
2. Self Sufficiency – If a country has mineral deposits and is able to mine its own resources, it does not need to import them from other countries. Hence, when a country has mining copper, it becomes able to fulfill its own copper needs and does not have to pay heavy taxes on raw materials. A self-sufficient country supports mining exploration companies, the mining industry is bound to grow rapidly. If you would like to get more information, read from the article SLS.to.
3. Export Boost – Right now, Canada is mining way more copper than it needs. Therefore, most of the porphyry copper extracted in Canada is exported to Asian countries for smelting and refining. This helps the country earn quite a significant amount and improve political relations with others. As per the marketing team at Tech Resources, once the export of copper starts with a country, it leads to the trade of other goods, which boosts the entire export industry.
4. Technical Advancement – Copper is an important industrial material because it has high conductivity and less energy dissipation. Thus it is used in wires, pipes and transformers, and other electrical machines. When the country is self-sufficient in copper and has excess to use, it utilizes it towards the improvement of quality and productivity of machines used in factories which leads to technical advancement.
5. Economic growth – Keeping in mind the above points, when the country is producing its excess of raw materials, earning profit from exports, the population is well employed, and technology is improving, the country moves towards a stable economy. Once stability is achieved, the next step is economic growth. The GDP of the country rises, the standard of living improves. With more taxpayers, infrastructure, and health and education facilities improve.
The copper mining and exploration industry have a lot to contribute towards the country’s growth, both economic and social. The key feature that makes this industry so important is the extensive demand for copper. A strong primary sector is directly proportional to the development of a country.