Economic Importance of Natural Resources

8 August 2016

The mineral resources constitute a vast potential wealth of our country and varieties of mineral resources are available in all countries namely; iron, manganese, mica, bauxite, gypsum, titanium, thorium, uranium, chromium etc. These mineral resources, when used, in a prudent and judicious manner have the powers to convert a developing country into a developed country. Iron: Iron ore plays a key role in the industrialization of a nation and some developing countries are found to be rich in iron ore deposits. Most of the iron ores are found nearer to the coal mines and other smelting materials.

This advantage helps the country to produce iron economically. When any country is abundant with iron ores, it can enjoy a great value in the international market and those countries are capable of exporting iron mainly to other needy countries. Manganese: Even though manganese is not a major raw material for any industry, it is used in small quantities in almost all industrial units in their production processes.

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For these reasons, the mineral is also called as jack of all trades. It is used in almost all the industrial units in small quantities.

It is used in significant quantities in iron and steel industries, chemical and plastic industries and in the manufacture of dry batteries. Mica: Mica is a wonderful mineral and the mineral is an insulator for heat and electricity and on account of these reasons, mica is used in the electrical industry in a significant proportion. Bauxite: Bauxite is the main sources of aluminum and it is called a wonder metal because of the wide variety of its applications in many industries including aircraft industry. Bauxite deposits are found in many countries in the world.

Gypsum: It is a mineral of great economic importance and it is used as a raw material in fertilizer industries and in the manufacture of cement. These two industries contribute significantly to the economic development of a nation. Thus, gypsum is a mineral of great economic importance. Titanium: Titanium mineral has a great economic significance and it is used in the manufacture of decorative paints and also in the manufacture of high speed steel. Thorium: Thorium is one of the mineral resources used in the generation of atomic energy and it is widely distributed in many parts of the world.

Uranium: Uranium has a great significance in the generation of nuclear energy and uranium deposits are found in many parts of the world. Chromite: This mineral is used in the manufacture of stainless steel and chromium is obtained from chromium and it is used in the electroplating, dyeing and paint manufacturing industries. The economic importance of other minerals: Most of the non-ferrous metals including copper, zinc and tin have great economic importance. The silicon, limestone and clays are used in the manufacture of glass, pottery, tiles and pipes. These products find a large number of uses in the day to day life.

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