A career in mining and exploration requires extensive geological knowledge and skills. Many jobs in the industry require work experience during the course of your degree, and you’ll probably need to complete a postgraduate masters degree to be eligible for a role in the industry. However, PhD study can also be a viable route into this field, particularly if it’s partly funded by industry. This article will provide an overview of the main skills required for mining exploration.
Mineral exploration activities also include the collection and analysis of infrastructure data such as average rainfall, availability of potable and industrial water, power grids, and supply systems. Other background information can include forests and public and private sectors, as well as the names of multinational companies that operate mineral exploration programs. It’s not unusual for mining companies to conduct exploration activities in their local area. This helps them target promising sites that might yield rich deposits. Moreover, mining companies that invest in exploration projects can benefit from a range of public and private sector services and industry networks.
Mining companies generally consider exploration of new deposits a priority but allocate only a small portion of their budgets for exploration. During the last five years, most senior miners allocated most of their revenues towards improving their existing mines and taking steps to reduce operating costs. BHP Billiton, for example, spent US$ 2.1 billion on exploration in 2012, representing 11 percent of its total investment. This is lower than the average for the mining industry, which is 3.2 percent.
While there are many advantages to exploring for minerals, there are also several risks associated with this endeavor. First, you must ensure that the land you are considering is open for exploration and there are no existing mining claims on it. Once you have found a prospective site, you need to map the outcrops and look for indicator minerals. By analyzing these samples, you’ll be able to make a more informed decision regarding whether or not to move forward with a project.
In summary, mining and exploration are processes that take several steps to yield valuable minerals. Prospecting involves the identification of a mineral deposit, and exploration is the first step in developing a mine. Less than one per cent of exploration projects make it to this stage. Then, you need to select the most profitable area and begin the development process. This process is not cheap, so it’s best to invest in a well-funded exploration company.
In addition to private investment, foreign investors can also invest in mining and exploration. Canadian companies are especially well-known for their heavy participation in this sector, with junior mining companies acquiring the majority of the exploration projects. Junior mining companies often have no operating revenues and rely on equity financing. Senior mining companies, on the other hand, are more likely to bring a mine into production. The majority of foreign exploration is undertaken by state-owned entities.