Economic Geology

Introduction to Economic Geology

Economic geology is a branch of science that focuses on the study and exploration of ore deposits for economical purposes. Ore deposits are rock formations containing minerals which can be mined for profit. For example, iron oxide may be found in abundance within a region, but by itself it is not very profitable. It is important to understand ore deposits and their characteristics, as well as location, in order to be able to extract them to the maximum economic benefit. Ore bodies and deposits are essentially mineral-bearing rocks which can be mined profitably.

 The earth’s crust has a wealth of resources that are used by humans to fuel their lives. Geological and economic exploration together form the basis for a flourishing resource industry, one that makes up a significant portion of global exports and drives economic growth in countries like Canada, Australia, Norway and South Africa.

Significance of Economic Geology:

Economic Geology is important because it is used to create a sustainable and prosperous future for humanity. The resources mined from the earth provide mankind with goods that allow for a better quality of life. Economic Geologists like to help find new ways to responsibly extract these natural resources so that future generations may benefit as well.

Economic geology is an industrial science, because much of its research leads directly to commercial exploitation. Economic geology largely depends on public funding (through government agencies such as the National Science Foundation, National Aeronautics and Space Administration, Department of Energy, Geological Survey Canada, and local universities). Economic geologists are generally accustomed to working in a commercial environment where information disclosure is not always required.

Advantages of Economic Geology:

Economic geology has many advantages and one is the ability for economists, chemists and physicists to work together as a team. Economists and chemists have different areas of research that overlap with economic geologists. By working together it is possible for the scientist to make all the necessary calculations that are needed in order to find an ore deposit. Another advantage is reduced costs and time because economists, chemists and physicists can work together on a project without having to do the same testing over and over again. As well, the collaboration between geology, chemistry and physics means that there is a better understanding about basic processes and chemical details.

Economic and Environmental Geology:

Economic and environmental geologists are not working on the same problem, however there are some aspects where environmental and economic geology can work together. It is important for environmental geologists to realise that economics are involved in the decisions made throughout their career. Environmental geologists will be responsible for making the best decisions based on their knowledge of how the earth works and how the human race reacts to this information. It is important for environmentalists to imagine that they need to think like an economist as well because they will have valuable input into decision making when it comes to where economic activities take place. According to an economic geology journal , the work of an environmental geologist can be very helpful for the economy. Environmental science and geology go hand in hand and contribute to providing people with clean water, economic growth, preservation of the environment, sustainable development and social equity.

Conclusion

Economic Geology is one of the most important areas of study within geology as it makes a huge difference in which countries feel like they are successful as opposed to who feels like they’re not. While resources and commodities come in a variety of forms, the goal is all the same to find an ore deposit and profit from it.

Economic Geology is the study of how geological processes create, shape and change mineral resource deposits. It involves surface mapping, geological mapping (sometimes involving rock units), mineralogy, geochemistry, statistical analysis and numerical modelling.

To some people, economic geology sounds like a very interesting science because it involves many things that are directly related to everyday life; for example, precious metals such as gold and silver. In every country in the world these precious metals help fuel its economy. The production of minerals has evolved into one of the most vital factors in modern society.