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The metal ore mining market consists of the production of metal ores and concentrates by entities that mine metallic mineral ores. The industry includes establishments developing mine sites, ore dressing, and other beneficiating operations such as crushing, grinding, washing, drying, sintering, concentrating, calcining, and leaching. The use of robots in the metal ore mining industry is improving the efficiency and productivity of mines and reduces operational costs. Robotics is significantly increasing the mining capabilities by rolling out autonomous trucks and drills, thus reducing the need for the human workforce. Robots are used in some critical mining activities such as drilling, blasting explosives in the mines, and guiding and driving off-highway haul trucks operating in mines.
Based on type, metal ore mining is classified into gold, iron, silver, uranium, vanadium, and others. Gold ore mining is the resource extraction of gold by mining whereas iron ore is used in blast furnaces to make pig iron, which is the main material for steelmaking.
Advancements in mining technologies, growing concerns among countries regarding energy security, and increasing energy demand acting as a major opportunity for the metal ore mining market. Moreover, supporting government regulations such as the Surface Mining Control and Reclamation Act, 1977, and establishment of safety zone near the mine surface, etc. play an important role in the growth of the target market.
Key Market Driver -
Rise in infrastructure development
Key Market Restraint -
High cost Associated with mining processes likely to hamper the market
The key players operating in the global metal ore mining are market Anglo American PLC, AngloGold Ashanti Limited, Goldcorp Inc., Kinross Gold Corp., Barrick Gold Corporation, BHP Billiton Ltd., Rio Tinto PLC., Fortescue Metals Group Ltd., Newmont Mining Corporation, and Vale SA.
Global metal ore mining has been categorized into five key regions including North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. The Asia Pacific occupied the major market with nearly half of the share is anticipated to register a significate CAGR during the forecast period. It is due to the rapid industrialization and urbanization in several developing countries of the region resulting in substantial investments.
North America is the second-largest region of the global metal ore mining market whereas South America is the smallest region in the global metal ore mining market. India offers several opportunities for mining companies as there is significant scope for the exploration of bauxite, iron ore, and coal. Furthermore, the booming real estate sector in the country is expected to augment the demand for metal mining equipment, thereby contributing to regional growth. Chile and Peru are home to a large number of copper and gold mines, which contribute significantly to the global exploration of metals.
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