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Venezuela < iron oil and naturel gas > $ 14.3 trillion
The country ranked 10th on this list and in the world is Venezuela having 14.3 trillion dollars has reserve. As a result of natural gas reserve, this country is ranked seventh in terms of natural gas. Theses deposit share 2.5% of global oil distribution. Venezuela is the seventh richest in the world regarding oil deposit and storage. Which has been estimated to be 100 billion barrel accounting for the 10.4% of the world distribution. Venezuela is awash with natural resources such as diamond, gold, iron ore, natural gas and petroleum. The GDP of the country is $378.9 billion as of 2011. The country largely depends on oil revenues which account for about 95% of the export value and around 12 % of the country’s GDP value. After a major economic slowdown in the period of 2009 to 2010, the country regained its economic status with an increase in GDP growth rate by 4.2% in 2011.
Venezuela has rich resources of gold, nickel, iron ore, steel, diamond, alumina, coal, bauxite, asphalt, natural gas, and petroleum. Bauxite ACCOUNTING for about 1.2% of global production. Alumina accounting for about 1.1% of global production. Nickel, for about 1.0% of global production. The country’s mineral export in 2010 amounted to $65.8 billion, of which petroleum export amounted to $62.3 billion and iron ore, cement, steel, aluminum, bauxite and other products amounted to $3.5 billion
Paso diablo coal mine of Venezuela produces 7.5 million metric tons per year of pulverized coal injection coal. The Las Cristinas mine of Venezuela has reserve of 27 million ounce. Gold reserve amounted for the country’s total mineral reserves. Their government has invested about $5.81 billion to develop mining industry. It has approved $159 million for the workers in the country’s heavy industries that extract and manufacture gold, bauxite, iron and other mineral resources. http://www.indexmundi.com
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Australia < coal, ore, timber, copper > $19.9 trillion
Australia, an independent country was ranked ninth in 2017 has the ninth wealthiest country sourcing its revenue from coal, iron, ore, copper. Australia has 16.7% of global distribution of gold. 49.7% of uranium is distributed around the world has to be accounted. It has natural gas reserve and also share with neighboring countries like Indonesia. Even though Australia has a large economic resources of many commodities, this is not a guarantee that such resources will continue to be exploited in Australia. In an increasingly globalized and competitive commodity market, multinational mining companies continue to search for mining deposit that will attract returns on investment.
Such return are influenced by the quality of the resources <grade, tonnage, metallurgical properties > as well as environmental, social and political factor, land access and the location and scaling of competing project. Increasingly, mineral project are being ranked by multinational companies against investment return from other project worldwide, particularly during period of global financial stress
The mining industry has an export earn of 50-60% of the annual value of total export of goods and services in recent years. The value of Australia mineral export increased from $45 billion in 2002-2003 to $145.9 billion in 2012-13, dominated by iron ore, coal, gold, copper, alumina/ aluminum and nickel. The major increase in the overall value of mineral export in this period reflects increase in both production and commodity prices. http://www.ga.gov.au
