Natural resources are the commodities which exist without any action from human beings. They are the raw materials which are used to produce and manufacture all of the products we use. The price of these resources varies depending on how rare they are to find, their quality and demand. Generally, these commodities whether extracted or not are valuable; therefore they are the backbone of many economies in the world. Some of the countries with the most natural resources in the world include:
Mining is the primary industry in Australia and the main contributor to its economy which earns them over $19.9 trillion per annum. Australia is one of the leaders in uranium and gold mining. Australia has the largest gold reserves in the world, and they supply about 14.3% of the world’s demand. The country also contributes over 46% of the world’s uranium. Australia is known for its vast reserve of iron ore, copper, timber, nickel, oil shale, rare earth metals, and coal. Australia is the top producers of opal and aluminum.
9. Democratic Republic of the Congo
One of the most significant sources of export income for the Democratic Republic of the Congo (DRC) is the mining industry. As of 2009, the country had over $24 trillion in unexploited mineral deposits, and this included biggest coltan reserve in the world and also their significant cobalt quantities. The state is known for its large gold, tin, tantalum, diamond, copper, and cobalt reserves. The American geological survey estimates that the country has over a million tons of lithium. There were over 25 international mining firms in the DRC by 2011.
The South American state is the leading producer and exporter of numerous minerals including oil, iron ore, gold, coal, and bauxite. Venezuela has over $14.3 trillion worth of unused natural resources, and a majority of their minerals are state-controlled. Venezuela has the biggest largest oil reserves which are bigger than the reserves in the United States, Mexico and Canada combined. Venezuela is the third largest Latina America coal producer right behind Brazil and Colombia. They have the eighth largest natural gas reserves in the world which account for about 2.7% of the world’s supply. Venezuela has the world’s second-largest gold deposits.
7. United States
The mining industry was quite active during the colonial era, but it became an important industry in the United States during the nineteenth century after more minerals were discovered. The total metals and coal reserves in the country were valued at $109.6 billion in 2015. The mining industry has employed over 158,000 people directly. The United States has been known as the leading producers of coal for decades now, and currently, they control over 31% of the global coal reserves and a significant amount of timber. The total natural resources in the country are valued at $45 trillion with over 89% of them being timber and coal. The United States has a sizeable deposit of copper, gold, oil and natural gas.
The natural resources in Brazil are estimated to be worth over $21.8trillion with some of their top commodities being uranium, gold, iron, and oil. Mining in the country is centered on bauxite, iron, tin, copper, and gold extraction. Brazil has the biggest uranium and gold deposits in the planet, and they are the second biggest iron producers. Even though they have vast oil deposits, the most valuable commodity in the country is timber. Brazil supplies over 12.3% of the world’s timber.
The Russian mining industry is one of the biggest in the world, and it accounts for a large percentage of the Russian commonwealth production of a wide range of commodities including mineral fuels, industrial minerals, and metals. Russia is one of the leading producers of vanadium, silicon, palladium, nitrogen, magnesium metal and compounds, copper, arsenic, cement, and aluminum. The natural resources in the country are estimated to be worth over $75 trillion. Russia is the second largest exporter of rare earth metals.
The mining sector in India contributes about 2.5% of the country’s GDP and about 11% of the industrial sector’s GDP. The mining and metal industry of India was estimated to be worth over $106.4 billion in 2010. India has the fourth largest coal reserves on earth and significant reserves of limestone, petroleum, diamonds, natural gas, chromite, titanium ore, and bauxite.The country accounts for over 12% of the world’s thorium production and over 60% of global mica production. India is the leading producer of manganese ore.
Canada has over $33.2 trillion worth of natural resources with some of the commodities including industrial mineral (gypsum, potash, limestone and rock salt), energy minerals (uranium and coal), metals (nickel, zinc, copper, and lead) and precious metals (platinum, silver, and gold). Canada has the third biggest oil deposits in the planet right after Venezuela and Saudi Arabia and the second biggest uranium supply. Canada is the leading supplier of phosphate and natural gas. Canada is the third biggest exporter of timber in the world.
2. Saudi Arabia
Saudi Arabia has over 34.4 trillion worth of commodities with their primary natural resource being oil. Saudi Arabia has the biggest second biggest oil reserves in the planet which account for over 20% of the oil reserves globally. Petroleum was discovered in Saudi Arabia on March 3, 1938, and since then they have been the leading oil exporters. The country controls the sixth biggest natural gas reserves. Some of the natural resources in Saudi Arabia include feldspar, phosphate, sulphur, lead, tungsten, manganese, copper, zinc, silver, and gold. The country’s economy depends on their income from their oil exporting venture.
China is one of the leading producers of phosphates, vanadium, tungsten, antimony, graphite, coal, tin, molybdenum, lead, zinc, and gold. They are the second top producers of manganese, bauxite, cobalt, silver, and copper. China is one of the top mining countries in the world, but since they lack local reserves most of their companies hunt for mining contracts in other countries. 90% of the natural resources in the state include rare earth metals and coal. Other critical natural commodities in China include timber, chromium, and gem diamond. The total natural resources in China are estimated to be worth over $23 trillion.