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Mining is defined as the act, process, or industry of extracting ores and other materials from mines. Mining is the only source of metals and minerals which are required as raw materials across industries including agriculture, manufacturing, transportation, utilities, communication, and construction. Sand and gravel, coal and stone are non-metallic products of the mining industry.
The total value of the mining sector globally in 2015 was $XX billion. Related to a world population of more than XX billion in 2015 this equates to about $XX per person globally. Given that World Domestic Product was approximately $XX trillion in 2015, the market makes up about XX% of the global economy.
The mining industry is facing a confidence crisis. Since May 2012, commodity prices decreased extensively with a decrease in demand due to slow economic growth in China. Operators are extensively evaluating operating costs. This is attributed to low commodity prices, low confidence in cost controls, poor return on capital and also the fact that the market capitalization for the top 40 companies was $XX billion in 2014 a XX% decrease from previous year.
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