Mining is an important part of the global economy, and companies have been increasingly relying on mining to meet demand for metals.
But with prices of precious metals plummeting and demand for the commodities increasingly driven by emerging markets, mining is likely to shrink in future years.
The companies that make up the industry are facing the biggest changes.
In the US, there are more than 80 companies making up more than 20% of the value of gold and silver in the global market.
There are also more than 150 mining companies that provide services to the mining industry in the UK.
And more than 1,400 companies have gone public.
But they are all moving away, from mining to mining services and metals production.
Mining is a key part of global economy – but is there a future for it?
What’s going on?
Mining is growing rapidly and will continue to grow as the global demand for precious metals continues to expand.
The gold price has dropped over 60% in the past five years.
Mining services are increasingly becoming more lucrative as companies focus on mining as a way of generating wealth and growing their companies.
But the biggest companies in this space are not in the mining business.
There is a strong demand for mining services from the emerging economies that rely on precious metals to meet their needs.
Mining companies such as Vale of the Skye, which owns Rio Tinto, are increasingly turning to gold mining as the way to meet this demand.
They are doing this in China, India, Brazil and Russia, where they have mines and mine operations.
Vale also owns the mining company Metals Group, which produces gold and copper in China.
Metals is looking to expand into other developing economies such as China, Brazil, and Russia.
In 2016, Vale bought a controlling stake in the Canadian mining company Anglo American.
The company owns a mining operation in Peru, which is now also a mining partner.
Is gold mining going to shrink?
Gold mining is a lucrative business.
The industry employs around 4.2 million people around the world, with around 40% of that workforce in the United States.
The average wage in the US is around $51,500.
But this is changing.
The price of gold is now falling because of an economic slowdown in the developing world.
In 2014, the global gold price fell from $1,400 an ounce to around $330.
But in 2016, the price fell to $1.05 an ounce, from $2,400 in 2015.
This has caused some companies to sell their assets and cut jobs.
How are the companies coping?
The major players are working to stay in business.
Vale of The Skye has been expanding its operations in South America.
Rio Tinta, a major mining company, is expanding its business in the South China Sea.
Metal Group is expanding operations in the Americas and Africa.
Vale is also expanding operations on the US side of the Atlantic.
The biggest players in the industry have also been adapting their business models to cope with the downturn in demand for their commodities.
What will the future hold?
In the coming years, the demand for gold and precious metals will continue increasing, according to the IMF.
In 2019, there will be a total global demand of 8.6 trillion ounces of gold.
And in 2020, the total global supply of gold will be 7.8 trillion ounces.
But by 2030, the value will drop to 1.5 trillion ounces, according the IMF report.
Can mining companies stay in the business?
There are a number of factors that could make it harder for the mining companies to keep the business going.
First, the mining boom is likely coming to an end, because it is likely that mining companies will be moving to other industries, such as metals production and services.
There may also be less demand for services from mining companies because of the economic slowdown and the shift towards developing markets.
The major mining companies have a long history of working together to produce products, and they are well-equipped to adapt to the changing economic environment.
Will companies that produce gold and other precious metals get rich?
The mining industry is still very profitable.
In 2015, Vale of Gold in Brazil generated more than $1bn in revenue, according a Bloomberg report.
Metales Gold Company in Peru also has been profitable, and Vale is likely growing its operations, according its own filings.
And the Vale of Tintas gold mine in Peru was recently valued at $8.5bn.
But there is a danger that these businesses may be forced to shut down because of increased competition from new technologies, such the emergence of blockchain, which could reduce the demand.
Should I get a gold miner’s license?
Yes, it is advisable to get a mining license if you plan to mine in the coming decades.
A license is a licence to work in the country, which allows you to obtain certain permits.