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What is the role of extractive industry?

What is the role of extractive industry?

Extractive industry can be defined as a processes that involve different activities that lead to the extraction of raw materials from the earth (such as oil, metals, mineral and aggregates), processing and utilization by consumers.

What is the impact of extractive industries on the environment?

Around the world the extractive sector is associated with a range of serious environmental challenges: land clearance and degradation; the use of dangerous chemicals; acid drainage from mine sites; the loss of biodiversity; intensive water use; pollution from poorly disposed waste; and dust and airborne pollution; as …

What is an example of an extractive industry?

The extractive industry consists of any operations that remove metals, mineral and aggregates from the earth. Examples of extractive processes include oil and gas extraction, mining, dredging and quarrying.

What does extractive industry mean in history?

Definition. Extractivism refers to the process of removing large quantities of raw or natural materials, particularly for export. Most extracted resources are exported abroad because there is a lack of demand for these raw materials in their country of origin.

Why are extractive processes important for society?

Expanding economic opportunity in the communities and countries where they operate is in extractive companies’ best interest. It can lessen their production costs, provide continuity of supply and distribution outlets for goods and services, enhance social license to operate, and mitigate risk and potential conflict.

What is extractive economy?

A resource-based economy, dependent on harvesting or extracting natural resources for sale or trade., harvesting and exporting resources with little or no processing.

What are the negative effects of extraction industries?

Moreover, the extractive sector and associated activities are frequently linked to a host of direct and indirect negative health effects. These include workplace exposures, environmental contamination, and resource depletion, with the latter two also leading to reduction or loss of livelihoods.

What is the extraction industry called?

Extractive industries are the businesses that take raw materials, including oil, coal, gold, iron, copper and other minerals, from the earth. The industrial processes for extracting minerals include drilling and pumping, quarrying, and mining.

What are extractive resources?

Extractive resources such as oil, gas, minerals and timber can have a transformative impact on the development trajectory of a country. They can create jobs, generate revenue to fund basic government services and stimulate further economic growth.

What is extractive industries State its features?

A number of characteristics are particular to the extractive industries: the uneven distribution of natural resources across regions and countries coupled with the high capital intensity of the industry with long development lead times and extraction life cycles; the principle of permanent sovereignty over natural …

Can extractive industries promote sustainable development?

Extractive industries have immense potential to drive growth, support sustainable development, and reduce poverty in developing countries.

What is extractive industries state its features?