Do you want to start a mining business or want to invest in the mining industry? If Yes, here are 50 best mining related business ideas & opportunities for 2020.
Mining is one of the oldest businesses in the world yet it hasn’t stopped being profitable. People have mined crude oil, gold, silver, and precious metals for centuries yet the mining industry is valued at around $500 billion, with an annual growth rate of 0.6%.
Mining is a very great business you should consider setting up but starting a mining business can seem like a daunting process for new comers to the industry especially with regards to identifying the most lucrative mining business niches to choose from.
Below are 50 different mining related business ideas that you can invest in. Some of them are low cost business ideas that you can start with little or no money just in case you are worried that you may not be able to afford the huge capital required to start a mining related business.
50 Best Mining Related Business ideas & Opportunities for 2020
1. Quartz Mining: Quartz, also known as glass-sand or silica sand is a type of sand that is commonly used in the glass manufacturing industry. Quartz is used in manufacturing glass bottles, optical instruments, windows, electrical insulation, doors, aircraft parts, and other glass ware. Quartz Mining is a very lucrative mining business where you may never fall short of customers to patronize your business.
2. Gold Mining: If you live in cities with gold deposits or if you can get a mining permit to work in such cities, you will make a lot of money because gold is a very valuable commodity both in the financial industry, and the jewelry making industry.
3. Diamond Mining: Another highly valuable commodity especially in the fashion industry is diamond mining. Diamonds are very expensive and highly valuable hence many couples engage themselves with diamond rings worth millions of dollars. Diamonds are also very popular amongst investors because the value continues to rise just like gold.
4. Gemstone Mining: You can also mine gemstones like ruby, sapphire, amethyst, zircon, tourmaline, topaz, and so on. These are also very popular amongst jewelry makers and collectors.
5. Coal Mining: Coal is another highly demanded commodity that would fetch you a lot of money. Coal is used in many manufacturing companies, and it is also used to power up fireplaces in people’s homes.
6. Kaolin Mining: Kaolin, also known as clay minerals is largely used in the industrial sector for making rubber paints, porcelain, paper, and several other items. It is also used in making of some types of drugs especially drugs meant to treat diarrhea and dysentery. You can mine kaolin and supply them to the medical industry, porcelain or paint manufacturing industry, or any other industries that deal in making paper and rubber paints.
7. Crude Oil Mining: Gasoline is made from crude oil and 90% of vehicles today run on gasoline so crude oil mining can easily make you rich however, the industry is a very competitive one, and the business is very expensive to set up. Plus you have to get a mining permit in a city or country with crude oil reserves so there’s no gainsaying that this business is only for deep-pocketed individuals.
8. Columbite Wolframite and Tantalite (Coltan) Mining: Coltan is a highly valuable mineral that is used in the electrical and cable-making industry to improve alloy strength. They are found in large deposits in countries like Canada, Australia, Brazil, and China.
9. Granite Mining: Granite is a type of stone that is used in the construction industry. It is also one of the easiest mining businesses to start, and you can make a lot of money from supplying granite to construction companies, or people carrying out building projects.
10. Iron Ore Mining: Another mineral that you can easily mine for profits is iron ore. Iron ore is used in steel production and engineering, and for making electromagnetic devices among other things.
11. Lead Mining: You can also mine lead, which is used in making ammunitions, television, and nuclear weapons. The market for lead is very large and profitable.
12. Bitumen Mining: Bitumen is used to make asphalt used in road construction projects, or roof making. Bitumen mining would no doubt earn you a lot of money.
13. Zinc Mining: You can also consider mining zinc, an essential metal used in the construction and drug manufacturing industry.
14. Limestone Mining: Limestone is used to make cement, an essential ingredient in building construction. You can earn money from supplying limestone to cement production companies.
15. Uranium Mining: Uranium ore is a very rare mineral and 39% of the world’s uranium deposit is in a country called Kazakhstan. It is also found in small deposits in countries like Canada, Russia, Australia, Namibia, Niger, China, and of course, the United States.
16. Bauxite Mining: Bauxite is a mineral rock that is converted to aluminum. Aluminum is a widely used item, which makes mining bauxite a very lucrative business venture.
17. Cobalt Mining: Another mineral that very few people know about is cobalt. Mining cobalt can easily make you rich because it is used in manufacturing magnets, aircraft gas turbine engines, magnetic coatings, and wear-resistant applications. You can easily make money from supplying cobalt to any companies involved in manufacturing these items.
18. Tin Mining: Tin is a very versatile mineral used in the metal industry, food production industry, and the electrical cable manufacturing industry.
19. Fluorite Mining: Fluorite is another mineral used in a lot of industries. You can sell the proceeds of your fluorite mining operations to companies involved in the production of toothpaste, hydrofluoric acid, carbon electrodes, and paint pigments.
20. Platinum Group Metals Mining: Platinum group metals include metals like platinum, rhodium, palladium, osmium, and iridium, used in the pharmaceutical, jewelry making, organic chemical and automobile industries. They are also used in the dental industry to make dental crowns and bridges.
21. Silver Mining: Silver is a multi-function mineral used in various industries to manufacture diverse items including coins, jewelry, batteries, silverware, electronic devices, and photography supplies to mention few.
22. Haulage and Logistic Services: If for some reason you cannot get a mining license or cannot afford the huge capital required to start a mining business, you can still earn from the rich mining industry by providing haulage and logistic handling services. Mining companies often need to hire the services of haulage companies to transport their products to customers or for storage.
23. Health and Safety Service Provider (HSE): One of the legal requirements for setting up a mining business is that you have to put all the health and safety requirements in place to protect your employees, and the people who live around the mining site. You must also have a health and safety officer on ground to continue to monitor the operations and provide proactive safety measures.
You can consider setting up a HSE company to provide health and safety consultancy services to mining companies.
24. Recruitment Consultant: Mining companies usually require the services of experts which sometimes are hard to find. You can set up a recruiting company that caters to mining companies, and helps them to recruit the right employees for their business operations.
25. Offshore Transportation Services: Sometimes, mining companies have to operate offshore, and they usually need the services of helicopters, speed boats, ships, and other specialty transportation services to get their employees to site.
26. Business Consultancy: Another idea is to become a business consultant. You can show interested investors where the money is in the mining industry, and offer them the necessary assistance that they need to set up their businesses.
27. Blogging: You can still make money off the mining industry from the comfort of your bedroom by blogging about the mining industry, and then earn money for advert placements.
28. Training Institute: You can set up a training institute to train people who are interested in working in the mining industry. As mentioned earlier, the people who work in the mining industry are professionals who are well-trained so if you cannot set up your own mining operation, you can still make money from offering professional training services.
29. Enterprise Software Development: The mining industry is a highly mechanized and computerized industry that relies on software to carry out their operations. You can make money from providing software design services to mining companies.
30. Equipment Leasing Services: You can offer mining equipment leasing services to mining companies looking to start small or who may not be able to afford some of the heavy duty mining equipment.
31. Equipment Repairs and Servicing: Another equipment related business that you can make money from in the mining industry is equipment servicing and repairs. The equipment used for mining are usually specialized equipment that can only be repaired or serviced by professionals. If you live or have your business in a city with a lot of mining companies, this is a business that can earn you a lot of money.
32. Equipment Sales: This business is also for deep-pocketed investors but it would earn you a lot of good money too. You can start selling mining equipment for cash, or on hire-purchase basis. Either way, you can make a lot of money.
33. Waste Management Services: The Wastes from mining operations are either highly volatile or valuable so they always need to be handled by experts. This is a unique niche in the mining industry that you can easily start without a lot of capital.
34. Medical Service Provider: Mining operations are usually high-risk hence the need for medical service providers who can offer first-aid and rescue services to injured employees. You can consider setting up an emergency medical response service that caters specifically to the mining industry.
35. Brokerage Services: This is one business that can earn you cool cash from the mining industry without actually owning a mining business. You can earn good commission from product sourcing in the mining industry, or hooking up buyers with sellers.
36. Import/Export: You can import highly-demanded minerals in small or large quantities from other countries that have those minerals in large deposits, and then sell them in your locality for profit.
37. Jewelry Maker: You can start a small mining operation to mine precious stones or gold and silver which you would use to make jewelries, and sell them for profit.
38. E-commerce Website/Forum: Alibaba is a typical example of such platforms. You can create a platform that allows buyers and sellers of minerals from all over the world to communicate and transact business easily.
39. Oil Well Leasing: In many African countries, there are families who own oil wells but lack the required capital to set up crude oil mining rigs on it. These families usually rent the oil wells outs to companies/business men who can afford to mine the crude, and then return some percentage of profit to them.
40. Quarry: This is another business on the list of easy-to-start mining businesses. You can set up a quarry to mine and process stones and rocks used in the construction industry.
41. Alternative Energy Supply: A lot of mining companies are switching to alternative sources of energy which are much more cost-effective for them. You can set up a business that helps mining companies make the switch to solar energy, wind energy, or any other alternative source of energy.
42. Crude Oil Refinery: You can set up a private oil refinery where crude oil can be processed into gasoline, kerosene, and other derivatives. You can buy crude oil and process them yourself, or allow crude oil mining companies to use your facilities for a fee.
43. Risk Assessment Expert: Mining is a highly volatile business which involves a lot of risk hence the high need for risk assessment experts to observe mining fields and sites, and provide professional advice and assistance necessary to avoid accidents and environmental damage. You can consider setting up a business that provides these services.
44. Exploration Services: Another business that would make you money in the mining industry is providing exploration services. Mining exploration experts are responsible for locating sites where there are mineral deposits so that mining companies can move in to harvest the minerals.
45. Data Mining: The mining industry is not limited to mineral mining alone; data mining is another mining business that involves gathering relevant data for businesses to help them improve their business operations.
46. Borehole Drilling Services: Water is very essential in many mining operations so they usually need the services of borehole drilling experts to help provide boreholes to guarantee water supply.
47. Catering Services: Most mining operations are done in remote areas where restaurants and food sellers may not be easily accessible. This is another lucrative business idea that you should consider.
48. Cryptocurrency Mining: You’ve probably heard of cryptocurrency in recent times; yes, cryptocurrencies are taking the world by a storm and you can make a business out of mining cryptocurrencies like bitcoins, ethereum, and altcoins.
49. Titanium Mining: Titanium is an important alloying agent used in the manufacturing of aircraft, missiles, and spacecraft. Titanium is rare and can earn you a lot of money.
50. Copper Mining: Lastly, you can make good profits from copper mining. Copper mining is very popular in the United States, and highly profitable too because copper is used in making a lot of things including jewelry, television, radio, generating sets, and several other electronic goods.