Why are the developed economies retreating from mining, processing and refining of minerals?
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → High labour costs.
" The developed economies are retreating from mining, processing and refining stages of production due to high labour costs, while the developing countries with large labour force and striving for higher standard of living are becoming more important. Several countries of Africa and few of south America and Asia have over fifty per cent of the earnings from minerals alone".