What Is Economic Geology?
Economic Geology Is An Exciting Career Combining Science, Money and Finance
Perhaps everyone has at least a general idea of what geology is — the study of the earth’s rocks, minerals and the entire physical structure of the earth – but what is economic geology?
Economic geology is an exciting and challenging profession which focuses on the study of the monetary value of those substances which power the industrial world – iron ore, gold, petroleum deposits, natural gas, copper, bauxite, tin – you name it, if it has economic value, an economic geologist is interested in the study of it.
Most economic geologists begin their careers with an undergraduate degree in geology, and then move on to complete graduate level work in economic geology. A thorough scientific understanding of everything that can be found on the earth’s surface and that which lies deep beneath it is important. The economic geologist strives to put it all together in a framework so that plans can be made to exploit what is valuable.
A study of business and finance goes along with learning the science of geology. Economic geologists are often brought in to determine if a new discovery of, say, an area bearing potentially large amounts of iron ore can be developed in a way that is economically feasible. They also work as analysts of the commodity markets made up of anything that can be mined, drilled or extracted from the earth.
One can safely say there are three broad areas of economic geology: Ore geology, coal and petroleum geology and mineral resources. But one might also include categories for exploration geology, development geology, mining geology and environmental geology. An economic geologist might easily find himself or herself working for one of the major oil companies, such as Exxon-Mobile, or for a government agency charged with regulating those industries which seek to develop natural resources. An economic geologist might also work for an environmental group – or even work as a journalist reporting on what is going on in the world of mining or oil exploration.
Investment bankers have a keen interest in the field of economic geology. Investors rely heavily on the knowledge of economic geologists to make decisions on what projects to back, or which might be too risky to get involved with. An economic geologist can have superior insight into whether a particular strike of copper, for example, may have a bright future, or if it seems like a risky proposition because of all geological considerations involved.
The pay scale for economic geologists is generally attractive. The average pay for this field is $62,000 per year. They earn about $10,000 more per year on average than an “ordinary” geologist. Some economic geologists who choose to work as private consultants have been known to earn six-figure incomes. No doubt, you have to be smart, good at science and comfortable with numbers to be successful in this career. Economic geologists not only need to know their rocks, so to speak, but they must also possess an excellent acumen for business and finance. The best economic geologists are worth their weight in gold – or precious metals.
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