In this brief article, we’ll list countries with the most minerals and resources. If you want more insights about these resources’ economic impact, read Top 20 Countries With Most Natural Resources.
8. Kuwait
Total Natural Resources Rents As % Of GDP: 28.28%
Kuwait’s economy relies heavily on oil, and the Greater Burgan Field, one of the world’s largest sandstone oil fields, is pivotal to the nation’s status as a key global oil exporter. This field produces an output of 1.7 million barrels per day.
7. Azerbaijan
Total Natural Resources Rents As % Of GDP: 29.9%
The Azeri-Chirag-Guneshli (ACG) field complex in Azerbaijan is a significant project, accounting for 41% of the country’s oil extraction. Its output reaches markets through pipelines extending through Turkey and into Europe, enhancing Azerbaijan’s geopolitical importance in the region’s energy security landscape.
6. Angola
Total Natural Resources Rents As % Of GDP: 30%
Angola’s economy heavily relies on its abundant natural resources, notably oil, with the Block 17 oil field, operated by Total, being crucial for its production. Additionally, Angola boasts a thriving diamond industry, with the Catoca diamond mine in the Lunda Sul Province supporting most of the country’s output. As one of the world’s largest, Catoca is responsible for approximately 75% of Angola’s diamond production.
5. Iran
Total Natural Resources Rents As % Of GDP: 30.4%
Iran, the third-largest oil producer within OPEC, has major oil fields, including Ahwaz, Marun, and Gachsaran, which account for a significant portion of its daily output. The South Pars/North Dome Gas-Condensate field, shared with Qatar, is the world’s largest gas field, reinforcing Iran’s position as a prominent natural gas producer. In addition to hydrocarbons, Iran has substantial deposits of coal, chromium, copper, iron ore, lead, manganese, zinc, and sulfur.
4. Mongolia
Total Natural Resources Rents As % Of GDP: 33%
Mongolia is renowned for its extensive mineral deposits, notably coal, copper, gold, and uranium. The Oyu Tolgoi mine, one of the world’s largest copper and gold mines, and the Tavan Tolgoi coal mine, with significant coking coal reserves, contribute to the nation’s resource exports. The economy of Mongolia heavily depends on mineral exports and is, therefore, significantly influenced by global commodity prices and demand.
3. Democratic Republic Of Congo
Total Natural Resources Rents As % Of GDP: 38.8%
The Democratic Republic of Congo (DRC) is rich in resources, particularly cobalt, copper, and diamonds. The DRC plays an indispensable role in the global electric vehicle and renewable energy industries, holding over half of the world’s cobalt reserves. The Tenke Fungurume mine is a major copper-cobalt operation, significantly contributing to the country’s output. With 4 million metric tons reserves, the DRC will continue leading the global cobalt mining sector.
2. Iraq
Total Natural Resources Rents As % Of GDP: 43.4%
With one of the largest proven oil reserves worldwide, Iraq is home to the Majnoon oil field, one of the super-giant fields with a production capacity in the hundreds of thousands of barrels per day, forming a cornerstone of the nation’s oil export revenue. While Iraq has reserves of natural gas, primarily associated with oil fields, its resource exploitation and economic performance are often hindered by geopolitical instability.
1. Libya
Total Natural Resources Rents As % Of GDP: 61%
Libya, holding approximately 48.4 billion barrels, boasts Africa’s largest proven oil reserves. Its most prolific field, Sharara, plays a significant role in the country’s oil production capacity. Oil is pivotal to the Libyan economy, supplying the majority of foreign exchange earnings. However, the sector has encountered instability and conflict in recent years. Efforts to stabilize the country and achieve peace are vital for effectively leveraging its resource wealth.
Stay informed about finance and investment by subscribing to the Insider Monkey newsletter. Leave your email address with us and access exclusive finance insights. You can also read Top 20 Largest Cobalt Producing Countries and 11 Largest Tungsten Producing Countries.
