Brazil has one of the world’s largest deposits of iron ore and also has some coal and vast oil reserves. Lake Maracaibo in Venezuela has rich deposits of mineral oil. This makes up for the lack of coal. About 15 per cent of the world’s crude oil comes from this region of South America. Venezuela is the biggest exporter of oil in South America and is next only to the Arab countries. It is a member of the Organization of Petroleum Exporting Countries (OPEC).
Chile is the world’s leading producer of copper. The largest copper mine in the world is at Chuquicamata in northern Chile. Peru is another important copper producer in South America. The Atacama Desert is still rich in nitrates, which are important for making fertilizers. Bolivia is one of the leading countries in tin production in the world. Gold is found in Colombia, Brazil, Ecuador, and Peru. Bolivia and Peru have silver mines. Reserves of two rare minerals—platinum and vanadium—are found in the Andes. Bauxite is mined in Guyana and Suriname. South America is rich in minerals ranging from crude oil, copper, diamond, gold to silver. This is what attracted the Europeans to settle in this continent.
