An open pit is a large-scale excavation used in open-pit mining, a surface mining method for extracting rock or minerals located near the surface.
This technique involves creating a large open hole, often with a series of horizontal benches, to remove deposits by digging and hauling away large quantities of earth, or “overburden,” to expose the desired ore. It’s the most common method for extracting materials like metallic ores (copper, iron) and nonmetallic resources (coal, uranium) that are close to the surface.
Mining Investing Toolkit 