place value

Updated About encyclopedia.com content Print Article Share Article
views updated

place value The economic importance attached to the location of a mineral deposit. Minerals or metals with a high intrinsic value, e.g. diamonds or gold, have a low place value as transport costs add little to the eventual market price, so they may be worked anywhere on Earth. In contrast, sands and gravels have a high place value and must be worked near the place of use.