Mining is nothing but an art - besides being a science - of extracting valuable minerals from the womb of the mother earth. In this gigantic task, a large number of machinery and equipment are employed judiciously. Wire ropes play a vital role in lifting or hoisting men and materials under hostile/adverse working conditions and constitute a major item of investment on machinery/equipment. The economy of using a wire rope is a concern for engineers, users and the planners. The economic use of wire ropes for mining purposes largely depends on the following factors;Mechanical design considerations - which include tensile strength of wires, elasticity, resistance to abrasion and crushing, fatigue values, static and dynamic loads on wire ropes, factor of safety, fleet angle, etc.Metallurgical consideration - Composition and heat treatment of wire materials, defects like inclusions and voids, surface quality factor, lubrications, micro structural parameters.Operational consideration - Seizing and cutting of rope, storage, care and maintenance, cutting back, etc.Environmental consideration - Temperature and humidity, pit condition, dust, corrosive atmosphere, etc. In the present paper, an attempt will be made to suggest steps for achieving optimum economy while using the wire ropes for extraction of precious minerals and coal keeping in view the points noted earlier. Once technical viability is established, economy is the ultimate consideration for an industry for safe hoisting of men and material.