The growing concern towards environmental exploitation, depletion of natural resources, diversification of natural balance have been the central point of discussion during the last two decades in national and international forums. Environmental accounts capture the interaction between environment and the economy. Environmental accounting, by working towards valuing depletion and degradation, can help in prioritising the relative importance of environmental issues. This paper aims to shed light on this situation through series of studies that have undertaken by many countries in the development of environmental accounts. It is an empirical attempt to show how in practice one can construct a Mineral Resource accounting according to both academic and practical guidelines using IEEA handbook of National Accounting. It analyses the role of environmental accounting and the policy options available for economic decision makers. Further it reviews the method of valuation of natural resources adopted by various countries. Thus the goal of this study is to see what lesson we can learn from countries that have experienced with environmental accounts and to inform and guide those that have not yet built them.