• MINERAL WAX (noun). The noun MINERAL WAX has 1 sense: 1. a waxy mineral that is a mixture of hydrocarbons and occurs in association with petroleum; some varieties are used in making ceresin and candles. Familiarity information: MINERAL WAX used as a noun is very rare.Dictionary entry details.. a waxy mineral that is a mixture of hydrocarbons and occurs in association with petroleum; some varieties are used in making ceresin and candles. Familiarity information: MINERAL WAX used as a noun is very rare. Dictionary entry details.