The Future of Precious Metals

Good afternoon, fellow members of the international mining community. I appreciate the opportunity to participate in this special three-day, international gathering, and to join with you in honoring one of my very good friends, Doug Fuerstenau. It couldn't be more fitting to have this kind of event to mark Doug's 60th birthday. You know, in addition to his faculty position at the University of California in Berkeley, Doug is a member of the Board of Directors of our Homestake Mining Company. So it is a double pleasure for me to help pay tribute to one of the outstanding academicians of the mining industry as well as a man with whom I work closely in running Homestake. I have been asked to talk about "The Future of Precious Metals," but I will concentrate my remarks on gold. Since the theme of this Symposium is "Challenges in Mineral Processing," what I'm going to talk about is a challenge that relates especially to a major problem faced by those of us who process ores to recover gold. I noted that in the Scope of this Symposium, it stated: "the mineral industry is currently facing many challenges to improve the economics, operating efficiencies and environmental concerns of the mineral processing system." I couldn't agree more with that statement. I think that a need exists for us to address this situation as it involves gold. And who better to consider this than the worldwide leaders of mineral processing research here assembled. I start with the premise that we need a new method for cyanide use or a chemical to replace sodium cyanide entirely. In the case of using cyanide differently, I see a continuing difficulty in getting general public acceptance regardless of how