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By James R. Finlay

SOMETIMES the American Institute of Mining and Metallurgical Engineers appears to be a strictly technical society, and if so my paper should deal with the technical operations of finding and producing gold. But I have not been engaged in practical gold mining since 1910. What I have been doing mainly for the last 25 years is to try to figure out what the income of a mine-gold, or any other-would be worth to an investor. So I have been in contact with gold mining, in one way or another, for some 42 years. I say that with a purpose. In that time the industry has been through one of its cycles. The value of gold mines is very dif¬ferent at different points in one of these cycles. For this reason the cycle of gold mining is a highly practical study. The cycle of gold is a more or less rhythmical change in its value or purchasing power measured in the grand average of other commodities, which is the same thing as its price. Taking the price of gold in 1897 as a stand¬ard, a dollar at that time declined to 55c. in 1913, to 26.8c. in 1920, and since then it has risen to 47.4c. in 1930 and to about 64c. in 1932. It is worth about 21/ times as much now as it was in 1920, but less than two¬thirds as much as in 1897. When this change is applied to the value of a gold mine still greater differences are evident. The cost of producing gold is of course measured in labor and other commodities, and as that cost goes down the margin of profit measured in the gold itself increases. Thus a mine which might make only 10 per cent profit in 1920 on its gross output may easily make 25 per cent now. The stockholder gets 2 ½ times more gold that is worth 2 1/2 times as much in purchasing power, therefore the real value of his holding has risen by the one factor multiplied by the other, giving him 61/4 times as much goods or services as he had in 1920.

Jan 1, 1933

Building off the enthusiasm generated by Credit Suisse First Boston on the potential benefits of an industry-wide effort to market gold jewellery, a group of gold producers, led by Randall Oliphant, CEO of Barrick Gold, decides to investigate the long -term impact of launching a significant marketing initiative to stimulate demand for gold jewellery. The group establishes an international Steering Committee representing producers of differing sizes, members and non-members of the World Gold Council. This Committee comprises representatives from AngloGold, Barrick, Gympie Gold, Kinross, Randgold, and Sons of Gwalia and is supported by the Australian Gold Council, the Gold and Silver Institute, and CSFB. The Steering Committee hires McKinsey to assist it by conducting an independent review of whether investment in a large-scale marketing initiative for gold jewellery would be effective in increasing demand for gold, and ultimately of significant economic benefit of the gold industry. Based on McKinsey?s review* and its own discussions with key stakeholders across the industry, the Steering Committee strongly believes the case for marketing is compelling and sufficiently proven to persuade the industry to undertake a major initiative over the next few years. The Steering Committee, supported by McKinsey, conducts briefings with a range of gold producers to share its findings and to understand producers? perspectives on an industry-funded marketing campaign. The Steering Committee is asking for your support to bring this industry-funded marketing campaign to life.

May 1, 2002

By R. L. Merrifield

Cominco Snip is a 60: 40 joint venture of Cominco Ltd. and Prime Resources Group Inc. Cominco manages the operation. The mine site is located in a narrow mountain valley where Bronson Creek enters the Iskut River in Northwestern British Columbia. Access is by air only to the company's 1,500 meter airstrip. Milling at a designed feed rate of 300 tpd began on schedule in January 1991. Tonnage and gold production in the form of bullion bars from the gravity circuit and gold bearing float concentrate have exceeded design forecast. This presentation will examine many of the factors that influenced the final plant design inclusive of exploration findings, bench scale and pilot plant test results, environmental and social considerations, capital and projected operating costs and product transportation alternatives such as the operation's Hovercraft.

Jan 1, 1993

By M. J. McLeod, S. Watters, G. G. Lutes, S. Castonguay

"Gold-bearing mineralization at Anomaly A occurs in polydeformed Ordovician turbidites of the Kendall Mountain Formation of the St. Croix belt in southwestern New Brunswick, and is hosted by WSWtrending, shallow-dipping, brittle-ductile high-strain zones associated with the latest stage of the second of four regional deformation events. Gold-bearing syn-deformational stockwork, massive, and multiply brecciated quartz-sulfide veined zones form irregular pods and sheets up to several meters thick, which contain arsenopyrite, pyrrhotite, pyrite, stibnite, and a variety of rare minerals that are gold-bearing. Mineralized zones are enveloped by locally auriferous, weakly to intensely altered wall rock. Vein paragenesis includes: (1) early (pre- to syn-D2) quartz-chlorite veins that are largely the product of migration of quartz by pressure solution; (2) crosscutting, multiphase, vuggy quartz-sulfide veins that contain most of the gold and are interpreted to be structurally controlled; (3) late, crosscutting, nondeformed, non-gold-bearing veins containing laumontite, chlorite, muscovite, quartz, fluorite, and base metal sulfides. Carbonate-poor alteration associated with zones of gold mineralization is lithology-specific, and appears to reflect overprinting of multiple events. Major elements removed during alteration include Si, Na, Mn, and Mg. The minor and trace elements removed include Co, Li, Sc, and possibly Sr, Ni, and Zn. Minor and trace elements added include Au, Ag, As, Sb, S, and possibly F, Cu, Pb, and Zr. On the basis of proximity, time constraints, and a similar ore mineral assemblage, gold mineralization at Anomaly A is interpreted to be a distal equivalent of the intrusion-related gold mineralization at the nearby Clarence Stream Main zone deposit. La minéralisation aurifère de l’Anomalie A se trouve dans des turbidites Ordoviciennes polydéformées de la Formation de Kendall Mountain, dans la ceinture de Ste-Croix du sud-ouest du Nouveau Brunswick, où elle est contenue dans des zones de déformation fragile-ductile à faible pendage de direction OSO associées au dernier stade du second de quatre épisodes de déformation régionale. Les zones aurifères syn-déformationelles se présentent en forme massive, de stockwork, ou de veines de quartz-sulfure bréchifiées à répétition formant des lentilles irrégulières et des couches de plusieurs mètres d’épaisseur contenant de l’arsénopyrite, de la pyrrhotite, de la pyrite, de la stibine, ainsi que divers minéraux aurifères rares. Les zones minéralisées sont entourées d’une enveloppe de roches faiblement à intensément altérées, localement aurifères. La paragénèse des veines comprend : (1) des veines précoces de quartz-chlorite (pré- à syn-D2) qui sont principalement le produit de la migration du quartz par solution-pression; (2) des veines polyphasées de quartz drusique et de sulfures contenant la plus grande partie de l’or, celles-ci sont considérées comme étant sujettes à un contrôle structural; (3) des veines tardives stériles, sécantes et non déformées contenant de la laumontite, de la chlorite, de la muscovite, du quartz, de la fluorite et des sulfures de métaux usuels. Les zones de minéralisation aurifère sont associées à une faible altération en carbonate contrôlée par la lithologie et semble résulter de la superposition d’événements multiples. Les éléments majeurs perdus durant l’altération sont le Si, le Na, le Mn et le Mg. Les éléments mineurs et traces perdus durant l’altération sont le Co, le Li, le Sc et possiblement le Sr, le Ni et le Zn. Les éléments mineurs et traces enrichis comprennent l’Au, l’Ag, l’As, le Sb, le S et possiblement le F, le Cu, le Pb et le Zr. Étant donné sa proximité géographique, les contraintes temporelles et les similitudes de leurs assemblages minéraux, la minéralisation aurifère de l’Anomalie A est interprétée comme un équivalent distal de la minéralisation aurifère associée aux intrusions du gisement avoisinant de la zone principale (Main"

Jan 1, 2008

By R. P. Foster, ed.

The short selection of papers in the special issue provides an insight into the level of exploration activity in Africa and the science and technology that are underpinning it. A country-by-country survey is followed by discussion of geochemical exploration in tropical soils, the Liptako region of Niger, structural styles of deposits in Zimbabwe's Bulawayo-Bubi greenstone belt, structural controls in Zimbabwe's Eldorado shear zone, the regional framework for deposits in the Odzi-Mutare-Manica greenstone belt of Zimbabwe and Mozambique, and the Iperindo deposit in Nigeria's Ilesha schist belt

Apr 1, 1996

By T. J. Haddon

For the mining industry in general and gold mining in particular the past few years have been difficult. Economic conditions coupled with growing regulatory restrictions have led to increasingly important reasons for managing assets wisely. From a public company perspective this makes sense because it ultimately provides for an increase in shareholder wealth and that's what we're in business to do. Regardless of whether a company is public or not, assets must be managed effectively to remain a player in today's competitive environment. So, as the CEO of a gold mining company, how do we manage our assets to ensure that we are satisfying our obligations to our customer --the Amax: Gold shareholder? Let me tell you. As I said earlier, the gold industry has been under siege. We have just completed our third year of average prices below $400 per ounce. When you add finding and/ or acquisition costs and development costs to operating costs, there isn't much of a profit margin left. What this environment provides, however, is opportunities for growth. In the gold business, you either grow or you die. Today, most North American gold producers have at most a 10 year mine life. We are all scrambling to add reserves so we don't become extinct. As prices remain low, opportunities for increasing diminishing reserves abound. This is the time for the opportunistic company to take advantages of market conditions and that's precisely what we, at Amax: Gold, have done!

Jan 1, 1992

By Sidney V. Gold

Should Gold Producers Hedge Their Positions Through : Sales on Forward Markets? Purchases of Put Options? Sales on Spot Market? Forward Markets Assumptions 1. Producer has a known amount of Gold to sell in year ahead. 2. Effect on price is the same whether sold Forward or Spot Market. 3. None of us have knowledge of Future Price Trend. 4. Contange Market prevails in which Forward price premium is approximately equal to rate of interest.

Jan 1, 1983

By J. Réal Cloutier

[Options are a natural extension of the forward and futures markets as they offer fexible method of hedging exposure. -An organized options market is preferable to the "over the counter forward markets since EGCC (EOE, ME, VSE) assumes responsibility for contract fulfillment minimizing credit risks by guaranteeing transactions. -Options ante considerably more "fexible" than the futures and forward markets, permitting prompt, precise and respected adjustment of one's exposure risk position. -The risk to the buyer of the options market is limited to the initial premium paid.]

Jan 1, 1983

By Donald H. McLauqhlin

ITEM expressed in billions of dollars have become so commonplace these day- that a mere statement of the latest figures for the country s gold reserve scarcely conveys m adequate sense of the immensity of the commitment the nation has made in building up its huge stock, two-thirds of which is now stored at Fort Knox. Kentucky. Only by measuring it against quantities that mean something tangible to a particular group can an adequate comprehension of its magnitude he rained; consequently, to mining engineers, a comparison with the value of output from well-known mining districts might best serve to give some degree of reality to the astronomical figure at which the country gold is now valued.

Jan 1, 1941

By B Vernon, M Whiteley, T Robinson

The Western Australian gold industry has approximately 100 operating plahts, mainly CIP/CIL. The nature of the State's rapidly expanding gold industry gave rise to concerns over management of the  cyanide hazard, in that most plants are remote from major population centres, have a workforce with a high tum over and use highly saline process water. Approximately 4500 workers in the industry have the potential to be exposed to cyanide in the course of their normal work.   This paper outlines the risk management strategy developed by Government and industry to monitor atmospheric HCN gas in the work environment and the role of continuing education and training along with regular site inspections by Department of Mines Inspectors.

Jan 1, 1990

By E. J. Wade

My subject is gold price forecasting and monitoring as an important aspect of gold marketing. While I 'm specifically addressing gold, it is understandable that many other commodities could be readily substituted. Gold marketing must be studied as three distinct processes, and it is my intention to cover each of these processes in turn. First I?ll cover the process of gold price monitoring and forecasting in some detail. In order to select a method, or combination of methods, to be used to sell gold a determination of the future price profile is essential. The profitability of the sales effort will be determined, to a large extent, by how accurately the future price behavior of the gold market has been forecast.

Jan 1, 1985

By P. J. O'Connor, V. Gallagher

examined analytically in relation to the ratio of the

Dec 1, 1994

By P. J. O'Connor, V. Gallagher

The addendum, to the paper published in Trans. IMM B, vol.103, 1994, p.B175-B187, acknowledges data from Celtic Gold plc at Navan and apologises for the omission

Jun 18, 1905

By Sydney H. Ball

It is a peculiar anomaly that while the world uses the term "rich as a gold mine" as the superlative figure of speech descriptive of wealth, the shares of gold mines are not as popular investments in America as certain of them should be. One of the most able of Manhattan's bankers is a director in an investment trust with a portfolio the value of which has gone the way of other such portfolios. Luckily a couple of years ago a few hundred shares of Homestake were purchased, and since then the trust has not only received therefrom satisfactory dividends but has benefitted from a large appreciation in their value. At each directors' meeting, however, the banker in question, Cato-like, suggests the sale of these shares, gold shares being, in his opinion, too speculative to be included in the portfolio of any trust. A short time ago the financial pages of one of our great metropolitan papers featured an article listing the corporations still paying dividends at the 1929 rate. Gold-mining shares were, the article stated, excluded, although in reality every gold mine on the New York Stock Exchange paid higher dividends in 1932 than in 1929. This 'Alice in Wonderland' treatment of the gold-mining shares is admittedly a bit confusing to those of us who believe that the shares of certain gold-mining companies have a rightful place in any well diversified portfolio. It should, however, here be recorded that whereas, fifty years ago, in America, gold-mining shares were considered by the public as instruments of nefarious gambling, now shares of the better gold mines are sought by astute investors. In England for well over a generation their value as sound investments has been widely recognized.

Jan 1, 1933

By Donald H. McLaughlin

PRICES paid for goods and services in paper currencies are undoubtedly determined by many interrelated factors, but among them none is more specific in pushing prices toward higher and higher levels than the vast increase in debts and monetary obligations of our own and practically all major governments. There is nothing unorthodox in the situation in which the gold miners find themselves today. With wages and the prices of all materials required in the production of gold at the high levels characteristic of a period of prosperity, phony or otherwise, and with shortages of both men and machinery to contend with as well, the spread between the returns in paper dollars that must be accepted for gold in the United States and the cost of producing it is rather painfully small for most producers. Technical

Jan 1, 1948

By Henry S. Washington

Introduction. It Still Rains On The Choco ! I Well Remember One Evening A Dozen Years Ago, While. Traveling Toward The Town Of Negua In A Small Champa Or Dug-Out Canoe, The Rain Fell So Heavily That I Had To Work My Hardest To Bail Out The Water With A Large Totuma Or Gourd In Order To Keep The Canoe Afloat, The Senegambian Meanwhile Plying His Paddle In The Stern. If Any One Thinks Bailing Is Easy Work, Let Him Scoop Out A Quart Or More At A Stroke, 40 Times A Minute For Half An Hour, And I Venture That He Will Change His Opinion. These Small Canoes Required Only One Paddler, To Make The 3 Miles An Hour Which Is The Standard Rate Of Aquatic Progress On The Choco. Another Time, On The Atrato River, About Six O'clock In The Afternoon, The Rain Fell So Heavily Than An Empty Gourd, 9 In. In Diameter And 4.5 Deep, Was Filled To The Brim In 90 Sec., Timed By A Watch. Such Downpours Are Typical, But Unless Caught In One It Is Not Specially Noticed. These Downpours Seldom Last More Than An Hour, And Frequently Cover Only A Limited Area, Occasionally Falling On One Bank Of A River And Not On The Other. During The Night-Time,' The Rain, If Gentle, Will Usually Last Until Dawn, And Sometimes An Intermittent Drizzle Will Keep Up All Day As Well, Although, As A Rule, It Rarely Rains During The Day. The Rise Of The Rivers, Due To The Rain-Fall, Varies From A Few Inches To Several Feet. One Night In August, 1899, The Spuds Of The Dredge Margaret, Operating On The Atrato River, Showed A, Rise Of 16 Ft., And For 3 Days Thereafter Occurred The Greatest Flood Known In That District For 32 Years. The Dredge Had All Three Spuds Clown, And The 2-Yd. Shovel Dragging On The Bottom. A 0.75-In. Cable Fast To A Stout Tree, 700 Ft. Away, Stretched Tight

Sep 1, 1908

By F. W. Bradley

GOLD is a large subject. One could talk about its geological or mineralogical occurrences, prospect- i11.g for it, mining of .it, its metallurgy or its marketing; but I have decided to limit my discussion to gold as a business-that is, to its production and marketing. In the production of gold, it is necessary to consider the many possible sources, the quantities available, the capital and operating costs and the chances of price-breaking competition. So in the following remarks I shall endeavour to point out that though gold is found in every formation constituting the earth's crust, though it is possible to-find it free in great concentrated placer deposits on the surface, though there are still large unprospected areas of both the surface and the crust, though it may be possible to produce it by the cheapest labor on earth, and by processes not as yet developed, it still has an unlimited market at a definite price. There is no reasonable fear of disturbance by the finding of bountiful deposits, or by cheapening the cost of production due to devaluation, or by the development of any easy processes for direct, or for by product, production.

Jan 1, 1932

By H. C. Cooke

THE gold mining industry, in Canada as in other countries, has passed through trying times in the past year. The strains and stresses of war have drawn away much of its man-power, both from the labour and the management. The urgent needs of the war machine have greatly curtailed the amounts of steel and explosives that can be allotted to the mines; and the loss, by enemy action, of supplies of such essential things as rubber, bids fair to reduce operations still further, if not cripple them entirely in time. And, as if these difficulties were not enough, war on the psychological front has been declared on the gold mines. Earnest supporters of the war effort, well-meaning theorists, and perhaps others whose intent is less disinterested, have all combined to clamour against the continuance of gold mining. We have been asked, what is the use of taking gold out of one hole in Canada to put it into another in Kentucky. We have been assured that gold will never again have any value, except for filling teeth. We have been repeatedly adjured to look at Germany, how well it has got along without gold. We have been told that it is unthinkable, when this nation is girding her loins for war, that labour and materials should be diverted to this useless effort. Gold miners should be diverted to the base-metal mines, where they can produce something of real value to the war effort; or to war factories; or, in fact, almost anywhere, so long as they are got out of the gold mines. And, what has made the situation even more disturbing, it has seemed as if all this clamour might be convincing governments. In fact, as you all know, the government of the United States did actually take the step of ordering its gold mines to cease operations. Fortunately, however, for Canada, the facts that no large favourable effects resulted from that action, and that, in Canada, gold mining is a much larger part of the national economy than in the United States, have caused our government, so far at least, to avoid this drastic step. In talking about this, however, let me emphasize that I have no more inside information on the subject than any of you. Like Will Rogers, all I know is what I see in the papers.

Jan 1, 1943

By A Goldstone, T Maton

The Golden Cross Mine is located on the North Island of New Zealand, at the base of the Coromandel Peninsula, approximately 8 km northwest of Waihi. The project is operated as a Joint Venture with Coeur Gold New Zealand holding 800/0 and Viking Mining Limited with a 20% interest. The past open-pit and underground gold and silver producer has been in the reclamation phase of the operation for approximately 2.5 years and is now nearing completion. Although rehabilitation of the site is a regulatory requirement, the Closure Plan has been enhanced by the ongoing commitment of the Joint Venture to establish a sustainable land use for the site by commissioning engineered facilities designed to last for perpetuity. The Joint Venture identified six significant design features that were key to successful rehabilitation. These were the controlled placement of acid generating waste rock into engineered disposal sites; the design and placement of sealing layers over the waste rock disposal sites; the design and construction of diversion drains; the establishment and management of vegetation to protect the oxygen diffusion layer; a partial capping of the tailings to accelerate consolidation adjacent to the tailings dam embankment, and the implementation of a cyanide recovery circuit to recycle cyanide from the tailings prior to disposal. Another key to success for the project involved genuine consultation with all parties participating in the planning, evaluation, and consenting of the closure process at Golden Cross. The local and regulatory community has been widely represented in the Joint Venture's operating and closure plans throughout the history of the mine. Participants include: Regional and District Councillors and staff members, professional peer reviewers, environmental groups, local residents of the valley, and Iwi. This overall commitment to the project has resulted in a world-class rehabilitation program for the first modern metal-mine closure in New Zealand and we believe that collectively, the work done at Golden Cross is helping to set a standard for the success of future programs within the extractive industry.

Jan 1, 2000

By Harold Kennedy

Take a good look at this issue of Minerals and Materials. This is the last issue of M&M, as it has been known within the U.S. Bureau of Mines, that you will receive. Fifteen years after it was created to help cope with a growing worldwide mineral shortage, M&M is ceasing publication. In its place will be a bright, new publication called Minerals Today. Like its venerable predecessor, Minerals Today will be a bimonthly magazine that reports on recent trends and issues in the minerals and materials industries. It will be the Bureau of Mines' most frequent periodical presenting an overview of the entire field of minerals and materials.

Jan 1, 1989