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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 Donald Strickland, Peter Kresin, Dave Hall

"Have your parents or grandparents ever tried to share with you their wisdom and you ignored it because it did not relate to you‘? I have been ignorant and inevitably grew older and wished I had listened. The result: learning the hard way. As British Astronomer Fred Hoyle once said. “It is the true nature of mankind to learn from mistakes not from example.“ Hopefully we will continue to learn from the examples shared by our fellow mineral processors in these conference proceedings. It is the intent of this paper to share wisdom from the Musselwhite Mine that you may apply to your own operation.This paper is divided into three sections:1. Feasibility3. Operation3 . DesignKey points of the Feasibility and Design stages are summarized. followed by an analysis of actual operating statistics. An attempt is made to relate these statistics back to the feasibility and design with emphasis on areas of success and those with potential for improvement."

Jan 1, 1999

Macraes Mining Company Limited operates a 2.1 million tonnes per annum gold processing plant at Macraes Flat, Otago. This uses a conventional CIL route to treat oxide ore, and a flotation, grind, CIL route for sulfide ore. This paper describes the design and operation of this process plant.

Jan 1, 1992

By Arthur Notman

TO present some idea of the magnitude of the gold-mining industry of Canada and the world, the records of 106 gold-mining companies currently paying dividends have been studied. Forty of these are in Canada, and 37 on the Rand in South Africa, these being all the straight gold-mining companies that paid dividends in the two areas in 1938. None of the base-metal companies that produce gold as a by- product, or even as a major fraction of the value of their total product, have beezl included. In addition, a group of 29 similar companies from Southern Rhodesia and the Gold Coast in Africa, India, Australia, Manchuria, Philippine Islands, the

Jan 1, 1939

By A. Azizi, P. Blatter, A. Bouajila

ABSTRACT In-situ monitoring of gold dissolution by means of a rotating electrochemical quartzcrystal microbalance unveiled dramatic decreases in gold leaching from sulphide-rich ore after 360 minutes in an actual cyanidation circuit. Pre-oxidation was effective in enhancing gold extraction by preventing a passive film from forming on gold surfaces. This work aims to highlight efforts undertaken to determine (1) how gold cyanidation is limited by passivation, (2) what reactions and mechanisms are involved during sulphide-rich ore cyanidation, and (3) how peroxidation efficiency of an industrial sulphide ore is controlled by galvanic associations between its sulphide constituents.

Jan 1, 2013

By A. Azizi, P. Blatter, A. Bouajila

"Due to the high reactivity of sulfide minerals in alkaline cyanide solutions, some parasitic reactions inflict a heavy gold surface passivation and excess cyanide consumption resulting in a dramatic decrease of the gold leaching rate. Atmospheric pre-oxidation was shown to be an effective tool to enhance gold extraction by preventing a passive film from forming on the surface of gold grains. This work aims to highlight efforts undertaken to determine: (1) how gold cyanidation is limited by passivation; (2) what are the reactions and mechanisms involved during gold cyanidation; and (3) how a better understanding of fundamental issues can be used to design a proper pre-oxidation strategy. INTRODUCTION Precious metals (PM), gold in particular, naturally occur in contact within a wide range of sulfide mineral systems. Hence, one of today’s most challenging R&D tasks consists in accounting for the presence of sulfides on the cyanidation behavior of gold. An important body of knowledge reveals that metal sulfides display a range of reactivities in alkaline cyanide solutions (Marsden & House, 2006). Such reactivities are acknowledged to inflict additional utility costs and loss of profits because they are accompanied with higher consumption of cyanide and/or formation of undesirable by-products that are often detrimental to gold leaching rates. Gold recovery in cyanidation is hampered by a multitude of factors, among others: (1) consumption of excess cyanide as a result of the formation of thiocyanate and dissolution of transition (Cu, Fe, Zn, etc.) metals (Habashi, 1967); (2) gold surface passivation by solid reaction products, e.g., Fe(OH)3 (Guo, Deschenes, Pratt, Fulton & Lastra, 2005), sulfur (Dai & Jeffrey, 2006; Jeffrey & Breuer, 2000;) or oxo and thiooxo (SbO33- SbS33-) salts in alkaline solutions (Guo et al., 2005). Because of their energy structure, most of the sulfide minerals exhibit semiconductor properties (Marsden & House, 2006). Therefore, the contact between constitutive sulfide minerals inside complex sulfurous ores entrains electrochemical phenomena in which sulfide dissolution is a genuine corrosion process (Azizi, Petre, Olsen & Larachi, 2010). For instance, galvanic interactions could be initiated between the various constituents within the ore and could substantially increase or decrease the reactivity of some of the associated minerals."

Jan 1, 2012

By J Youngson

Gold placers can be difficult to locate in areas where tectonic activity and paleogeography have changed significantly since placer formation. Existing placer exploration models are useful in areas that have a relatively simple geological history, identifiable relationships with parent sources, or a history of placer mining. However, exploration becomes increasingly difficult in areas where tectonic activity and sedimentary recycling repeatedly redistribute the gold. Gold placers in the Waitaki River catchment, North Otago, New Zealand have no primary source within the catchment. During the Eocene placer gold was transported by a river ('Buster River') that flowed in a northeast direction from Central Otago toward a coastline at Maerewhenua, North Otago. This river and coastal system was inundated by marine transgression during the middle Tertiary. Since the Miocene its placer deposits have been uplifted and eroded and any links with parent sources have been severed. Changes in paleogeography resulted in local reconcentration and local dilution of placer gold in different areas in the Waitaki catchment. Thin veneers of old Waitaki River gravels (Kurow Gravels), containing gold recycled from the older placers, have been deposited unconformably on strath surfaces cut into Tertiary or older rocks. These gravels along with remnant Eocene fluvial and shallow marine strata provide potential placer exploration targets. Uplift and erosion of non-auriferous rocks in the Waitaki catchment to the west and north of the study area has resulted in considerable dilution of potential placer deposits downstream, especially in areas of gravel aggradation. We present a placer exploration model that is founded on answering fundamental questions pertaining to the paleogeography and geological history of the sediments associated with the placers.

Jan 1, 1999

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 Whiteley M, Robinson T, Vernon B

The Western Australian gold industry has approximately 100 operating plants, 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 turn over and use highly saline process water. Approximately 4,500 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 O. Rabeau, M. Legault, A. Cheilletz, L. Z. Cheng, J. J. Royer, M. Jébrak

"By compiling geological, structural, geophysical, and geochemical information into a 3D geological model, we evaluated the orogenic gold potential in the vicinity of a hidden segment of an important Archean fault zone, the Cadillac-Larder Lake fault (CLLF) in the region of Rouyn-Noranda. The segment of CLLF in the present study is partly covered by Proterozoic sedimentary rocks. Because more than 2000 t Au have been extracted along the CLLF to date, our objective is to evaluate the gold potential at depth along a poorly known segment of this fault. A 3D geological model (50 km × 9 km × 1.5 km) including the covered segment was built through the compilation and homogenization of available geological data and the construction of 23 cross sections. The geology under the Proterozoic cover was evaluated using geophysical inversions, drill holes (42 in total), and surrounding geology. All available assays were filtered and upscaled to a 250 m × 250 m × 250 m regular cell grid to determine and quantify spatial relationships between geological features and mineralized occurrences using the weights of evidence method. Structural features, such as E-W-trending faults and fault intersections, and certain lithologies with a high primary porosity such as volcanoclastic rocks of the Blake River Group and Timiskaming sedimentary rocks, proved to be very prospective, yielding favourable factors with a weight of evidence index W+ > 0.24. These salient features were then assigned a combination index for ultimately evaluating the orogenic gold potential under the sedimentary cover. The zones resulting in an optimization of exploration targeting were attributed the highest probability, representing ~1% of the initial volume. La compilation des données géologiques, géophysiques, structurales, et géochimiques et leur intégration au sein d’un modèle géologique 3D a permis d’évaluer le potentiel aurifère dans les environs d’une importante zone de faille archéenne sous couverture protérozoïque. Cette méthodologie a été développée en utilisant le cas de la Faille Cadillac-Larder Lake (FCLL) dans la région de Rouyn-Noranda. Puisque plus de 2000 t d’Or ont été extrait à proximité de la FCLL, l’objectifs des travaux est l’évaluation du potentiel aurifère en profondeur de ce segment. Un modèle géologique 3D (50 km × 9 km × 1.5 km) incluant le segment sous couverture de la FCLL a été construit en utilisant l’ensemble des données géologiques disponibles et 23 coupes géologiques. La géologie du socle archéen sous la couverture protérozoïque a été interprétée avec des inversions géophysiques, des forages (42 au total) et les contacts géologiques exposés. Les teneurs aurifères dans le secteur ont été filtrées et ajusté à une grille régulière de 250 m × 250 m × 250 m afin d’évaluer et de quantifier les relations spatiales existantes entre certaines entités géologiques et les emplacements minéralisés en utilisant la méthode du poids de la preuve. Les failles de direction Est-Ouest, les intersections de failles ainsi que certaines lithologies possédant une porosité primaire importantes comme les certains tuf du Groupe de Blake River et les sédiments du Timiskaming se sont montrés très prospectifs avec des valeurs de W+ > 0.24. Ces entités géologiques ont ensuite été utilisées par le biais d’un indice de combinaison pour évaluer le potentiel en or de type orogénique sous le couvert sédimentaire. Cette méthodologie permet une optimisation des campagnes d’exploration puisque les zones pour lesquelles la probabilité de minéralisations a été évaluée à la plus haute valeur représentent 1% du volume initial."

Jan 1, 2009

This article focuses on TurkeyÆs gold potential with respect to exploration, development and operation after 1985. Apart from TurkeyÆs geology, which offers a substantial number of volcanic-associated gold (Ag) and gold-copper (Au-Cu) projects, there are numerous other factors which make the country a favourable place for mining. Turkey has a mining history which goes back to pre-Roman times and an excellent mining code which ensures security for long-term production. In the country, the Government and local villagers are very positive and the country works extremely well logistically with excellent road and telecommunication links. The opportunities for new discoveries in Turkey are very high. Moreover, Turkey has its eyes turned west as it moves towards joining the European Community and it is no surprise that international companies believe it has got its timing as well as its partner relationship right. Newmont, Teck Cominco, BHP Billiton, Rio Tinto, Eldorado Gold, etc all have direct or indirect interests in Turkey, as do an increasing number of midtier and junior exploration companies. Turkish Koza Gold Mining is the first Au producing company of Turkey. The Eldorado Gold owned 245 t Kisladag Au deposit in Western Turkey is currently also producing Au. In the meantime Anatolia Minerals Development is advancing the 131 t resource at the C÷pler Au deposit in North Eastern Turkey. These are significant world-class deposits. Further encouragement for investment in the Au mining sector has been provided by the introduction of a new mining law in 1985. Foreign investments in the country were encouraged and have seen a rapid increase in the last two decades. Gross domestic product (GDP) growth is in excess of five per cent per annum, inflation is down from 70 per cent to single figures, the budget deficit has been cut by 40 per cent to 11 per cent and industrial output and productivity are increasing rapidly. Turkey is politically and economically stable, is a member of the European Customs Union, has a supportive mining legislation, is highly prospective and under-explored and hosts significant recent gold discoveries.

Jan 1, 2007

By H. Aminian

Gold powders have many important industrial applications. In this paper the available processes for the preparation of gold nano and micron sized powders are described. The attention has been given to hydrometallurgy route and the recent works and achievements in controlling the powder morphology are highlighted.

Jan 1, 2011

By K. S. Fraser, R. Frischmuth

High temperature pressure oxidation (>190°C) is a wellrecognized and versatile metallurgical oxidative pre-treatment process commonly used to liberate gold from refractory sulfide ores and concentrates. The pressure oxidation of refractory gold ores was first commercially applied in 1985, at Homestake Mining Company’s McLaughlin mine in the United States. Since that time numerous refractory gold and other high temperature pressure oxidation facilities have been built throughout the world. The design of each facility was met with unique challenges and opportunities which have led to an array of plant configurations, pressure oxidation autoclave sizes, and sulfide oxidation capacities. This paper presents a historical review of high temperature pressure oxidation operations and current projects in execution with a focus on the autoclave vessel design, circuit configuration, and unit sulfide oxidation capacity as a basis for characterization and comparison.

Mar 2, 2022

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 Lane White

The 1989 Annual Meeting and Exhibit of SME in Las Vegas, NV, February 27 - March 2, 1989, was the largest ever, drawing more than 4000 regis¬trants and 240 exhibit booths. Technical sessions included presentation of nearly 500 papers, including symposia on Biotechnology in Minerals and Metals Processing, Surplus Capacity in the International Metals Industry, and APCOM `89 - the 21st International Symposium on Application of Computers and Operations Research in the Mineral Industry. Technical sessions covered the gamut of minerals industry interests; however, the proximity of the meeting to recently surging gold development in Nevada drew special attention to gold operating practices. Several of the papers on gold processing are reviewed below. To keep pace with the strong world- wide interest in gold development, SME has scheduled three additional upcoming programs that will focus specifically on gold: World Gold '89 - Gold Forum on Technology and Practices will be held November 5 - 8, 1989 in Reno, NV, as a joint meeting and exhibit between SME and the Australasian Institute of Mining and Metallurgy. Technical sessions will encompass a full program of papers covering geology and exploration, mining, and mineral and metallurgical processing. Cooperating sponsors for this meeting include the Canadian Mineral Processors Division of CIM, The Institute of Metals, The Institution of Mining and Metallurgy, The Mining, Geological & Metallurgical Institute of India, and The South African Institute of Mining and Metallurgy. Gold '90 - Salt Lake City, UT, February 26 - March 1, 1990, will be a symposium held in conjunction with the 1990 SME Annual Meeting. Current research on the processing of refractory gold ores will generate innovative papers on process mineralogy at this symposium, with special emphasis on gold with pyrite and gold with carbon. Other sessions are planned for gold exploration and mining, gold metallurgy, gold plant design and practice, and gold in scams. Advances in Gold and Silver Processing Conference, October 1 - 3, 1990 will be held in Reno, NV. Preliminary planning calls for technical sessions on heap leaching practice, refractory ore processing, non-traditional lixiviants, bioleaching, metal recovery from solution, and the environmental aspects of processing operations. PLANT DESIGN, OPERATION Technical sessions organized by the Minerals and Metallurgical Processing Division of SME at this year's meeting in Las Vegas covered a wide range of gold operating practices. Eight papers relating to gold plant design, operation, and equipment are summarized here. Preprints of these papers are available by writing to Publications Sales, PO Box 625002, Littleton, CO 80162-5002 ($2.50 per paper for AIME members, $4 for nonmembers). Continuous elution process A. M. Stone, of Bechtel Australia Pty. Ltd., described the "Development of the Continuous Elution Process for Extraction of Gold from Carbon" (pre-print 89-75). Developed by Bechtel Pacific Corp. for Ok Tedi Mining Ltd., the Continuous Elution Process uses the same reagents as batch processes for elution of gold from carbon, while yielding significant savings in stripping vessel size and energy consumed in comparison with equivalent batch processes. The process is also simpler to operate than batch processes. Other advantages include reduced maintenance costs, higher average eluate grade, and near steady final eluate grade. Pilot testing for the Continuous Elution Process was conducted at Western Mining's Kambalda gold plant beginning in December 1982. The Continuous Elution Process is a continuous countercurrent system operating in a pressure vessel at elevated

Jan 1, 1989

The final criterion of the payability of gold production must necessarily be the cost per ounce. While the cost per ton or per cubic yard is a convenient comparative measure, and a necessary one for operating control, it is obviously insufficient as a means of judging whether or not, in a given set of circumstances, a gold production operation can be carried out economically.. An alternative method, which brings in the ton or cubic yard as a unit of measurement, is to determine what the cost per ton or per cubic yard is equivalent to, in terms of pennyweights or grains at the ruling price of gold. But this is really only another way of stating that the cost per unit of product is the ultimate measure of profit or loss, and not the cost per unit of input material.It is accordingly of interest to determine the cost per ounce of Australian gold production and to compare it with the cost of gold production in some other parts of the world which are important gold producers. The attached Appendix, which it, is believed comprises practically all Australian mines of any consequence (except Big Bell and the de Bernales group, for which. insufficient information is available), shows this information for financial years ending between 31st December, 1938, and 31st December, 1939, the production of gold dealt with being some 1,084,000 oz., or 66% of the total Australian production for 1939. For comparative purposes the cost of producing gold at representative mines in New Guinea, New Zealand, Fiji, Canada, India, West Africa and Rhodesia, and the average cost of production at the Rand mines, has also been included.It is obviously necessary in a study of this sort that the basis of the cost should be clearly set out and should be as nearly as possible uniform. The "cost" as calculated herein comprises the following items:

Jan 1, 1940

By C. H. Bertoni

"The Superior Province of the Canadian Shield is the largest gold producing area within Archean greenstone rocks in the world, with total production of over 140 million ounces of gold. One hundred and fifty-five mines have individually produced more than 8,000 ounces, although only a relatively limited number of deposits (33) produced more than one million ounces of gold. The output from these 33 deposits accounts, however, for 85% of total gold production. The majority of grades (68%) ranges between 0.10 and 0.30 ounce per ton, and there is no linear relationship between grade and tonnage.Development of new gold mines reflects the history of gold prices. However, the response to the latest increase in gold prices was not as marked. It is concluded that gold deposits are becoming increasingly more difficult to find and new exploration techniques are urgently required.IntroductionWith most of its production coming out of the Superior Province, the Canadian Shield is the largest producer of gold from Archean greenstone rock s in the world. In total gold production, the Superior Province is surpassed only by the paleo-placers of Witwatersrand and the placers of the USSR (Anhaeusser, 1976). There has been no attempt so far to compile the historical production of the Province as a whole in a single document. The aim of this work is to fill this gap, not only for the convenience of having a complete list of gold producers, but, more importantly, as a basis on which to study the tonnage and grade characteristics of these deposits."

Jan 1, 1983

By Robinson T

The paper describes a spreadsheet system that enables selection of projects and companies that meet the user's corporate exploration and/or acquisition philosophy. A regularly maintained commercially available database has been used as the basis for this system. It provides an easily accessible efficient com- prehensive search method. The technique enables ranking by various criteria, both technical and financial, to provide groups of projects/companies that are of interest. Initially, target size parameters such as reserves, production and mine life are applied together with geological criteria such as age and deposit type; the significance of the targets in the context of the Australian gold industry is addressed.

Jan 1, 1988