Most gold comes from large industrial mines though 15 to 20 percent of the world’s gold comes from small-scale or artisanal mines primarily in Africa Asia and Latin America. 12
Consequently open pit mining has become the most feasible option for mining more of the resource. Underground mining can extract only about 25% of the ore containing recoverable quantities of copper uranium gold and silver while an open pit would extract up to 98% as large zones of lower-grade mineralisation that were uneconomical for ...
Gold is so pliable that it can be made into sewing thread. An ounce of gold can be stretched over 50 miles. 2 Amid recession fears in March 2008 the price of gold topped $1000 an ounce for the first time in history.
In the apocalyptic mining town of Delta 1 motorcycle taxis wait to cover the final 30-minute leg through the jungle. The trail leads over ramshackle boardwalks; near the end it winds through a virtual motocross course of house-sized mounds of dirt and rocks left behind by illegal gold mines.
In the gold sector Gold Fields Limited of South Africa held a 71.1% interest in the Tarkwa and the Damang gold mines in a joint venture with Toronto-based IAMGOLD Corp. 18.9% and the Government of Ghana 10% U.S. Securities and Exchange Commission 2005 p. 41 .
Further gold mining is estimated to be “economically unsustainable” by 2050 with new gold supplies running out and large-scale gold mining becoming impossible by 2075. At current rates gold mines in South Africa one of the largest global gold producers could be stripped by 2040.
The ore was rich and lo ed close to the surface. This made initial operations highly profitable and enabled further in-depth exploration of the reef to be self-financing. Capital mine personnel and technical expertise were available from the Kimberley diamond mines as well as the gold fields of Australia and North America.