Gold Mining – Part 6
. By 1853, hydraulic mining emerged. The gold is extracted from large-scale open pit or underground mines.
. Gold mining in the modern sense developed only with the discovery of the gold reefs in South Africa in the 1880s. Their exploitation called for a combination of skills in deep level mining, a new technology and major capital investment.
. The establishment of the mining finance houses such as Gold Fields of South Africa and Anglo American is to oversee the financing and development of mines down to 4,000 metres in depth.
. Since the 1980s, gold mining has experienced a big revolution. Large-scale mining methods and new technology in the form of heap-leaching, bio-leaching and carbon-in-pulp recovery has made possible open-pit mining of very low grade deposits of gold, with as little as 1 gramme of gold per tonne, as compared to 6 to 10 grammes in conventional mines.
. Significant large gold-mining groups such as Barrick Gold, Newmont Mining and Placer-Dome have grown up outside South Africa using sophisticated mining finance techniques to raise capital and to hedge their output in a volatile gold market.
. As a result of the above, the alliance between the gold mining industry and the bullion banks became much closer. Indeed, gold mine finance was as important a profit centre as gold trading for many gold departments. Banks evolved complete “packages” for prospective mines, offering gold loan, technical advice, mobile milling plants and the marketing of the gold produced.
. The world’s largest gold mining companies that produced the most gold in 2017 are :
- Barrick Gold
- Newmont Mining
- Anglo Gold Ashanti
- Kinross Gold
- Gold Corp
- Navol Mining
- PJSC Polyus
- Gold Fields
- Agnico Eagle