Every so often a presentation at a conference takes your breath away and leaves you amazed at the ability of the speaker and their colleagues. This happened today as a sat listening to Joel Carrasco of Ausenco present on a paper entitled Development of an integrated mine waste management plan of the metates gold-silver project, Durango and Sinaloa States, Mexico. To get the paper, you will have to get the proceedings of the Tailings and Mine Waste Management 2013 conference or in due course download the presentation that I refer to from the website of the conference–I told it will take week or two to load pdfs of the presentations. (more…)
Archive for the ‘Gold’ Category
Anglo American has abandoned the Pebble Mine Project in Alaska. That much was news to me this morning as I boarded a flight to a mine in a wet climate and sensitive place. By the time we had done the day’s business on this mine and I got to the computer, the blogs and news services were choking with the news. Very little in the way of comment though, so the way is still open for me to say something. (more…)
Underground is the essence of mining. As a kid of perhaps ten-years old, my father took me a mile down a shaft of the mine where he worked as a mine captain. Somewhat fearful, I followed him close into the vast space of metal that was the cage. Down we sped to great noise for what seemed an eternity. Water seeped and dripped and gushed everywhere. All was wet. At last we slowed, stopped, and the great metal doors clanged open. We emerged into a great hall with dark-rock walls and soaring ceiling. Everywhere there was metal: rails, ropes, tools, and cocopans. (more…)
Yesterday in the post just below this post, I bemoaned the fact that there is no general model or method out there to estimate the cost of mine tailings management. That issue remains valid today.
I have however, been informed that there is a cost model for gold heap leach pads. It is compiled by Fred A. Leonard. He currently provide service via his private consulting practice in Winnemucca, Nevada. Contact me for his phone number.
His model is generally available through CostMine.
Incidently, if you want to learn more about heap leach pad design, construction, operation, and closure go to the EduMine course at this link.
Or come to the conference later this year on heap leach pads. See this link.
The expensive clothes store at the entrance to our office building is advertising “two hand-made suits for $1,500.” This tells that the price of gold will decrease a lot more. For historically the price of gold has been equal to the price of a suit for a well-dressed man. It cost an ounce of gold to buy a toga for a Roman senator; it cost ounce of gold to buy the outfit Lord Capulet wore at that fateful ball where Juliet met Romeo; it cost my father $35 for a good suit when he was a miner of gold at $35 an ounce. Why should I pay twice the price of an ounce of gold for a suit? (more…)
Mine Water Solutions in Extreme Environments: The Chilean court kicks off Pascua Lama and the Conference with gusto.
Posted in About the news, consulting, Global Warming, Gold, Investing & Finance, Latin America, Law (Mining), Peru, tagged Barrick, Chile, conference, court, lima, mine water solutions, pascua lama on April 15, 2013 | 2 Comments »
Posted in About the news, consulting, Copper, feasibilty studies, Gold, Investing & Finance, People, Peru, tagged antilla, cotabambas, luquman shaheen, panoro minerals, Peru on February 14, 2013 | 2 Comments »
Yesterday I finished a three-day EduMine webcast on Mining Investment – Understand the Risks. Today I took my own advice to heart and attended a presentation by Luquman Shaheen of Panoro Minerals Ltd on their projects in Peru. Should I invest? Should I advise you to invest? Should we join Hudbay Minerals who own some seven percent of the company in the excitement of new prospects in a mining-potential-rich part of Peru? (more…)
The following just in from Venmyn Deloitte on reworking of old South African slimes dams or tailings facilities to use the more modern term. All the old slimes dams around the area I grew up are gone. The biggest loss is that big pile of yellow sand down which we would slide on corrugated cardboard boxes. The pile was so full of uranium and gold that it was one of the first to go. I hate to think what our radioactive exposure was as kids. I can report no ill after-effects either from the radioactivity or from the mercury my father brought home for us to play with on the bedroom floor. And we knew not what a seatbelt was in those heady days of vast exposure to danger. (more…)
In the mid-fifties, gold cost $35 an ounce. My father, a mine captain, earned a hundred and fifty pounds a month. I cannot be sure of the exchange rate. Vaguely I recall that a pound was about two dollars. So let us say he earned about ten ounces of gold a month or about one hundred ounces of gold a year.
With gold at about $1,700 an ounce these days, a hundred-ounce-a-year salary is about $170,000. How many miners these days earn that sum? Truth is not many from what I can see. You have to be pretty senior to earn that salary–but then my father was relatively senior.
These gold-price to salary comparisons are prompted by a fun article in Commodity HQ at this link. Surprising how little an ounce of gold buys these days. I know that I spend the equivalent of an ounce of gold each month on books, CDs, DVDs, and other indulgences, vices, and diversions. What gold-percent of your income goes on pure pleasure?
Which makes me wonder if mining salaries and the price of gold have advanced in lock-step with the price of gold — or have salaries fallen behind? Is there a correlation? I have done no research for this posting. I leave that to those with a greater eye for the detail of the price of gold. And I would appreciate your take on the correlation of the gold price and mining salaries.