Gold mining is an international business carried out widely all over the world. Previously, freshly mined gold supply was concentrated primarily in South Africa. In the present day, except for Antarctica, it is mined virtually from every part of the world.
In 2016, China was the largest gold producer, mining 14% of the global output. In general, Asia mines about 23% of gold every year, followed by Africa, which fulfills 19% of the total demand.
You may wonder how gold is mined. Gold mining is performed in 5 important stages. Read on to find more.
Exploration for gold mine
The process of gold mine exploration is rather complex. It requires experts from several fields such as engineering, geology, chemistry, and geography.It also requires time and a lot of investment to discover a productive gold mine. It is said that on 0.1% of all probable sites turn out to be productive gold mines.
Also, only 10% of these prospective sites have enough gold in the mineral ore to develop them for their commercialization.
Development of a gold mine
In this phase, the mine is planned and constructed along with other infrastructure.This includes post-mining processing units and other local amenities to support mining activities including employee and community well-being. The gold miners also must arrange for permits and licensing before the mining activity can actually start. This step takes years to complete.
Gold mining operation
This is the productive period of the gold mine in which the gold ore is extracted from the mine and processed to have a high amount of metal. The processed gold ore containing 60-90% gold is called dore. The mining plans of a gold mine are determined by several factors, including cost of gold, cost of mining resources and so on.
Decommissioning a gold mine
When the gold ore in a mine has exhausted or its quality has reduced to the level that it is no longer profitable to extract gold from it, the mine is decommissioned. After decommissioning, the mine is dismantled and the land is rehabilitated.
Post closure phase
After the mine is closed, the gold company has to monitor the land for a period of five to ten years. They are responsible for the mining site and must rehabilitate the land. They must ensure that the area is cleansed and revegetated as per the local norms to ensure that all environmental norms are met.
This article contains the author's opinions. These are not investment-related recommendations. Do not consider the article as any type of commercial solicitation or an investment product offer.
About the Company
Ely Gold Royalties Inc. is a Vancouver-based emerging royalty company with development assets focused in Nevada and the Western US. Its current portfolio includes 33 Deeded Royalties and 21 Optioned Properties including two separate royalties on the Gold Rock Mine. The portfolio is currently generating significant revenue.
Ely Gold’s royalty portfolio includes producing royalties, fully permitted mines, mines under construction and development projects that are being permitted for mine construction.