Gold is, without a doubt, one of the most popular and rare precious metals. It, therefore, comes as no surprise that gold mining is a global business with operations in all continents except Antarctica.
Gold mining businesses are known for operating mines with mineral reserves across various locations. These organizations are also known for their profitability because they deal in high-value minerals. But how exactly do these companies work? Below are some unique insights into the gold mining business and how they operate successfully.
Exploring to Find Gold
The search for gold is indeed an age-old activity. In modern times, it has become a highly complicated, time-consuming, and scientific process. Nevertheless, as an integral aspect of their operations, gold mining businesses invest heavily in locating new gold deposits (prospecting) that contain enough volume to mine. Many gold mining companies consider areas with a gold concentration of 2,000 to 3,000 parts per billion as profitable enough to mine. Then, they seek exploration partners and acquire some junior mining companies to speed up the process. Once a target area is identified and the various geological and geochemical data indicate the presence of gold, drilling is conducted. Reputable gold mining companies such as Alamos Gold are examples of businesses that continually explore to find and drill gold.
Alamos Gold is a Toronto-based intermediate gold producer with diversified production from three operating mine sites in North America. Alamos’ Island Gold mine produced about 39,600 ounces of gold in the third quarter of 2020 alone. Their Young Davidson gold mine near Kirkland Lake also contributed 35,548 ounces. Alamos’ employees are guided by their core values of safety, environmental sustainability, integrity, teamwork, and commitment to create lasting legacies that benefit all Alamos stakeholders. The company’s Chief Executive Officer, John A McCluskey, opines that Island Gold deposits and their Mexican Mulatos mine can self-finance their respective projects at current gold prices.
Designing and Operating Mines
After locating gold deposits, gold businesses invest heavily in designing and operating mines from which they can extract value. The two types of mines for mineral mining are surface (open pit) and underground mining. Trucks are then used to transport ores from the mines to processing operations. Water is added to turn ores into a slurry, together with a weak cyanide solution that leaches the gold. The gold is processed further through several stages, laden with feedback to ensure the finished material’s quality. Accessing essential feedback is crucial in all industries. Trusted survey solutions such as Alchemer can help with this need.
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Identifying and Addressing Environmental Impact
Starting and operating a mine brings a unique set of social and environmental challenges that many gold mining businesses have to address as part of their operations. Due to increasing sustainability concerns, many gold mining corporations are putting more significant effort into operating their mines with minimal environmental impacts. As such, they make plans for communities to reclaim disturbed lands after the closure of their mine sites by rehabilitating such areas in these mining regions.
To conclude, gold mining is a profitable venture to which many corporations worldwide dedicate time, effort, and multiple resources. The above-listed points are some helpful insights into how these gold mining companies operate as businesses.