Newmont Mining Corporation is the world’s largest gold miner in global gold mining market

Date: 2016-09-12

Gold mining is the process of mining of gold or gold ores from the ground. There are several techniques and processes by which gold may be extracted from the earth.

There are several methods of gold mining, such as Placer mining (includes Panning, Sluicing, Dredging, Rocker box), Hard rock mining and By-product gold mining.

Placer mining
Placer mining is the technique by which gold that has accumulated in a placer deposit is extracted. Placer deposits are composed of relatively loose material that makes tunneling difficult, and so most means of extracting it involve the use of water or dredging.

Hard rock mining
Hard rock gold mining extracts gold encased in rock, rather than fragments in loose sediment, and produces most of the world’s gold. Sometimes open-pit mining is used, such as at the Fort Knox Mine in central Alaska. Barrick Gold Corporation has one of the largest open-pit gold mines in North America located on its Goldstrike mine property in north eastern Nevada. Other gold mines use underground mining, where the ore is extracted through tunnels or shafts. South Africa has the world’s deepest hard rock gold mine up to 3,900 metres (12,800 ft) underground. At such depths, the heat is unbearable for humans, and air conditioning is required for the safety of the workers. The first such mine to receive air conditioning was Robinson Deep, at that time the deepest mine in the world for any mineral.

By-product gold mining
Gold is also produced by mining in which it is not the principal product. Large copper mines, such as the Bingham Canyon mine in Utah, often recover considerable amounts of gold and other metals along with copper. Some sand and gravel pits, such as those around Denver, Colorado, may recover small amounts of gold in their washing operations. The largest producing gold mine in the world, the Grasberg mine in Papua, Indonesia, is primarily a copper mine. 

A modest amount of precious metal is a by-product of sodium production.

In 2013, global gold mining revenue dropped 6.3% to $13.1 billion as prices drop due to slowly receding uncertainty regarding the Euro debt crisis, and is expected to grow at a CAGR of 7.5% from 2014 to 2018, because of rising of the gold price.

The profit gold mining has brought to people is very considerable, so most companies join the industry.

Currently major market participants are the followinggold-mining

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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 1-510-400-8520

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