One of the most precious elements is gold, which is associated with emotional, cultural, and financial values. People around the world have different reasons to purchase gold. Gold production has made an essential contribution to socio-economic development. The history of gold is associated with money and wealth, but later on, gold played an important role in developing economies after the outbreak of the Second World War. This is because gold companies created employment opportunities, improved infrastructure, and tax revenues.
Gold mining and related activities have a great impact on socio-economic development. Barrick Gold, Goldcorp, Newmont Mining Corporation, Newcrest Mining, AngloGold Ashanti are the major gold mining companies in the world. You should know about companies like Collective Mining specifically involved in mineral exploration. Collective Mining Ltd is responsible for building the largest gold mine in Columbia with a principled approach towards the environment, sustainable development, and governance. There are different methods used for gold mining such as; placer mining, byproduct mining, hard rock mining, and processing gold ore.
China, Russia, Australia, and the United States are the largest gold producers in the world. According to 2020 data, the global production of gold was reaching approx—3,200 metric tons. The South Deep Mine in South Africa has the largest gold deposit in the world, which is also the seventh deepest mine. The ranking is followed by Grasberg Gold mine then Olimpiada gold mine. The mines may take 10-20 years to become capable of production. Know about the gold mining operation in brief with the following listed steps and processes.
- Gold exploration: It is a complicated process that requires a considerable amount of money, time, and effort. Several explorers who are experts in geological sciences engaged in the whole exploration process. You will be surprised to know that there are only 10% of the gold deposit containing metal that can be further mined. There are very few chances of discovering productive and profitable mines.
- Mine development: In this stage, the main focus is on mine construction and infrastructure. Firstly, the planning is done, which is associated with infrastructure. Various companies that are involved effectively in mine construction after obtaining the necessary permits and licenses. To meet the logistical and operational needs, companies may take a few more years to accomplish the project.
- Operation: After mine construction, we need to extract a profitable amount of gold from it. This step involves all the processes from extraction to the final processing of gold.
- Decommissioning: It is the last process of metal extraction when the mine either becomes unprofitable or exhausted. Now it’s time for rehabilitation of land after extensive use. After successful mineral and metal extraction and mine closure, the land is left for several years due to rehabilitation purposes.
The mining industry is extremely important for bringing infrastructure investment to an arena and assisting service industries. When the mining operations are well managed for successful resource extraction, it can become an important contributor in driving economic growth. Several businesses and employment opportunities are associated with the mining process and operations. Gold mining operations acquire a valuable position in propelling economic development.