case study on gold

Physical Resources: Water, Pollution, and Minerals

Case study: gold: worth its weight, learning objectives.

In this module, the the large environmental impact of gold mining is discussed.

Gold is a symbol of wealth, prestige, and royalty that has attracted and fascinated people for many thousands of years (see Figure Native Gold ). Gold is considered by many to be the most desirable precious metal because it has been sought after for coins, jewelry, and other arts since long before the beginning of recorded history. Historically its value was used as a currency standard (the gold standard) although not anymore. Gold is very dense but also very malleable; a gram of gold can be hammered into a 1 m 2 sheet of gold leaf. Gold is extremely resistant to corrosion and chemical attack, making it almost indestructible. It is also very rare and costly to produce. Today the primary uses of gold are jewelry and the arts, electronics, and dentistry. The major use in electronics is gold plating of electrical contacts to provide a corrosion-resistant conductive layer on copper. Most gold is easily recycled except for gold plating due to combinations with other compounds such as cyanide. About half of the world’s gold ever produced has been produced since 1965 (see Figure World Gold Production ). At the current consumption rate today’s gold reserves are expected to last only 20 more years.

Native Gold A collage of 2 photos, showing 3 pieces of native gold. The top piece is from the Washington mining district, California, and the bottom two are from Victoria, Australia. Source: Aram Dulyan via Wikimedia Commons

World Gold Production World gold production from 1900 to 2009 including annual (blue line) and cumulative data (gray line) Source: Realterm via Wikimedia Commons

There are two types of gold ore deposits: (1) hydrothermal , where magma-heated groundwater dissolves gold from a large volume of rock and deposits it in rock fractures and (2) placer , where rivers erode a gold ore deposit of hydrothermal origin and deposit the heavy gold grains at the bottom of river channels. Although gold’s resistance to chemical attack makes it extremely durable and reusable, that same property also makes gold difficult to extract from rock. As a result, some gold mining methods can have an enormous environmental impact. The first discovered gold ore was from placer deposits, which are relatively simple to mine. The method of extracting gold in a placer deposit involves density settling of gold grains in moving water, similar to how placer deposits form. Specific variations of placer mining include hushing (developed by the ancient Romans where a torrent of water is sent through a landscape via an aqueduct), sluice box (where running water passes through a wooden box with riffles on the bottom), panning (a hand-held conical metal pan where water swirls around) and hydraulic (where high pressure hoses cut into natural landscapes, see Figure Hydraulic Mining ). Hydraulic mining , developed during the California Gold Rush in the middle 1800s, can destroy natural settings, accelerate soil erosion, and create sediment-rich rivers that later flood due to sediment infilling the channel. The largest gold ore body ever discovered is an ancient, lithified (i.e., hardened) placer deposit. Nearly half of the world’s gold ever mined has come from South Africa’s Witwatersrand deposits, which also have the world’s deepest underground mine at about 4,000 m. To increase the efficiency of gold panning, liquid mercury is added to gold pans because mercury can form an alloy with gold in a method called mercury amalgamation . The mercury-gold amalgam is then collected and heated to vaporize the mercury and concentrate the gold. Although mercury amalgamation is no longer used commercially, it is still used by amateur gold panners. Unfortunately, considerable mercury has been released to the environment with this method, which is problematic because mercury bioaccumulates and it is easily converted to methylmercury, which is highly toxic.

Hydraulic Mining Gold hydraulic mining in New Zealand, 1880s Source: James Ring via Wikimedia Commons

Today most gold mining is done by a method called heap leaching , where cyanide-rich water percolates through finely ground gold ore and dissolves the gold over a period of months; eventually the water is collected and treated to remove the gold. This process revolutionized gold mining because it allowed economic recovery of gold from very low-grade ore (down to 1 ppm) and even from gold ore tailings that previously were considered waste. On the other hand, heap leaching is controversial because of the toxic nature of cyanide. The world’s largest cyanide spill to date occurred at Baia Mare in northern Romania (see Figure Baia Mare ). In January 2000 after a period of heavy rain and snowmelt, a dam surrounding a gold tailings pond collapsed and sent into the drainage basin of the Danube River 100,000 m 3 (100 million liters) of water with 500 – 1,000 ppm cyanide 1 , killing more than a thousand metric tons of fish (see Figure B aia Mare Cyanide Spill ). Considering the large environmental impact of gold mining, this may take some of the glitter from gold.

Baia Mare Map of Tisza River drainage basin with pollution hot spots including Baia Mare, Romania, which is the location of a cyanide spill disaster in 2000 Source: United Nations Environment Program – GRID-Arendal<

Baia Mare Cyanide Spill Dead fish from cyanide spill disaster Baia Mare, Romania, the location of a in 2000 Source: Toxipedia

• 1 The U.S. EPA allows no more than 0.2 ppm cyanide in drinking water.
• Sustainability: A Comprehensive Foundation. Authored by : Tom Theis and Jonathan Tomkin, Editors.. Provided by : OpenStax CNX. Located at : http://cnx.org/contents/[email protected] . License : CC BY: Attribution . License Terms : Download for free at http://cnx.org/contents/[email protected]

Privacy Policy

Gold Spot price

Gold spot price, the strategic case for gold: india.

21 January, 2022

Mukesh Kumar

India has made great strides since its economic liberalisation in 1991. Looking back over the past 30 years underlines how far the country has come. Between 1991 and 2021, India’s economy grew from US$275bn to US$ 2,946bn and its foreign exchange reserves soared from US$1bn to more than US$630bn . The middle class expanded and household incomes rose, with per capita net annual income rising from Rs7,000 in the early 90s to Rs126,968 in FY2020-21. 1

India’s middle class is expanding fast. Analysis from consultancy Bain & Company, for instance, suggests that the number of middle-class households will grow by 140mn between 2018 and 2030, while the number of high-income earners could increase by 21mn. 2  This is likely to presage an almost four-fold increase in consumer spending, from US$1.5tn in 2018 to US$5.7tn by 2030. India has also seen a change in saving patterns among its households in recent years: the savings rate, which was above 34% in 2010, had dipped to 30% in 2018 and continues to inch lower to this day. 3 Rather than just putting money into saving, consumers in India have begun to invest.

With rising incomes and an increase in spending, investors have shown a growing interest in Indian equities. This is exemplified by the increase in ‘demat’ accounts, used to hold shares and securities in an electronic (or ‘dematerialised’) format. The number of these accounts more than quadrupled from 16.7mn in 2009 to 73.8mn by the end of October 2021. 4 Similarly, the amount of money flowing into equities through Systematic Investment Plans (SIPs) has also surged in recent years, reflecting growing awareness of mutual fund investment. Average inflows to SIPs more than doubled between 2016 and 2020, from Rs.35bn to Rs.95bn a month in 2021. 5

As Indian investors allocate a higher share of their capital to equities, they have exposed themselves to greater risk. Gold plays an important role in helping investors manage the risk-return profile of their overall portfolio allocation. Gold played its role as a safe-haven asset during the pandemic year of 2020 and has continued to provide a hedge against market volatility in 2021. These attributes have been recognised not only by Indian investors but also by the Reserve Bank of India (RBI).

Indian gold ETFs continued to attract inflows in 2021

As the gold price rose more consistently in 2019, sentiment in the Indian gold ETF market improved - albeit marginally. It was in 2020 that momentum picked up significantly. The rising gold price, increased volatility in equity markets and economic uncertainty due to COVID-19 fuelled safe-haven demand into Indian gold ETFs. As a result, net inflows almost doubled in 2020 taking total gold ETF holdings in India to 28.3t by the end of that year.

This positive momentum carried into 2021. Indian investors continued to pile into Indian gold ETFs, driven by a lower price point, concerns over higher equity valuations and safe haven demand. Net inflows increased by 9.3t, taking gold holdings to 37.6t by the end of 2021 ( Chart 1 ).

Chart 1: Total holdings of Indian gold ETFs increased further in 2021

Holdings of Indian gold ETFs on Indian exchanges

Source: Bloomberg, Respective ETF providers, World Gold Council

The Reserve Bank of India (RBI) ramped up its gold purchases in 2021

After adding 41.6t in 2020, the RBI ramped up its gold purchases in 2021, buying an additional 77.5t and taking its total gold reserves to 754.1 by the end of the year ( Chart 2 ). 6 The RBI added gold in order to diversify its foreign reserves and it is highly likely that it will continue to purchase gold in 2022. Many of the factors for gold ownership highlighted in our 2021 Central Bank Gold Reserves Survey are likely to remain relevant, giving continued uncertainty over the outlook for the economy. 7

Chart 2: RBI ramped up its gold purchases in 2021

RBI 's gold reserves at end of the year

Source: IMF-IFS, World Gold Council

Indian investors face new challenges in 2022

Indian investors faced challenges in 2021: concerns of economic slowdown amid the emergence of the Delta variant and elevated equity markets. There may be similar concerns in 2022, but in addition there are likely to be new challenges:

• the possibility of higher and persistent consumer price inflation (CPI)
• an expectation of depreciation in the Indian rupee (INR), driven by the Fed’s higher interest rate and the widening trade deficit of 2021
• unexpected sharp and frequent policy rate hikes by the RBI.

In an environment of greater uncertainty and increased market volatility, gold’s attributes may help Indian investors improve the performance of their portfolios. Gold can enhance an investor portfolio through the following characteristics:

Gold is an effective portfolio diversifier

Gold benefits from flight-to-quality inflows during periods of heightened risk. The greater a downturn in stocks and other risk assets the more negative gold’s correlation to these assets becomes. But gold’s correlation not only works for investors in times of turmoil. Due to its dual nature as both jewellery and investment, gold’s long-term price trend is supported by income growth. When stocks rally their correlation to gold can increase, driven by the wealth effect and, sometimes, by higher inflation expectations ( Chart 3 ).

Chart 3: Correlation of Indian stocks versus gold*

Correlation between gold and SENSEX in various environment of stocks' performance

* Correlations computed using weekly returns of the BSE Sensex and LBMA Gold Price PM Fix (in Indian rupees) between January 1984 and December 2021. Source: Bloomberg, ICE Benchmark Administration, World Gold Council

Gold has provided healthy returns in the long run

Returns are a crucial factor for any asset class. Looking at the last fifteen years, gold in rupees has delivered an annualised rate of return of 11.7%, marginally higher than equities (11.6%) and higher than returns on other asset classes such as bonds (government and corporate) and cash. 8 Over the last five years, gold has underperformed equities but outperformed other asset classes such as bonds and cash ( Chart 4 ).

Chart 4: Gold's long-term performance compared to other assets*

* The annualised returns for various time periods are as on 31 December 2021. * Based on total return indices including Barclays 1-3 year Indian Treasury, S&P BSE India Government Bond Index, BSE Sensex,CRISIL Corporate Bond Index, Blooomberg Commodity Index (INR) and MCX India Gold Spot Index. Source: Bloomberg, Refinitiv Eikon,MCX, World Gold Council

Gold can enhance portfolio performance

This combination of returns and diversifier properties means that adding gold can enhance the risk-adjusted returns of a pension fund portfolio. Indian investors with an asset allocation equivalent to that of an average institutional investor portfolio would have benefitted from including gold ( Chart 5 ). Our analysis also shows that adding between 7% and 18% in gold to an average Indian institutional portfolio over the last decade would have resulted in higher risk-adjusted returns ( Chart 6 ). 9

Chart 5: Risk-adjusted return of a hypothetical institutional investor portfolio with various allocations to gold

* Based on monthly data from December 2011 to December 2021 using quarterly rebalancing. The average hypothetical portfolio is based on allocation to various assets as per an institutional investor in India. It includes 14% allocation to equity, 53% allocation to Government Bonds, 28% allocation to Corporate Bonds and 5% to Cash. The allocation to gold comes from proportionally reducing all assets. Source: Bloomberg, World Gold Council

Chart 6: Range of gold allocation for each hypothetical portfolio mix

* Based on monthly returns from December 2011 to December 2021 of BSE Sensex Index, Barclays 1-3 year Indian Treasury Index, S&P BSE India Government Bond Index, CRISIL Corporate Bond Index, Bloomberg Commodity Index (INR) and MCX India Gold Spot Index. The average hypothetical portfolio is based on allocation to various assets as per an institutional investor in India. Analysis is based on New Frontiers Advisors Resampled Efficiency. Source: World Gold Council

Gold can clearly be considered a good investment for Indian investors. Well recognised for its diversification properties, it can deliver strong returns too. Adding 7-18% of gold to an Indian institutional average portfolio over the last decade would have resulted in higher risk-adjusted returns – an appealing scenario in these uncertain times.

1 India Economic Survey 2020-21, Statistical Appendix

2 Consultancy.org

3 World Bank

4 Press Information Bureau

5 Association of Mutual Funds in India

6 As per RBI’s weekly statistics of 7 January 2022.

7 2022 Central Bank Gold Reserves Survey will be published later in the year.

8 Data as of end of December 2021. Returns are based on Total Return Index.

9 Analysis based on New Frontier Advisors Resampled Efficiency.

To read this content please select one of the options below:

Please note you do not have access to teaching notes, gold as a portfolio diversifier: the world gold council and investing in gold.

Publication date: 20 January 2017

Teaching notes

This case is taught in Darden's Investments elective but could be used in introductory Finance classes to explore the concept of diversification of investments or in a portfolio management course as a means to explore optimal portfolio allocation. It is accompanied by several teaching tools including a teaching note for instructors, student and instructor spreadsheets, student and instructor videos, and a PowerPoint deck for class debrief. The case would work well in a module sequenced between CornerStone Partners (UVA-F-1677) used before and Pravda Asset Management (UVA-F-1602) used after.

The global head of investment research at the World Gold Council (WGC) has finished his presentation “The Strategic Case for Gold as an Asset Class” at the 2012 Bloomberg Precious Metals Conference in New York. As a result of the market collapse in 2008 and the ongoing euro-area crisis, investors worldwide have safety and security on their minds, and many in the room were wondering whether gold would provide capital preservation and improve the overall risk-return tradeoff of their portfolios. At the same time, the sustained run-up in the price of gold since 2001 that was mentioned in the presentation was a cause for concern. Was gold the safe haven that it had proved to be in 2008 and 2009, or was it an asset class at the peak of a bubble? The investment case for gold deserved closer examination.

• Investment research
• Investor portfolios
• Gold allocation
• Core assets
• Institutional investors
• Risk-return tradeoff

Matos, P. and Evans, R.B. (2017), "Gold as a Portfolio Diversifier: The World Gold Council and Investing in Gold", . https://doi.org/10.1108/case.darden.2016.000137

University of Virginia Darden School Foundation

Copyright © 2012 by the University of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved.

You do not currently have access to these teaching notes. Teaching notes are available for teaching faculty at subscribing institutions. Teaching notes accompany case studies with suggested learning objectives, classroom methods and potential assignment questions. They support dynamic classroom discussion to help develop student's analytical skills.

Related articles

All feedback is valuable.

Please share your general feedback

Report an issue or find answers to frequently asked questions

Contact Customer Support

• Search Menu
• Sign in through your institution
• Advance Articles
• Author Guidelines
• Open Access
• Submission Site
• Self-Archiving Policy
• About Journal of Geophysics and Engineering
• About Sinopec Geophysical Research Institute Co., Ltd
• Editorial Board
• Advertising and Corporate Services
• Journals on Oxford Academic
• Books on Oxford Academic

Article Contents

Introduction, methodology, conclusions and recommendation.

• < Previous

Geophysical exploration for gold and associated minerals, case study: Wadi El Beida area, South Eastern Desert, Egypt

• Article contents
• Figures & tables
• Supplementary Data

Sultan Awad Sultan, Salah Ahmed Mansour, Fernando Monteiro Santos, Ahmad Sobhy Helaly, Geophysical exploration for gold and associated minerals, case study: Wadi El Beida area, South Eastern Desert, Egypt, Journal of Geophysics and Engineering , Volume 6, Issue 4, December 2009, Pages 345–356, https://doi.org/10.1088/1742-2132/6/4/002

• Permissions Icon Permissions

The occurrences of gold and disseminated sulfides lie as a part of the shearing fault zone that extends from the north to the south of the study area for a length of about 25 km. The gold and disseminated sulfides are located on the alteration shear zone which is composed of quartz–feldspathic highly ferruginated rock (gossans) occupying the eastern and central parts of the area. Mineralogical analyses that were done on bedrock samples of the oxidized and alteration zones indicated that there are two anomalous spots of gold contents; the first one has values ranging from 5 to 49 g ton -1 and the second anomaly has values ranging from 150 to 502.5 g ton -1 . Magnetic, self-potential, resistivity and induced polarization surveys were applied at Wadi El Beida area to delineate the mineral ore deposits in terms of depths and extensions through the structural shearing zone. The quantitative interpretation of magnetic data was carried out by using two techniques; the first is 3D magnetic inversion using Euler deconvolution and the second is magnetic models using the MAGMOD program. The results of the magnetic interpretation indicated that the depths of such ore deposits range from 35.9 to 52.7 m and the half width ranged from 27.2 to 87.8 m. The SP contour maps show negative anomalies with ranges from -70 to 20 mV. Most of these anomalies occupy the shear, silicified zones, alterations and rock contacts. The SP anomalies are correlated with other geophysical ones and also with the geological sources. Quantitative interpretation was done on the selected anomalies along the coded lines on the normal SP contour map. The quantitative interpretation of self-potential anomalies (SP) was carried out using two techniques; the first is a new algorithm constructed by Monteiro Santos ( 2009 ) using particle swarm optimization (PSO) and the second is the code constructed by Caglar ( 2000 ). The depths range from 20 to 60 m. The gradient resistivity survey was carried out simultaneously with IP measurements. The low-resistivity zones coincide with the altered and sheared acidic meta-volcanics. The quantitative interpretation technique determined the conductive bodies' parameters using the Schulz method (1985) where the depth to the top of the ore body ranged from 21 to 62 m while the maximum width ranged from 52 to 165 m. The induced polarization-chargeability data were measured in the time domain. The positive anomalies on the IP-chargeability map coincide with the sites of alterations, shears and contact zones. Four dipole–dipole sections were carried out along the anomalous sites selected from the constructed maps in the study area and were inverted using the RES2DINV program. The results of resistivity and IP inversions indicated that there are conductive and chargeable bodies at depths ranging from 15 to 65 m. According to the integrated geophysical results, two suggested borehole sites were selected before carrying out any future mining projects.

Geophysical tools, including different techniques such as magnetic, self-potential (SP), induced polarization (IP) and resistivity, are important techniques in mineral exploration for ores located in basement rocks. Integrated geophysical methods were used for mineral exploration (Macnae 1979 , Smith 2002 ). The IP technique was used for mineral exploration, as well as for hydrological and environmental geology studies (Kiberu 2002 , Vacquier et al 1957 , Marshall and Madden 1959 , Sternberg and Oehler 1990 , Towel et al 1985 , Sumner 1976 , Klein and Sill 1982 ). Also, the self-potential (SP) method has a wide range of applications in engineering and geotechnical investigations (Corwin 1984 , Markiewicz et al 1984 ), in geothermal exploration (Corwin and Hoover 1979 , Anderson 1984 ) and in the exploration for minerals, particularly metallic sulfides (Corry 1981 , Yungul 1950 ). In addition, the magnetic technique was used by Ramadan and Sultan ( 2004 ) for identifying massive sulfide zones. All the above authors used one geophysical tool for mineral exploration, but in the present work the authors have used different tools for integrated interpretation to estimate the ore bodies which include gold and associated minerals. The present work focuses on using geological, magnetic, self-potential, gradient, dipole–dipole resistivity and induced polarization data for the identification of the associated gold deposits at Wadi El Beida area, South Eastern Desert, Egypt. The study area lies between latitudes 22° 56′ 30′ and 22° 56′ 50′ N, and longitudes 35° 18′55′ and 35° 19′25′ E and includes an area of about 800 × 600 m 2 (figure 1 ).

( a ) Location map, ( b ) regional geological map, ( c ) detailed geological map of the study area (modified after EGSMA (1997)).

Geology of the study area

Regional geology.

The surface geology of the study area displays outcropping of the basement rocks and ophiolitic blocks embedded in the ophiolitic matrix. The ophiolitic matrix is composed of arc meta-volcanics. These meta-volcanics are occurring as variably strained meta-andesites and meta-dacites as well as related volcanoclastic metasediments.

Detailed geology

The geology and mineralogy of this area was studied in detail by the Egyptian Geological Survey and Mining Authority (EGSMA) ( 1997 ), where the surface geology of the area includes basic to intermediate meta-volcanic andesite rocks and alteration shear zones. The meta-volcanics are located at the eastern and western parts of the study area which is characterized by dark grey colour and contains disseminated sulfides. The basic volcanic rocks are located at the northern and southern parts of the area where these are characterized by greenish grey colour and mineralized at the northeastern and southwestern parts of the area. Alteration shear zones include three types; the first one is mainly composed of quartz–feldspathic highly ferruginated rock (gossans) occupying the eastern and central parts of the area. The second is represented by light grey colour with some pyrite and iron oxides. The third one is a barren alteration zone which is distributed throughout the entire area and exhibits a light grey colour with no mineralization. The study area is dissected by carbonate veins, quartz veins and acidic dykes trending NW–SE and N–S (figure 1 ). The country rocks in the study area are foliated and generally trend NNW–SSE and NW–SE with steep dips (>65°) towards NE and SW, respectively, forming regional and parallel anticlinorium and synclinorium. In addition, the mineralogical analysis for the selected samples from oxidized and alteration zones indicated that there are two positive gold anomalous features at two sites in the study area. The first site is estimated to have 5 to 49 g ton -1 and the other site exhibits gold content of 150– 502.5 g ton -1 (figure 1(c) ).

Magnetic, self-potential (SP), gradient resistivity, induced polarization (IP) and dipole–dipole techniques were applied to outline the area of alteration that is associated with the gold and associated mineral deposits in the study area. While the presence of the gold cannot be detected directly, the pyritic alteration produces anomalous geophysical signatures.

Magnetic data

Three hundred and thirty-two magnetic stations were measured using an Envimag proton magnetometer made by Scintrex Company (Canada) of 1 nT sensitivity. Two instruments were used for data collection; one was used as a base station located at the centre of the area, for recording the daily measurements every 1 min and to calculate the diurnal variation correction. The other instrument was used for field measurements along nine profiles through the surveyed area (figure 2 ); the spacing between the stations along every profile varied. The spacing was 5 to 10 m in areas of high gradient magnetic anomalies (at the north) and 25 m for spacing at other stations. The corrected magnetic data were gridded by using kriging of grid cell 5 m and contoured using Oasis Montaj (1998) to represent the total intensity magnetic map. The total intensity magnetic map (figure 3(a) ) reveals that the magnetic anomalies can be grouped into different types, locations and trends. The northwestern part of the area is characterized by very low magnetic anomalies (37 724 nT) of NW–SE trend corresponding to meta-andesite rocks. The northeastern part of the area is occupied by high magnetic anomalies (41 041 nT) related to ore bodies; the eastern and southern parts of the area are characterized by moderate magnetic anomalies. The survey area is dissected mainly by a steep magnetic gradient, which crosses the eastern part of the area with a NW–SE trend. The first vertical derivative of the total intensity data (figure 3(b) ) suggests a NW–SE trend for the structural elements.

Geophysical measurements locations.

( a ) Total intensity magnetic map, ( b ) first vertical derivative of the total intensity magnetic map.

Magnetic depth estimation

The magnetic depth estimation was carried out using two techniques; the first is the 3D magnetic inversion using Euler deconvolution and the second is the magnetic models using the MAGMOD program.

3D magnetic inversion (Euler deconvolution)

Comparison between the results of Euler deconvolution and the magnetic model techniques.

( a ) Euler solutions, ( b ) magnetic model along profile M4.

Magnetic models

The magnetic anomalies in the total intensity map tentatively interpreted as originated by the shear and mineralized silicified zones along eight profiles, have been modelled using the Geosoft program (1998) and assuming a magnetic susceptibility of 0.0775 cgs unit, field strength is 40 375 nT, inclination 32° and declination 2.2°. The results of the interpretation are summarized in table 1 and figure 4(b) , where the depth of magnetic source (ore body) appears to be ranging from 36 to 53 m with a half width ranging from 27 to 88 m.

Self-potential (SP)

In the past few years, the SP method was applied in a wide class of geological problems: mineral prospection, detection and delineation of thermal sources in geothermal and volcanic areas, and hydrogeological studies for groundwater investigations (Zlotnicki et al 1998 , Loddo et al 1996 ). In the present study, the self-potential measurements were carried out on a grid of 50 × 50 m 2 for an area of about 500 × 400 m 2 using a Syscal-R2 instrument using manual mode. The measurements were carried out through the first day of April 2007. Non-polarized electrodes of copper sulfate were used; an electrode was positioned at infinity (a distance of about 500 m from the centre of the area) and the second one was used for field measurements of natural self-potential in millivolts. The resulting SP anomaly map (figure 5 ), indicates that weak SP negative anomalies lie above the high shearing alteration zone, trending in the NW–SE direction. The quantitative interpretation of self-potential anomalies was carried out using two techniques; the first is a new algorithm constructed by Monteiro Santos ( 2009 ) using Particle Swarm Optimization (PSO) and the second is the code constructed by Caglar ( 2000 ).

Self-potential (SP) map with measured points and interpreted profiles.

The SP anomaly produced by some polarized structures along a principal profile over the body is given by Yungul ( 1950 ). As an example, the shape factors for a sphere (3D), a horizontal cylinder (2D) and a semi-infinite vertical cylinder (3D) are 1.5, 1.0 and 0.5, respectively. The shape factor approaches zero as the structure approaches a horizontal sheet. However, the SP originated by a sheet-like body is better expressed (Murthy and Haricharan 1984 , Atchuta Rao and Ram Babu 1983 ).

Trial-and-error interpretation of SP anomalies

Summary of the results of SP interpretation (trial–error).

Interpretation of SP profiles, SP1, SP2, SP3 and SP4, using the Caglar ( 2000 ) method. The blue line is the Calculated curve and the black line is the Observed curve

Inversion of SP data using the PSO method

The inversion of SP anomalies assuming a sheet model expressed by equation ( 2 ) was carried out using a nonlinear algorithm based on particle swarm optimization. The PSO method was developed by Eberhart and Kennedy ( 1995 ) and was inspired by the social behaviour of vivant communities. Lately, the method was applied successfully to the inversion of some geophysical data (Shaw and Srivastava 2007 , Monteiro Santos and Kaliouby 2009, Monteiro Santos 2009 ). The idea behind PSO could be explained through the following example.

Comparison between the SP results from Monteiro Santos ( 2009 ) and Caglar ( 2000 ).

Interpretation of self-potential profiles using Monteiro Santos ( 2009 ) method; the black line is the Observed and the blue line is the Calculated , ( a ) profile SP1, ( b ) profile SP2, ( c ) profile SP3 and ( d ) profile SP4.

Gradient resistivity and induced polarization (IP)

IP/resistivity surveys have been carried out in an area of 400 × 400 m 2 . Current electrodes were placed about 675 m from the centre of survey area, where AB = 1350 m. Potential electrode separation was fixed at 50 m for the entire survey and the stations were distributed evenly every 50 m along the lines. This survey arrangement provides the best combination of high spatial resolution 50 m with good penetration depth (100–150 m) (Dennis 1990 ).

The surveys were carried out using a Syscal-R2 instrument. The instrument was connected to a series of seven potential electrodes of copper sulfate. The current electrodes are made up of materials of special preparation in order to provide adequate low resistance of ground contact. The IP effect is represented by the chargeability ‘ m ’ which is expressed by Siegel ( 1959 ). AB is the current injection dipole and MN is the voltage measuring dipole. Sixty-four stations were measured for gradient resistivity and IP in a grid of 50 × 50 m 2 covering a total area of 400 × 400 m 2 .

Gradient resistivity map

Body parameters for different body types.

Results of quantitative interpretation of gradient resistivity along three profiles.

Gradient resistivity map.

Interpretation of the gradient resistivity data along ( a ) profile R1, ( b ) profile R2 and ( c ) profile R3.

The results of quantitative interpretation indicated that the depth to the top of the ore body ranges from 21.2 to 62.3 m and the maximum width ranges from 52.6 to 165.2 m.

Gradient IP map

A gradient IP map (figure 10 ) shows a high-chargeability zone with values ranging from 6 to13 mV V -1 and related to the ore body which is located at the same site of the gradient resistivity map (low-resistivity zone).

Gradient IP map.

Dipole–dipole sections

Four dipole–dipole profiles (P1–P1′ through P4–P4′) were carried out at the northern, central and eastern parts of the study area (figure 2 shows their orientation). In the dipole–dipole array, the two current electrodes (AB) are kept fixed, while the potential electrodes (MN) are moved collinearly with the current ones. The spacing between the current electrodes and potential electrodes is a multiple of the electrode spacing ( a ). The depth of penetration is a function of the distance ( a ) (Edwards 1977 , Loke and Barker 1996 ). In the present study, the electrode spacings of 5, 15 and 30 m were adopted to investigate the shallow and deep ore deposits. The numbers of measured points are 456 for spacings 5, 10 and 30 m. The processing and interpretation of the obtained data were carried out using the RES2DINV (2003) program, which produced an image of the electrical resistivity distribution in the subsurface based on a regularization algorithm (Loke and Barker 1996 ) that produced an interpretive image down to a depth of 65 m. The 2D inversion model consists of a number of rectangular cells. The arrangement of the cells approximately follows the distribution of the data points in the apparent resistivity pseudosection. In the present study, the obtained data have undergone several processing steps through the RES2DINV software to produce a smooth model. An initial damping factor of 0.16 and minimum damping factor 0.015 were used where the quality of data is good and not too noisy. The width of the interior model cells is the same as the unit electrode spacing. The inverse model obtained from profile P1–P1′ (figure 11 ), which is located at the northern part of the area, shows two horizontally lying anomalous features of low resistivity and relatively high chargeability. The first extends from the beginning of the profile upto a distance of about 75 m within a depth range of 15–20 m, while the second ore body appears from the centre of the section (at a distance of about 105 m) to its end at a depth ranging from 15 to 35 m. The inverse model obtained from profile P2–P2′ (figure 12 ), which is located at the central part of the area, reveals three ore bodies. One of them is relatively deep-seated at a depth ranging from 25 to 65 m and extending from a distance 115 to 160 m. The dipole–dipole section along profile P3–P3′ (figure 13 ) is also located at the central part of study area and exhibits an ore body from the central part to the end of the section for a depth ranging from 15 to 40 m. The last section along profile P4–P4′ (figure 14 ) located at the eastern part of the area shows high chargeability and low resistivity at distances from 70 to 120 m and depths of 40–65 m.

Dipole–dipole section along profile P1–P1′.

Dipole–dipole section along profile P2–P2′.

Dipole–dipole section along profile P3–P3′.

Dipole–dipole section along profile P4–P4′.

The geological map shown in figure 1(b) exhibits alteration zones and fault elements of NW–SE trend. These faults are clearly displayed in the first vertical derivative of the magnetic map (figure 3(b) ). Also the interpretation of the geophysical data indicates that these trends might be associated with alteration zones and have been tentatively interpreted as related to ore deposits at different depths. The comparison between the results of Euler deconvolution and magnetic models (table 1 ) reveals a good compatibility between the results concerning depths and locations of the magnetized bodies. For example, the depth of the ore body in profile M2 is estimated to be 50 m from Euler solutions and 45 m from magnetic models. The depth of the body in profile 8 ranges from 40 to 50 m from Euler solutions and 45 m from the magnetic model. Table 3 reveals a comparison between the interpretation results from the Monteiro Santos ( 2009 ) method and the Caglar ( 2000 ) method. The results are also well matched, for example the results of depth and polarization angle for profile SP1 are 43.3 m and 81.5° from the Monteiro Santos method, while these parameters were estimated as being 40 m and 75° using the Caglar method.

The gradient resistivity map and IP-chargeability map (figures 8 and 10 ) reflect the same trend of low resistivity and high chargeability. The depth of the ore body from the gradient resistivity profiles indicates a depth ranging from 21.2 to 62.3 m and maximum width ranging from 52.6 to 165.2 m. The low resistivity and high chargeability for the last part of the dipole–dipole section ‘P1’ are well suited with the gradient resistivity and IP maps. The mid part of the dipole–dipole section from profile ‘P2’ reveals low resistivity and high chargeability at depths in the range of 35–60 m which is closely matched with the gradient results. The results of mineralogical analyses from two field samples have indicated that the ore bodies, which have been detected from geophysical interpretation, are rich with gold content of 5–502.5 g ton -1 .

Gold and disseminated sulfides are located on an alteration shear zone which is composed of quartz–feldspathic highly ferruginated rock (gossans) occupying the eastern and central parts of the area.

The results of the magnetic interpretation indicated that the depths of such ore deposits range from 35.9 to 52.7 m and the half width ranges from 27.2 to 87.8 m

The results of self-potential (SP) data indicated that the depths of the ore bodies range from 20 to 60 m.

Quantitative interpretation for the gradient resistivity technique indicated that the depth to the top of the ore body ranged from 21.2 to 62.3 m while the maximum width ranged from 52.6 to 165.2 m.

The results of resistivity and IP inversions for dipole–dipole data indicated that there are conductive and chargeable bodies at depths ranging from 15 to 65 m.

The results presented in this study indicate that these high gold grades are associated with a shallow linear feature that is identified by a number of geophysical technique (figure 15 ). The exact form of any potential ore body will have to be confirmed by a borehole drilling program.

Integrated interpretation map for the geological and geophysical results.

Google Scholar

Google Preview

Email alerts

Citing articles via, affiliations.

• Online ISSN 1742-2140
• Print ISSN 1742-2132
• Copyright © 2024 Sinopec Geophysical Research Institute Co., Ltd
• About Oxford Academic
• Publish journals with us
• University press partners
• What we publish
• New features  
• Open access
• Institutional account management
• Rights and permissions
• Get help with access
• Accessibility
• Advertising
• Media enquiries
• Oxford University Press
• Oxford Languages
• University of Oxford

Oxford University Press is a department of the University of Oxford. It furthers the University's objective of excellence in research, scholarship, and education by publishing worldwide

• Copyright © 2024 Oxford University Press
• Cookie settings
• Cookie policy
• Privacy policy
• Legal notice

This Feature Is Available To Subscribers Only

Sign In or Create an Account

This PDF is available to Subscribers Only

For full access to this pdf, sign in to an existing account, or purchase an annual subscription.

• Getchell Gold, a case study of “gold in the ground” – Richard Mills
• Metals Precious Metals

Historically, all junior resource companies can be evaluated and ranked utilizing four criteria: share structure, people, project and working capital.

None however, is more accurate for evaluation purposes, than “insitu metal value”.

That’s because an early-stage explorer has no tangible value, it isn’t until a junior has established a resource that an informed evaluation can be assigned to what has become an advanced exploration/ development company with a deposit.

One way to determine the value of a junior is comparing the price of the metal(s) in the deposit to the value of the company’s metal in the ground, whether its copper, gold or silver etc. Doing so can sometimes reveal huge discounts.

For example in 2019, Wall Street firms Cantor Fitzgerald and GMP Research spotted Euro Sun Mining, owner of the biggest undeveloped gold mine in Europe. Cantor Fitzgerald placed a short term price target of $2.10 a share, implying an upside of 406%, while GMP’s $3.00 target implied a 641% increase.

Why the huge upside? Because the gold in the ground was cheap. Euro Sun Mining reportedly had over $10 billion of gold equivalent on its books, but the modest market capitalization of $30 million valued each ounce of gold at just $3 . The huge delta made for a compelling investment case: why buy gold at the 2019 price of $1,342 an ounce, when you can purchase a tiny gold junior for pennies on the dollar, with $10 billion in gold equivalent (gold + other metals) and the potential for a 6-bagger?

A Cipher Research Report published in 2015 examined a 24-year history of mergers and acquisitions to determine the real value of gold in the ground and to incorporate that value into their project and company valuation models.

Cipher determined that in the most basic terms, the value of a gold mineral project is equal to the number of ounces in the ground that will be potentially extracted times the value or price of an ounce in the ground.

Value = Quantity x Price

Cipher examined 253 transactions involving gold projects or companies owning a gold project, which were acquired in the period 1990-2013.

The conclusions drawn from their statistical analysis include: 

• 80% of all transaction occur at $90/oz or less, over half (56%) occurred below $45/oz
• With the exception of a few outliers, there is little or no correlation to the price of gold
• The average price paid for gold in the ground was $63/oz
• The median price was $39/oz
• Slightly higher premiums were paid for projects in development or production versus resource definition stage. Average price is 33% higher ($52 vs $69/oz), Median is 18% higher ($34 vs $40/oz)
• There was surprisingly little difference in prices based on geographical location
• The size of the resource was not positively correlated to the price paid (In other words miners pay for the quality of the project not the quantity of oz)

Getchell Gold

Time to move from the theoretical to the practical. One of my favorite gold companies right now is Getchell Gold ( CSE:GTCH, OTCQB:GGLDF) . The Nevada-based junior’s flagship gold property is Fondaway Canyon, located a short drive from Reno, with a number of prominent mines and deposits to the north.

Getchell carried out three drill programs, in 2020, 2021 and 2022. The aim was to significantly upgrade the 2017 resource estimate into a new resource, that combined the drill results from all three drill programs.

The  new resource estimate , released in November, nearly doubled the previous one, of 1.1 million ounces. It is 2 million ounces, including 550,000 ounces in the indicated category grading 1.56 grams per tonne, and 1.5Moz inferred, grading 1.23 g/t. There are nine holes that haven’t been included in the resource estimate because they missed the cut-off date, and Getchell plans to do a lot more drilling on it’s wide open deposit in 2023.

GTCH’s resource estimate is 2,058,900 ozs gold. Cipher’s’s average price paid for an oz of gold in the ground, between the years 1990-2013, was US$63.00.

$63.00 x 2,058,900 = US$129m / 122 osfd = US$1.06 per share.

Cipher’s  brilliant report is out-dated in two areas. First resource nationalism is now much much worse then in the years, 1990-2013, covered in their report. Imo, an oz of gold in Nevada is worth more than say in Burkino Faso . Second, again over the years this report was concerned about, gold’s average price was not, for the most part, anywhere near what it’s been trading for the past 10 years.

Baby gold bull

In January gold surged to a six-month high , and analysts expect the precious metal to scale new heights in 2023.

Bullish outlook for metals in 2023

After suffering for much of 2022 due to an elevated US dollar and higher bonds yields, gold has trended up since the beginning of November, fueled by expectations of less Fed tightening, a lower US dollar, and gold purchases from central banks underpinning demand.

“In general, we are looking for a price-friendly 2023 supported by recession and stock market valuation risks — an eventual peak in central bank rates combined with the prospect of a weaker dollar and inflation not returning to the expected sub-3% level by year-end — all adding support,”  CNBC quotes  Ole Hansen, head of commodity strategy at Saxo Bank.

“In addition, the  de-dollarization  seen by several central banks last year when a record amount of gold was bought look set to continue, thereby providing a soft floor under the market.”

The news outlet has two more analysts sounding even more bullish on gold. Eric Strand, manager of the AuAg ESG Gold Mining ETF, predicts that 2023 will see an all-time high and the start of a “new secular bull market,” based on the fact that central banks are adding more gold to their reserves.

Adam Hamilton has commented on the relative “youth” of the current gold upleg which started in late September. While at time of writing in mid-December, Hamilton observed gold climbing 12.8% over 2.8 months, he noted the previous four uplegs averaged much bigger, 28.8% gains over longer periods of 7.9 months. “This current upleg is likely only getting started, with a lot to prove,” Hamilton wrote.

He also said major gold uplegs are three-stage events, with each having distinct drivers. “The first and smallest stage isn’t even finished yet, which bodes very well for gold and its miners’ stocks.”

Peter Grandich says he’s bullish on gold because two “detrimentals” that were prevalent in the 1980s and 1990s, are no longer present: central bank selling; and widespread manipulation in the so-called gold paper markets (gold ETFs).  

The veteran gold analyst told Palisades Gold Video “I think this is the best gold bull market we’ve ever seen. Not only do [central banks] not sell now, but they’re purchasing in record levels… they’re not buying it for speculation, they’re not looking to trade it, they’re buying it for a particular reason(s) that they see… whether it’s a coming gold-backed currency, a move away from the dollar, whatever it is, that is happening for a reason, and when they’re like that, it’s like ‘don’t bet against the Fed.’ Don’t bet against the central banks when it comes to gold.”

Rise of the gold-backed e-yuan

His comments are supported by recent figures from the World Gold Council, indicating that central banks last year bought the most gold on record. Reuters states :

Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year in records going back to 1950 , the World Gold Council (WGC) said on Tuesday.

The data underline a shift in attitudes to gold since the 1990s and 2000s, when central banks, particularly those in Western Europe that own a lot of bullion, sold hundreds of tonnes a year.

Since the financial crisis of 2008-09, European banks stopped selling and a growing number of emerging economies such as Russia, Turkey and India have bought.

Central banks like gold because it is expected to hold its value through turbulent times and, unlike currencies and bonds, it does not rely on any issuer or government.

Also benefiting gold, said Grandich, is the shift in ETF buying, from the two main Western markets, London and New York (the Comex) to the Far East. “I’m not saying [manipulation] has gone, but clearly, because of convictions with spoofing, and other reasons, that’s not a detrimental. You take those two used-to-be negative factors out of the equation, gold has bullish implications. And that’s why I’m confident that we’re going to make a not-just-nominal high, but adjusted for inflation, which will be $2,300-2,400.”

In a world of resource depletion, it falls to gold exploration companies to fill the gap with new deposits that can deliver the kind of production required to meet gold demand, which is currently out-running supply.

In 2021, 4,021 tonnes of gold demand minus 3,560.7t of gold mine production left a deficit of 460.3t. Only by recycling 1,150t of gold jewelry could the demand be met.

The gold market continues to experience tightness due to difficulties expanding existing deposits, and a pronounced lack of large discoveries in recent years. 

The chart below by Crescat Capital predicts the proven and probable reserves of the top 20 gold producers will start to fall in 2028, and continue their downward slide to 2039. If the forecast is correct, the top 20’s total gold reserves will go from 45-46Moz in 2028, to zero in the following 10 years.

“Gold companies are actively out searching for new projects, but really because of the lack of resources in the next few years, we need companies that can provide a lot of ounces to the market,” says Rob Kientz from GoldSilver Pros .

Back in 2011, Seeking Alpha noticed that many gold companies own the rights to millions of ounces of in-the-ground proven and probable gold (the P&P category is the highest level of certainty). A shareholder in one of these companies indirectly owns a portion of this gold.

The chart below shows the cost, based on market capitalization, to acquire each ounce of proven and probable gold reserves held by Goldcorp, Eldorado Gold Corp., Yamana Gold, IAMGOLD, Randgold Resources and Kinross Gold.

Notice that the gold could be purchased for as little as $277 per ounce, compared to the gold price at the time of $1,640/oz.

As Seeking Alpha commented, I believe mining companies see the same value. Why would a gold miner spend millions of dollars exploring, fighting environmental issues and building a mine when millions of in-the-ground ounces can be bought at a steep discount to the spot price?

A 2019 column by Sprott , while three years old, is useful in that it points out the ignition that year, of a new gold mining mergers and acquisitions (M&A) cycle. Readers will recall some of 2019’s blockbuster gold deals, including the $10-billion merger of Goldcorp with Newmont Mining, Kirkland Lake Gold’s acquisition of Detour Gold, and Zijin Mining’s $2B purchase of Continental Gold.

The column notes the tepid gold price environment since 2011 — though remember gold hit an all-time high of $2,034 in the fall of 2020, and a six-month high in January 2023 — forced many gold producers to decrease their exploration focus, therefore there was a drop in new discoveries just as global gold reserves were, and are, being depleted.

Sprott states:

The challenging environment is forcing miners to strategically combine to reduce expenses and improve their operations . We expect these mergers will create a cascading effect in the industry as the combined entities shed non-core assets and prompt other companies to rethink their strategic priorities. Within the sector, we also see meaningful gradations of valuation between larger- and small-cap companies which could further fuel the cycle. 

Our new investment strategy, Sprott Hathaway Special Situations Strategy, pays attention to many likely takeover targets and we believe it has the potential to produce positive returns even in the absence of rising gold prices.

As for Getchell Gold, the question becomes, how do you acquire cheap gold ounces in the ground , while we teeter on the edge of what Adam Hamilton, Peter Grandich, myself and others, are calling the next gold bull market?

Gold has corrected from a six-month high in January but the fundamentals are clearly supportive of the precious metal.

Getchell’s resource estimate is already out of date. The company has released nine fantastic holes that missed the cut-off date for inclusion in the RE. Preparations for a much larger 2023 drill program than the 3 previous drill programs are underway.

We therefore see Getchell Gold as an excellent value play, and highly investable in a rising gold price environment characterized by central bank buying and tighter supplies due to depleted gold reserves and a lack of new discoveries. Gold majors wanting to grow their reserves without incurring large capital expenditures are hunting for cheap gold in the ground. Getchell Gold has 2 million ounces in Nevada and the outer limits of the deposit have yet to be encountered by drilling.

Getchell Gold Corp. CSE:GTCH, OTCQB:GGLDF Cdn$0.33, 2023.02.14 Shares Outstanding 105m Market cap Cdn$34.6m GTCH  website

Richard (Rick) Mills aheadoftheherd.com subscribe to my free newsletter

Legal Notice / Disclaimer

Ahead of the Herd newsletter, aheadoftheherd.com, hereafter known as AOTH.

Please read the entire Disclaimer carefully before you use this website or read the newsletter. If you do not agree to all the AOTH/Richard Mills Disclaimer, do not access/read this website/newsletter/article, or any of its pages. By reading/using this AOTH/Richard Mills website/newsletter/article, and whether you actually read this Disclaimer, you are deemed to have accepted it.

Any AOTH/Richard Mills document is not, and should not be, construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment.

AOTH/Richard Mills has based this document on information obtained from sources he believes to be reliable, but which has not been independently verified.

AOTH/Richard Mills makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness.

Expressions of opinion are those of AOTH/Richard Mills only and are subject to change without notice.

AOTH/Richard Mills assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission.

Furthermore, AOTH/Richard Mills assumes no liability for any direct or indirect loss or damage for lost profit, which you may incur as a result of the use and existence of the information provided within this AOTH/Richard Mills Report.

You agree that by reading AOTH/Richard Mills articles, you are acting at your OWN RISK. In no event should AOTH/Richard Mills liable for any direct or indirect trading losses caused by any information contained in AOTH/Richard Mills articles. Information in AOTH/Richard Mills articles is not an offer to sell or a solicitation of an offer to buy any security. AOTH/Richard Mills is not suggesting the transacting of any financial instruments.

Our publications are not a recommendation to buy or sell a security – no information posted on this site is to be considered investment advice or a recommendation to do anything involving finance or money aside from performing your own due diligence and consulting with your personal registered broker/financial advisor.

AOTH/Richard Mills recommends that before investing in any securities, you consult with a professional financial planner or advisor, and that you should conduct a complete and independent investigation before investing in any security after prudent consideration of all pertinent risks.  Ahead of the Herd is not a registered broker, dealer, analyst, or advisor. We hold no investment licenses and may not sell, offer to sell, or offer to buy any security.

Richard owns shares of Getchell Gold Corp. (CSE:GTCH). GTCH is a paid advertiser on his site aheadoftheherd.com

Related posts

Silver looks ready to rip – richard mills, max resource discovers manto-style mineralization at sierra azul – richard mills, coeur making significant progress at silver north’s tim earn-in – richard mills, storm exploration focused on the miminiska-fort hope greenstone belt – richard mills, the us must win the great game in the pacific, gold bulls delight in jackson hole as powell juices price rally, silver always outperforms, ‘mind-boggling’ low – sprott ceo john ciampaglia on underpriced silver catching up to gold, silver prices expected to keep rising as new players list on the asx, china’s strategic silver takeover: a calculated move to drain the west, video: there’s a “disconnect between junior equity prices and the gold price” – gold fields ceo, silver set to soar on samsung’s solid-state battery breakthrough – analysts, the top 10 countries by gold reserves in 2024, harvest gold: writing an emerging gold story in quebec – richard mills, gold fields’ osisko mining acquisition heats up windfall area play, quebec – richard mills, what happened to the fed’s gold – richard mills, silver will lead the way up, gold fields to buy canada’s osisko in $1.6 billion deal, gold defies headwinds of dollar strength, higher yields, and jobless claims, gold’s minsky moment – richard mills, gold supply falling short of demand – richard mills, gold is getting harder to find: world gold council, global gold demand reaches q2 record, ranked: top silver producing companies of 2023, gold-stock tipping point.

Prepper Paradise: Gold’s Power When It All Goes Down

Brics: gold-backed currency is beginning of the end for us dollar.

SustainCase – Sustainability Magazine

• trending News
• Climate News
• Collections
• case studies

Case study: How Gold Fields creates economic value for its stakeholders

Gold Fields is one of the world’s largest gold mining firms, with nine operating mines in Australia, Peru, South Africa and West Africa and one project in Chile. Creating enduring, sustainable value for all its stakeholders is a top priority for Gold Fields.     Tweet This!

This case study is based on the 2021 Integrated Annual Report by Gold Fields, prepared in accordance with the GRI Standards, that can be found at this link . Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.

In addition to its employees, Gold Fields seeks to make sure that all its stakeholders accrue real value from its mining activities. In order to create economic value for its stakeholders Gold Fields took action to:

• create economic value for employees
• create economic value for capital providers
• create economic value for contractors and suppliers
• create economic value for governments
• create economic value for host communities

Subscribe for free and read the rest of this case study

Please subscribe to the SustainCase Newsletter to keep up to date with the latest sustainability news and gain access to over 2000 case studies. These case studies demonstrate how companies are dealing responsibly with their most important impacts, building trust with their stakeholders (Identify > Measure > Manage > Change).

With this case study you will see:

• Which are the most important impacts (material issues) Gold Fields has identified;
• How Gold Fields proceeded with stakeholder engagement , and
• What actions were taken by Gold Fields to create economic value for its stakeholders

Already Subscribed? Type your email below and click submit

What are the material issues the company has identified?

In its 2021 Integrated Annual Report Gold Fields identified a range of material issues, such as health and safety, human capital, environmental stewardship, human rights. Among these, creating economic value for its stakeholders stands out as a key material issue for Gold Fields.

Stakeholder engagement in accordance with the GRI Standards              

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups Gold Fields engages with:   

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Gold Fields engaged with its stakeholders through interviews, receiving input from employees, host communities, governments, industry associations, media, third parties and traditional authorities.

What actions were taken by Gold Fields to create economic value for its stakeholders ?

In its 2021 Integrated Annual Report Gold Fields reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for employees
• In 2021, Gold Fields paid US$463m in employee salaries and benefits.
• Creating economic value for capital providers
• In 2021, Gold Fields paid US$454m to capital providers (interest and dividend payments).
• Creating economic value for contractors and suppliers
• In 2021, Gold Fields paid US$2,101m to contractors and suppliers (operations and capital procurement).
• Creating economic value for governments
• In 2021, Gold Fields paid US$558m in mining royalties and land-use payments, taxes, duties and levies.
• Creating economic value for host communities
• In 2021, Gold Fields spent US$16m in host communities’ socio-economic development.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed

Disclosure 201-1 Direct economic value generated and distributed corresponds to:

• Sustainable Development Goal (SDG) 8 : Decent Work and Economic Growth
• Targets: 8.1, 8.2
• Sustainable Development Goal (SDG) 9 : Industry, Innovation and Infrastructure
• Targets: 9.1, 9.4, 9.5

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that  responsible companies can look to the future with optimism .

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, IEMA, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

• Exclusive FBRH template to begin reporting from day one
• Identify your most important impacts on the Environment, Economy and People
• Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
• Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates. References:

This case study is based on published information by Gold Fields, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.goldfields.com/pdf/investors/integrated-annual-reports/2021/iar-2021.pdf

Note to Gold Fields: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us .

Impact of Gold mining on the Environment and Human Health: A Case Study in the Migori Gold Belt, Kenya

• Published: June 2002
• Volume 24 , pages 141–157, ( 2002 )

Cite this article

• Jason S. Ogola 1 ,
• Winnie V. Mitullah 2 &
• Monica A. Omulo 1  

3850 Accesses

157 Citations

Explore all metrics

The study of gold sites in the Migori Gold Belt, Kenya, revealed that the concentrations of heavy metals, mainly Hg, Pb and As are above acceptable levels. Tailings at the panning sites recorded values of 6.5–510 mg kg −1 Pb, 0.06–76.0 mg kg −1 As and 0.46–1920 mg kg −1 Hg. Stream sediments had values of 3.0–11075 mg kg −1 Pb, 0.014–1.87 mg kg −1 As and 0.28–348 mg kg −1 Hg. The highest metal contamination was recorded in sediments from the Macalder stream (11075 mg kg −1 Pb), Nairobi mine tailings (76.0 mg kg −1 As) and Mickey tailings (1920 mg kg −1 Hg). Mercury has a long residence time in the environment and this makes its emissions from artisan mining a threat to health. Inhaling large amounts of siliceous dust, careless handling of mercury during gold panning and Au/Hg amalgam processing, existence of water logged pits and trenches; and large number of miners sharing poor quality air in the mines are the major causes of health hazards among miners. The amount of mercury used by miners for gold amalgamation during peak mining periods varies from 150 to 200 kg per month. Out of this, about 40% are lost during panning and 60% lost during heating Au/Hg amalgam. The use of pressure burners to weaken the reef is a deadly mining procedure as hot particles of Pb, As and other sulphide minerals burn the body. Burns become septic. This, apparently, leads to death within 2–3 years. On-site training of miners on safe mining practices met with enthusiasm and acceptance. The use of dust masks, air filters and heavy chemical gloves during mining and mineral processing were readily accepted. Miners were thus advised to purchase such protective gear, and to continue using them for the sake of their health. The miners' workshop, which was held at the end of the project is likely to bear fruit. The Migori District Commissioner and other Government officials, including medical officers attended this workshop. As a result of this, the Government is seriously considering setting up a clinic at Masara, which is one of the mining centres in the district. This would improve the health of the mining community.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Subscribe and save.

• Get 10 units per month
• Download Article/Chapter or eBook
• 1 Unit = 1 Article or 1 Chapter
• Cancel anytime

Price includes VAT (Russian Federation)

Instant access to the full article PDF.

Rent this article via DeepDyve

Institutional subscriptions

Similar content being viewed by others

Artisanal gold mining in Kakamega and Vihiga counties, Kenya: potential human exposure and health risk

Mercury Contamination in Water and Sediments and the Associated Health Risk: A Case Study of Artisanal Gold-mining

Assessment of surface water quality and mercury levels from Artisanal and small-scale gold mining (ASGM) along Acupan River, Benguet, Philippines

Explore related subjects.

• Environmental Chemistry

Agency for Toxic Substances and Disease Registry, US Public Health Service (ATSDR): 1993, Lead .

Agency for Toxic Substances and Disease Registry, US Public Health Service (ATSDR): 1999, Top 20 Hazardous Substances: ATSDR/EPA Priority List for 1999 .

Allum, A.F.: 1951, Geological Mapping of the Macalder Workings, Mine Records, Macalder Mine, Kenya.

Cohen, R.R.H.: 2000, Impacts of Mining on the Environment: Acid Drainage Treatment and Rehabilitation , Lecture Notes.

Harada, M.: 1996, Characteristics of industrial poisoning and environmental contamination in developing countries, Environmental Sciences MY, Tokyo, 4 (Suppl), 157–169.

Google Scholar  

Harada, M.: 1997, Neurotoxicity of Methyl-mercury: Minamata and the Amazon, in: M. Yasui, M.J. Strong, K. Ota and M.A. Verity (eds), Mineral and Metal Neurotoxicology , CRC Press, Tokyo, pp. 177–188.

Harada, M., Nakachi, S., Cheu, T., Hamada, H., Ono, Y., Tsuda, T., Yanagida, K., Kizuki, T. and Ohno, T.H.: 1997, Mercury Pollution in Tanzania: Relation Between Scalp Hair, Mercury Level and Health , Institute of Molecular Embryology and Genetics, Kumamoto, Japan, 14 pp.

Hutchinson, R.W.: 1981, Report on UNRFNRE Exploration Project, Migori Gold Belt , Kenya, 22 pp.

Keays, R.R.: 1982, Archaean gold deposits and their source rocks. The Upper Mantle Connection, in: Proceedings of the Symposium ‘Gold 82’ , Zimbabwe, pp. 17–51.

Kuehn, S., Ogola, J.S. and Sango, P.: 1990, Regional Setting and Nature of Gold Mineralisation in Tanzania and Southern Kenya , Vol. 46, Elsevier Science Publishers, B. V. Amsterdam Precamb. Research, pp. 71–82.

Minamata Disease Museum: 1993, Minimata Disease , Foundation Minamata Disease Centre Soshisha, Minimata, 168 pp.

Minimata Disease Municipal Museum: 1997, Ten Things to Know About Minimata Disease , Publ. The Minimata Environmental Creation Development Project Steering Committee, Minamata, 12 pp.

Mossman, B.T.: 1993, Cellular and Molecular Mechanisms of Disease, in: D. George, Jr. Guthrie and B.T. Mossman (eds), Review in Mineralogy , Vol. 28, Mineralogical Society of America, pp. 513–553.

Ogola, J.S.: 1982, Geology of Macalder Sulphide Deposit, In Book, Mobile Zones and Ore Deposits, Moscow, 120 pp.

Ogola, J.S.: 1984, Geological Structure and Mineral Composition of Massive Sulphide Ores of Macalder Deposit, Kenya, Moscow, 285 pp. (unpublished thesis).

Ogola, J.S.: 1986, Distribution of Copper, Gold and Silver in the Macalder Copper Sulphide Deposit, Kenya, Proceedings of the First Seminar in Earth Sciences, Dakar, Senegal, pp. 18–32.

Ogola, J.S.: 1987, Mineralisation in the Migori Greenstone Belt. Macalder, Western Kenya , Journal of Geology 22 (Thematic issue), Wiley, London, pp. 25–44.

Ogola, J.S.: 1988, Mineralisation in the Migori Greenstone Belt, Macalder, Kenya, Geological Journal, African Geological Reviews, John Wiley and Sons, Britain, pp. 25–44.

Ogola, J.S. and Omenda, P.A.: 1991, Nyanza greenstone belts and their gold mineralisation, Geological Survey South Africa, International Geological Correlation Programme Bulletin 1 , 61–67.

Ogola, J.S.: 1993, Geology and mineral resources of Nyanza province, western Kenya, Geological Society of Africa (GSA, Special Issue), 407–432.

Ogola, J.S.: 1995, Environmentally Sound and Sustainable Development, A Case Study of Artisan Gold Mining and Processing in the Migori District, Kenya, Proceedings of the Workshop on Environmentally Sound Management and Exploration of Mineral Resources, Entebbe, Uganda, pp. 64–80.

Ross, M., Nalon R.P., Ranger A.M. and Cooper W.C.: 1993, Health effects of mineral dusts other than asbestos, Review in Mineralogy 28 , Min. Soc. Am. 361–401.

Sanders, L.D.: 1964, Copper of Kenya , Geological Survey of Kenya, Memoir No. 4. Nairobi, 51 pp.

Shackleton, R.M.: 1946, Geology of Migori Gold Belt and Adjoining Areas. Geological Survey of Kenya, Report No. 10 , Nairobi, 60 pp.

Tangway, D.: 1998, Indicators: Measures of Success in Groundwork , Australian Minerals and Energy Environment Foundation, 4 pp.

Taylor G.: 1998, Acid drainage: sources, impacts and responses, Groundwork Overview 3.

Uitto, J.I.: 1992, Preface: Community Responses to Industrial Hazards, Report of the Conference held in Minamata , Japan, IV–V.

UN: 1998, Global Opportunities for Reducing use of Leaded Gasoline , IOMC/UNEP/CHEMICALS/ 98/9, Switzerland, 59 pp.

UNDP: 1969, Report on Mineral Resources in Western Kenya.

UNDP-Revolving Fund: 1988, Report on the Exploration for Base Metals and Gold in the Migori Gold Belt and the Oyugis and Pala Areas, Kenya.

United Nations University: 1991, Industry, The Environment and Human Health, in: Search of a Harmonious Relationship , Report of the Conference held in Minamata , Japan, 69 pp.

United Nations University: 1992, Community Responses to Industrial Hazards, Report of the Conference held in Minamata , Japan, 55 pp.

United Nations University: 1993, Environmental Pollution Control: The Japanese Experience, Papers presented at the United Nation University International Symposium on Eco-Restructuring , 123 pp.

United States Environmental Protection Agency: 2000, Current Drinking Water Standards. Ground Water and Drinking Water , 13 pp.

Download references

Author information

Authors and affiliations.

Department of Mining and Environmental Geology, School of Environmental Sciences, Venda University for Science and Technology, Private Bag X5050, Thohoyandou, South Africa

Jason S. Ogola & Monica A. Omulo

Institute for Development Studies, University of Nairobi, P.O. Box 30197, Nairobi, Kenya

Winnie V. Mitullah

You can also search for this author in PubMed   Google Scholar

Rights and permissions

Reprints and permissions

About this article

Ogola, J.S., Mitullah, W.V. & Omulo, M.A. Impact of Gold mining on the Environment and Human Health: A Case Study in the Migori Gold Belt, Kenya. Environmental Geochemistry and Health 24 , 141–157 (2002). https://doi.org/10.1023/A:1014207832471

Download citation

Issue Date : June 2002

DOI : https://doi.org/10.1023/A:1014207832471

Share this article

Anyone you share the following link with will be able to read this content:

Sorry, a shareable link is not currently available for this article.

Provided by the Springer Nature SharedIt content-sharing initiative

• artisan mining
• heavy metals
• health hazards
• metal contamination
• panning sites
• Find a journal
• Publish with us
• Track your research

More From Forbes

Case study: identifying the relationship of gold to crypto.

• Share to Facebook
• Share to Twitter
• Share to Linkedin

Image Credit:

Since the beginning of modern history, gold has been an important means of storing value. In the past 200 years, the gold sector has remained relatively unchanged. However, there have been some interesting developments implying that change is just around the corner.  

Over the years, gold has proven to be a suitable alternative to both fiat currency and cryptocurrency. The real question is, could it perhaps be both? In this article, we will be looking at three different trends and what this really means to the whole world of crypto: bitcoin, stablecoins and legislation.

Bitcoin could serve as a replacement for gold

During a recent Bitcoin summit in Israel , Nick Szabo stated that “Central banks will end up using bitcoin as a reserve currency.” In a Q&A session, Szabo also said, "I think it will be one of the many reserve currencies that can be used to underpin value on other things. There doesn't have to be only one anymore."

In an interview with MarketWatch, Inton said, “If cryptocurrency were to displace gold’s investment case, the implications for gold prices would be devastating. 40% of gold demand relates to investment, so a shift in investment from gold to cryptocurrency would be a seismic shock.” If this event were to come to pass, the repercussions would send shockwaves throughout the world’s global economy.

Felix Hartmann from the crypto hedge fund Hartmann Capital says, “Bitcoin bridges the gap between currency and a store of value asset. It maintains the speed and flexibility of fiat currency while remaining independent of central banks and governments and their macro-economic policies such as inflation.”

Gold-pegged stablecoins

For a large number of new cryptocurrencies entering in 2018, most have proven to be inflated, volatile or unreliable. That's why 2018 saw ICO’s on the downfall with stablecoins on the rise. This later became known as the “ stablecoin frenzy ,” mainly due to the benefits of cryptocurrency without the volatility.

Gold-pegged stablecoins emerged from the stablecoin frenzy. One  good example of this is Novem   who pegged their cryptocurrency to gold. According to a recent statement, the company has approximately 35 kg in LBMA-certified gold (Q1: 2019), stored securely by Loomis International . The amount of gold translates to almost $1,500,000 in collateral.

The aftermath of the stablecoin frenzy may lead to gold-pegged stablecoins flourishing—especially if the value is delivered to both consumers and businesses across the precious metal industry.

Gold and legislation

With a worldwide monetary crisis being just around the corner, Ron Paul who served US Congress for several terms from 1976 until 2013, wrote a formal paper, called “The Dollar Dilemma: Where to From Here?”

Paul said , “There are several major efforts being made to replace the fiat dollar with gold or cryptocurrencies, while other countries are making plans to challenge the dollar as the world’s reserve currency.” What this really means is that gold or cryptocurrencies could, in the very near future replace fiat.

However, this begs the question, what happens next? Crypto investors need “regulatory clarity.” According to a recent article by Cointelegraph , legislation clarity may indeed be underway. “Two United States congressmen introduced a bill in the House of Representatives on Dec. 20 that would exclude digital assets from being defined as securities.”

Final remarks

In the near future, it will be interesting to see what happens with gold, bitcoins and stablecoins. A lot of this hinges on the government’s aptitude to provide investors with regulatory clarity, stablecoin adoption, and will gold continue to be the reserve currency? Right now, it’s too early to say, but one thing remains clear—the financial markets are in for a change.

• Editorial Standards
• Reprints & Permissions

MBA Knowledge Base

Business • Management • Technology

Home » Business Ethics » Case Study: Bre-X Scandal – The $6 Billion Gold Fraud

Case Study: Bre-X Scandal – The $6 Billion Gold Fraud

The Bre-X scandal is the perfect example of a true fraud that results from dishonest and deceitful business ethics , morals, and principles. The Bre-X scandal is considered to be the biggest mining and gold scandal of all time, and one of the biggest stock scandals in Canadian history. The Bre-X scandal significantly damaged the Canadian Financial Markets and caused substantial reductions in consumer buying and trading confidence, which caused a considerable amount of damage to the Canadian economy. Subsequent to the collapse of Bre-X in 1997, its stocks and shares became worthless and left investors with significant losses.

The Bre-X scandal began in March 1993, subsequent to the company purchasing a large mining site in Busang, Indonesia (on Borneo). Subsequent to Bre-X purchasing the mining site in Busang, it boasted that it was sitting on the largest known gold deposit in the world. In October 1995, Bre-X announced that it had discovered significant amounts of gold on its mining site in Indonesia. Subsequent to this, the company had been followed and recommended by some of the best known gold analysts in both Canada and the United States. Consequently, there was a lot of optimism and sanguinity in the stock market, as investors and brokers wanted to invest into Bre-X in hopes that they will became instantly rich overnight. This led to Bre-X being added to the Toronto Stock Exchange’s TSE 300 index and traded on NASDAQ.

The Bre-X fraud began to quickly unravel on March 26, 1997 when the American firm Freeport-McMoRan, a forthcoming partner in excavating the Busang gold site, publicly announced that it conducted due-diligence core samples and found insignificant amounts of gold in the excavated samples. This public announcement caused the rapid selling of Bre-X stocks which, in turn, caused the postponing of a mining deal between Bre-X and Suharto. Bre-X blatantly denied the accusations by Freeport-McMoRan and demanded more reviews of the gold quantity at the site by other gold analyst companies. This led to a third-party independent company, Strathcona Minerals, being brought in to check the gold samples at Busang. When the report with the results from the Strathcona Mineral analysis was published on May 4, the Busang ore samples had been salted with gold dust. It was discovered that alluvial gold dust had been purchased from local Indonesian placer miners to “salt” the rock cores. It was reported that in 1996, the salting had increased to the point where the metallurgists of Bre-X hired laborers involved in a construction project to assist with the mixing. It was a complete scam, and there was no recoverable gold in the Busang mining site.

Subsequent to discovery of the gold scandal at Busang being revealed, Bre-X stocks plummeted in value and trading of the stock ceased and the stock was removed from the TSX and NASDAQ. Consequently, mutual funds, pension plans, and private investors all over North American took substantially heavy losses subsequent to the stock plummeting. Numerous class-action lawsuits were filed in Canada and the United States; some of these lawsuits were targeted towards Canadian and American investment firms because they had recommended the stock for so long.

Key Personnel Involved in the Fraud

David Walsh was known as the founder of the company and the CEO. While he did not ever admit of any wrongdoing, it is clear that he was very involved. When Freeport analyzed the gold, they realized that the gold was alluvial, meaning it had originated from rivers, and was not gold that originates from volcanic deposits. The tests taken by Freeport were not matching the results reported by Bre-X. At this point, Walsh was threatening legal action upon false allegations because he knew that the results from his company were accurate. A couple of days, Bre-X admitted that some of the results were in fact overstated due to invalid samples. David Walsh was clearly aware of the entire scandal, which helped him earn millions, but constantly denied any reports of fraud.

The other two major players involved in the fraud were the two geologists who established Busang as the mining site, John Felderhof and Michael de Guzman. They were both confident with the existent of gold in this area, but eventually realized that they were mistaken. The reason of the salting is thought to be due to the faith of these two geologists in the gold that they thought was located at Busang. Salting the rock cores was a method of ensuring enough capital to fund the exploration for it. Eventually, Bre-X shareholders’ expectains grew, but there was no actual gold being found. Instead, the salting operation continued leading to the biggest mining fraud in history. Felderhof and de Guzman did not want to accept that they were wrong, so they used this method to cover it up until gold was finally discovered.

Aftermath of Bre-X Scandal

David Walsh made earnings of $35 million by selling shares in Bre-X. Going from filing for bankruptcy to making $35 million is a large difference, especially knowing this success was obtained through a fraud. Walsh would not be charged legally, meaning he had become a multimillionaire through this scandal. After the collapse of Bre-X, Walsh moved to the Bahamas with his earnings. Shortly after, David Walsh would die due to brain aneurysm at the age of 52.

John Feldorhof, the chief geologist of Bre-X, made $84 million by selling his Bre-X shares. He would eventually move to the Cayman Islands. Out of all the people involved in the fraud, he was the only one who was tried in Canada. Felderhof was being tried on the charges of insider trading and misleading investors. Many argued that he should have been charged with fraud and not these less disciplinary charges. Either way, in July 2007, the judge reached a not guilty verdict on this case. John Felderhof was found not guilty.

Related posts:

• Business Ethics Case Study: Caterpillar Tax Fraud Scandal
• Case Study: WorldCom Accounting Scandal
• Case Study on Corporate Governance: WorldCom Scandal
• Case Study on Business Ethics: Madoff Investment Scandal
• Case Study: The Enron Accounting Scandal
• Case Study on Business Ethics: The AIG Scandal
• Business Ethics Case Study: The Volkswagen Emissions Scandal
• Case Study on Business Ethics: The Parmalat Scandal
• Case Study on Business Ethics: Napster Copyright Infringement Case
• Case Study: The Collapse of Lehman Brothers

One thought on “ Case Study: Bre-X Scandal – The $6 Billion Gold Fraud ”

Leave a reply cancel reply.

Your email address will not be published. Required fields are marked *

• publication
• Research Reports
• Development Dialogue

Latinoamérica y el Caribe

• latin-america-caribbean

Illegal Gold Mining in Peru

Lucia Bird Ruiz-Benitez de Lugo

Nils Krauer

Posted on 21 Nov 2017

This case study presents the key findings of research conducted between June and August 2016 into the impacts of illicit gold mining in the Madre de Dios region in Peru, focussing on how communities can be supported in effecting a shift from informal mining structures to formal, specifically agricultural, activities. The study scrutinises the Agrobosque project, a cooperative which provides technical and financial support to its members, many ex or current gold miners, in growing cocoa and drives initiatives targeting the detrimental social impacts of mining. This reveals the key drivers incentivising the transition from informal to formal structures, and the main obstacles hindering this transition. Interviews with national and regional politicians shaping agricultural and mining policy, and the third sector working in this eld, contextualise Agrobosque’s work, yielding a set of programmatic recommendations to strengthen the current response, together with key changes necessary to national and regional policy.

This report was written by Lucia Bird and Nils Krauer for the Global Initiative against Transnational Organized Crime. Lucia and Nils would like to thank Tuesday Reitano, Global Initiative Deputy Director for her direction, and Livia Wagner for her insight and guidance in preparing the eld research, reviewing and editing the case study.

The Global Initiative wishes to acknowledge the considerable assistance of  Terre des Hommes Suisse  for their generous cooperation and sharing their expertise, especially on the AgroBosque project in Madre de Dios, Peru. Further thanks goes to the OECD, who supported the Global Initiative with valuable inputs for starting a compendium of case studies, of which this is the first one.

The Global Initiative would also like to thank all of the experts and community members who generously shared their experience and valuable insight and all those who fight for the protection of human and labour rights and the environment.

Related analysis

30 Mar 2016

Organized Crime and Illegally Mined Gold in Latin America

Crime & Conflict, Gold Watch, Latinoamérica y el Caribe

15 Mar 2018

Atlas de la Violencia en América Latina

01 Dec 2014

Sustainable approaches to countering organised crime in Mali and the Sahel

Crime & Conflict, Development Dialogue

23 Jul 2021

Colombia National Strike

Latinoamérica y el Caribe, AR-Obs

Colombia National Strike: When Social Demonstrations Fuels Criminal Interest

Gold experts explain what the record-high prices really mean

• The price of gold has beaten all expectations for the year, reaching more than $2,500 per ounce .
• While higher demand explains some of the run-up, experts say there's another side to the trend.
• Cash prices for gold also go up when the real value of currencies, including the US dollar, go down.

2024 has been a big year for gold.

The precious metal's price has exceeded all expectations held at the start of the year, with the price last week reaching a fresh high of more than $2,500 per ounce.

Back in January, analysts surveyed by the London Bullion Metals Association forecasted 2024 highs ranging between $2,100 to $2,405.

Of course, there have been several "record highs" recently, and analysts are expecting more to come in what remains of the year.

But what makes this one a milestone is that the Hollywood-famous gold bricks weighing more than 27 pounds (400 troy ounces, to be precise) are now worth $1 million a piece.

People love round numbers, especially big round numbers with six zeroes, so the figure is capturing public attention even if most people will never actually buy the thing that price represents.

Either way, we have a new way to visualize a million dollars as a physical asset: these yachts , these houses , and now this gold bar .

Iconic and influential as the format may be (known in the industry as London Good Delivery Bars), private buyers tend to opt for smaller units, like kilograms, 100-gram, or one-ounce offerings.

More than the collectors snapping up bars and coins from Costco, gold experts told Business Insider the real force pushing prices to new heights are central bankers around the world . The prospect of interest-rate cuts — which are just around the corner in the US — generally boost gold because they lessen the relative appeal of other assets like Treasurys.

"I can tell you that FOMO has not as of yet seeped into the gold bullion market, as you might expect to be the case considering the run from $2000 - $2500," Jonathan Da Silva, a trader with Kitco Metals, said in an email.

And even with the popularity of gold in the US, physical gold is seeing even stronger interest among non-Western consumers, according to Stephen Flood, director and cofounder of GoldCore, a precious metals services company headquartered in Ireland.

But experts tell Business Insider there's another side to the trend.

"Demand is up, but currencies are being debased more," Flood said.

Considered a "safe haven" asset, the cash price for gold also goes up when the real value of currencies, including the US dollar, the UK pound, and the Euro goes down. In other words, the price of gold rising is another way to see the buying power of a dollar falling lower.

Related stories

A currency's value can decline due to several reasons, most notably from inflation, but also from geopolitical risks and from the willingness of other countries to hold it in reserves.

The dollar has slid from representing more than 70% of the world's reserve currency in 2000 to less than 60% today, while gold reserves have risen sharply since the Great Financial Crisis in 2008, according to the International Monetary Fund .

Owning physical gold is a way to shield wealth from currency devaluation without the risk of investing in other financial instruments, said Jacob Diaz, CFO of Genesis Gold Group.

"As long as there's room for the dollar to decrease in value, there is room for gold to increase in value," he added.

Indeed, six years ago, a million bucks would get you two Good Delivery gold bars.

Meanwhile, in spite of gold's unusually strong performance this year, the experts BI spoke to said long-term investors are much more concerned with protecting their wealth against downside risk.

High net-worth bullion buyers (the ones who might buy a 400-troy ounce bar) "are looking to exit fiat rather than gain more of it," Da Silva said.

"They may look to gold as a means of preserving the value of their life's labor for generations to come," he added.

Get the latest Gold price here.

Watch: How scrappers cash in on gold from your old computer

• Main content

Business | A San Diego couple thought they’d invested in…

Share this:.

• Click to share on Twitter (Opens in new window)
• Click to share on Facebook (Opens in new window)
• Click to print (Opens in new window)
• Click to email a link to a friend (Opens in new window)
• Click to share on Reddit (Opens in new window)
• Development
• Real Estate
• Restaurants

Breaking News

Business | san diego unified superintendent terminated after investigation found ‘inappropriate conduct’, business | a san diego couple thought they’d invested in gold. instead, they and hundreds of others say they were scammed., their new proposed class-action lawsuit accuses a beverly hills company of closing its doors and disappearing with millions of investors’ dollars..

The San Diego couple settled on gold.

After months of hearing advertisements promoting the Oxford Gold Group on a local talk radio station, the Shorts began transferring chunks of their retirement portfolio to the Beverly Hills company.

“I thought, it’s silver and gold. It’s tangible. It’s not going to lose value,” Heather Short said in a telephone interview. “We did one lump sum from each of our retirement accounts.”

Oxford Gold told clients their assets would be deposited with Equity Trust Co., an Ohio firm specializing in so-called self-directed investment accounts focused on precious metals, cryptocurrency and other alternative assets.

But earlier this year, the Shorts and hundreds of other investors received a letter from Equity Trust indicating that the money they directed to Oxford Gold had not been properly recorded.

“What this means is that our records reflect that i) the metals you purchased from Oxford Gold were not yet fulfilled and delivered to your designated depository, and/or ii) that your Equity Trust account(s) has not received the cash proceeds from the precious metals that you sold to Oxford Gold,” the unsolicited correspondence said.

The letter from Equity Trust advised the Shorts to review their statements and to contact Oxford Gold for further information. Equity Trust was no longer doing business with the gold purveyor, it said.

“Thank you for being a valued client,” the letter concluded.

Now the Shorts are among hundreds of people who have lost millions of dollars of retirement savings to Oxford Gold, which according to news reports out of Los Angeles has shut its doors and closed without a trace.

They also are the lead plaintiffs in a proposed class-action lawsuit filed late last week in San Diego federal court alleging fraud, breach of fiduciary duty, violation of federal securities laws and unfair competition.

The plaintiffs, who live in at least 27 different states, say Equity Trust failed to make sure that investments were being properly credited to their retirement accounts, the lawsuit says.

“Business records generated at defendant Equity Trust Co. in connection with the transfer of the millions of dollars from investor accounts showed substantial and material amount of precious metals transactions with OGG were not being settled,” the complaint alleges.

That means “the investor funds were going unaccounted for by Equity Trust Co. in violation of defendant Equity Trust Co.’s fiduciary duty to investors,” it added.

Equity Trust, a Westlake, Ohio-based investment house that claims more than $45 billion in total assets under management, said in a statement that the company does not comment on pending litigation.

The lawsuit also names a host of principals at Oxford Gold Group, including chief executive Pedram Granfar, chief financial officer Johnathan Adler and Patrick Granfar, another executive and co-founder.

None of the Oxford Gold Group executives could be reached for comment.

According to state records, the California Franchise Tax Board suspended the company April 2 — about seven weeks after Equity Trust alerted account holders that their deposits had not been recorded.

In early May, the company filed documents with the secretary of state indicating that it moved from a Wilshire Boulevard office in Beverly Hills to a midtown Sacramento address.

Over the past several weeks, news reports in Los Angeles said Oxford Gold was no longer responding to questions from clients. The company website is not operational, and its telephone number does not work.

Short said she reported her experience to state financial regulators and to federal investigators.

She said both the California Department of Financial Protection and Innovation and the U.S. Commodity Future Trading Commission have opened investigations, and she spoke to a federal investigator as recently as last month.

Neither agency responded to requests for comment on the Oxford Gold complaints.

The lawsuit, filed last Friday in the Southern District by the San Diego law firm Aguirre & Severson, alleges that plaintiffs were duped by Oxford Gold Group advertisements largely broadcast on radio, television and social media platforms.

“In defendants’ nationwide advertising campaign delivered through television, radio, YouTube, social media and written brochures represented that plaintiffs’ funds would be obtained and held in safety in trust,” the complaint says.

The allegation is backed up by a slew of negative reviews that have turned up online in recent months.

“Even Jesse Kelly the radio guy told us all how great Oxford Gold is!” a client identified as Scott D. from San Francisco posted on Yelp last month. “I emailed Jesse Kelly and let him know the OGG is a scam but no reply from him.

“As far as I know, he still sings their praises on the radio paid for by our stolen money,” he said.

The San Diego case was submitted three days after a similar suit was filed in Sacramento federal court. A judge will likely have to determine which court will eventually preside over the dispute, and which lawyers will represent a class of plaintiffs.

The defendants have not yet responded to the allegations, according to federal court records.

More in Business

SUBSCRIBER ONLY

Business | a ton of new parking spots at the san diego airport will open soon. here’s what to know.

Business | How Gen Z is transforming the vintage scene in San Diego

Labor Day sales: Top deals for San Diego shoppers

Real Estate | La Jolla Shores residential land sells for $35 million

Information

• Author Services

Initiatives

You are accessing a machine-readable page. In order to be human-readable, please install an RSS reader.

All articles published by MDPI are made immediately available worldwide under an open access license. No special permission is required to reuse all or part of the article published by MDPI, including figures and tables. For articles published under an open access Creative Common CC BY license, any part of the article may be reused without permission provided that the original article is clearly cited. For more information, please refer to https://www.mdpi.com/openaccess .

Feature papers represent the most advanced research with significant potential for high impact in the field. A Feature Paper should be a substantial original Article that involves several techniques or approaches, provides an outlook for future research directions and describes possible research applications.

Feature papers are submitted upon individual invitation or recommendation by the scientific editors and must receive positive feedback from the reviewers.

Editor’s Choice articles are based on recommendations by the scientific editors of MDPI journals from around the world. Editors select a small number of articles recently published in the journal that they believe will be particularly interesting to readers, or important in the respective research area. The aim is to provide a snapshot of some of the most exciting work published in the various research areas of the journal.

Original Submission Date Received: .

• Active Journals
• Find a Journal
• Proceedings Series
• For Authors
• For Reviewers
• For Editors
• For Librarians
• For Publishers
• For Societies
• For Conference Organizers
• Open Access Policy
• Institutional Open Access Program
• Special Issues Guidelines
• Editorial Process
• Research and Publication Ethics
• Article Processing Charges
• Testimonials
• Preprints.org
• SciProfiles
• Encyclopedia

Article Menu

• Subscribe SciFeed
• Recommended Articles
• Google Scholar
• on Google Scholar
• Table of Contents

Find support for a specific problem in the support section of our website.

Please let us know what you think of our products and services.

Visit our dedicated information section to learn more about MDPI.

JSmol Viewer

Curing agent for high-concentration unclassified tailings stockpiling: a case study of tailings from a gold mine.

1. Introduction

2. curing reaction mechanisms, 2.1. reaction mechanism of cement, 2.2. reaction mechanism of quicklime, 2.3. reaction mechanism of slag, 2.4. mechanism of gypsum hydration, 2.5. reaction mechanism of bentonite, 3. experimental materials and equipment, 3.1. experimental materials, 3.2. experimental equipment, 4. compressive strength testing experiment scheme, 4.1. orthogonal experimental design, 4.2. sample preparation, 4.3. compression strength testing, 4.4. rheological characteristics testing experiment plan, 5.1. compression strength test results, 5.2. rheological characteristics test results, 5.3. sem experimental results, 6. discussion, 7. conclusions, author contributions, data availability statement, acknowledgments, conflicts of interest.

• Tabelin, C.B.; Park, I.; Phengsaart, T.; Jeon, S.; Villacorte-Tabelin, M.; Alonzo, D.; Yoo, K.; Ito, M.; Hiroyoshi, N. Copper and critical metals production from porphyry ores and E-wastes: A review of resource availability, processing/recycling challenges, socio-environmental aspects, and sustainability issues. Resour. Conserv. Recycl. 2021 , 170 , 105610. [ Google Scholar ] [ CrossRef ]
• Liu, L.; Xin, J.; Huan, C.; Zhao, Y.J.; Fan, X.; Guo, L.J.; Song, K.-I. Effect of curing time on the mesoscopic parameters of cemented paste backfill simulated using the particle flow code technique. Int. J. Miner. Metall. Mater. 2021 , 28 , 590–602. [ Google Scholar ] [ CrossRef ]
• Edraki, M.; Baumgartl, T.; Manlapig, E.; Bradshaw, D.; Franks, D.M.; Moran, C.J. Designing mine tailings for better environmental, social and economic outcomes: A review of alternative approaches. J. Clean. Prod. 2014 , 84 , 411–420. [ Google Scholar ] [ CrossRef ]
• Boger, D.V. Personal perspective on paste and thickened tailings: A decade on. Min. Technol. 2012 , 121 , 29–36. [ Google Scholar ] [ CrossRef ]
• Psarropoulos, P.N.; Tsompanakis, Y. Stability of tailings dams under static and seismic loading. Can. Geotech. J. 2008 , 45 , 663–675. [ Google Scholar ] [ CrossRef ]
• Birch, W.J.; Dixon-Hardy, D.W.; Engels, J.M. Tailings management facility topography modelling to identify flow accumulations and pond geometry. Min. Technol. 2006 , 115 , 65–74. [ Google Scholar ] [ CrossRef ]
• Cross, A.T.; Lambers, H. Young calcareous soil chronosequences as a model for ecological restoration on alkaline mine tailings. Sci. Total Environ. 2017 , 607 , 168–175. [ Google Scholar ] [ CrossRef ]
• Schoenbrunn, F.; Bach, M. The Development of paste thickening and its application to the minerals industry; an industry review. BHM Berg-Und Hüttenmännische Monatshefte 2015 , 160 , 257–263. [ Google Scholar ] [ CrossRef ]
• Newman, L.; Arnold, K.; Wittwer, D. Dry stack tailings design for the Rosemont Copper project. In Tailings and Mine Waste ; CRC Press: Boca Raton, FL, USA, 2010; pp. 315–326. [ Google Scholar ] [ CrossRef ]
• Alshawmar, F.; Fall, M. Dynamic response of thickened tailings in shaking table testing. Int. J. Geo-Eng. 2021 , 12 , 28. [ Google Scholar ] [ CrossRef ]
• Wang, Z.W.; Li, F.; Mei, G.D. OpenMP Parallel Finite-Discrete Element Method for Modeling Excavation Support with Rockbolt and Grouting. Rock Mech. Rock Eng. 2024 , 57 , 3635–3657. [ Google Scholar ] [ CrossRef ]
• Fourie, A. Paste and thickened tailings: Has the promise been fulfilled. In GeoCongress 2012: State of the Art and Practice in Geotechnical Engineering ; American Society of Civil Engineers: Reston, VA, USA, 2012; pp. 4126–4135. [ Google Scholar ]
• Eng, F.P.P. Paste Thickening: Considerations for Backfill vs. Tailings Management. Eng. Min. J. 2011 , 212 , 34–40. [ Google Scholar ]
• Yang, P.Y.; Li, L. Investigation of the short-term stress distribution in stopes and drifts backfilled with cemented paste backfill. Int. J. Min. Sci. Technol. 2015 , 25 , 721–728. [ Google Scholar ]
• Kouame, K.J.A.; Feng, Y.; Jiang, F.; Zhu, S. A Study of Technical Measures for Increasing the Roof-Contacted Ratio in Stope and Cavity Filling. J. Mater. Sci. Res. 2016 , 5 , 54. [ Google Scholar ] [ CrossRef ]
• Chen, O.S.; Zhang, O.L.; Fourie, A.; Chen, X.; Qi, C.C. Experimental investigation on the strength characteristics of cement paste backfill in a similar stope model and its mechanism. Constr. Build. Mater. 2017 , 154 , 34–43. [ Google Scholar ] [ CrossRef ]
• Luo, L.; Zhang, Y.; Bao, S.; Chen, T. Utilization of Iron Ore Tailings as Raw Material for Portland Cement Clinker Production. Adv. Mater. Sci. Eng. 2016 , 2016 , 1596047. [ Google Scholar ] [ CrossRef ]
• Shi, X.; Wang, X.; Wang, X. Dual waste utilization in cemented paste backfill using steel slag and mine tailings and the heavy metals immobilization effects. Powder Technol. 2022 , 403 , 117413. [ Google Scholar ] [ CrossRef ]
• Wang, J.; Fu, J.; Song, W.; Zhang, Y. Effect of rice husk ash (RHA) dosage on pore structural and mechanical properties of cemented paste backfill. J. Mater. Res. Technol. 2022 , 17 , 840–851. [ Google Scholar ] [ CrossRef ]
• Chen, S.J.; Du, Z.W.; Zhang, Z.; Yin, D.W.; Feng, F.; Ma, J.B. Effects of red mud additions on gangue-cemented paste backfill properties. Powder Technol. 2020 , 367 , 833–840. [ Google Scholar ] [ CrossRef ]
• Zhao, Y.L.; Ma, Z.Y.; Qiu, J.P.; Sun, X.G.; Gu, X.W. Experimental study on the utilization of steel slag for cemented ultra-fine tailings backfill. Powder Technol. 2020 , 375 , 284–291. [ Google Scholar ]
• Zhao, Y.L.; Wu, P.Q.; Qiu, J.P.; Guo, Z.B.; Tian, Y.S.; Sun, X.G.; Gu, X.W. Recycling hazardous steel slag after thermal treatment to produce a binder for cemented paste backfill. Powder Technol. 2022 , 395 , 652–662. [ Google Scholar ] [ CrossRef ]
• Zhao, Y.L.; Qiu, J.P.; Zhang, S.Y.; Guo, Z.B.; Wu, P.Q.; Sun, X.G.; Gu, X.W. Low carbon binder modified by calcined quarry dust for cemented paste backfill and the associated environmental assessments. J. Environ. Manag. 2021 , 300 , 113760. [ Google Scholar ] [ CrossRef ] [ PubMed ]
• Telesca, A.; Marroccoli, M.; Calabrese, D.; Valenti, G.L.; Montagnaro, F. Flue gas desulfurization gypsum and coal fly ash as basic components of prefabricated building materials. Waste Manag. 2013 , 33 , 628–633. [ Google Scholar ] [ CrossRef ] [ PubMed ]
• Yum, W.S.; Jeong, Y.; Song, H.; Oh, J.E. Recycling of limestone fines using Ca(OH) 2 and Ba(OH) 2 activated slag systems for eco-friendly concrete brick production. Constr. Build. Mater. 2018 , 185 , 275–284. [ Google Scholar ] [ CrossRef ]
• Li, C.; Sun, H.H.; Bai, J.; Li, L.T. Innovative methodology for comprehensive utilization of iron ore tailings: Part I. The recovery of iron from iron ore tailings using magnetic separation after magnetizing roasting. J. Hazard. Mater. 2010 , 174 , 71–77. [ Google Scholar ] [ CrossRef ]
• Yao, G.; Wang, Q.; Su, Y.W.; Wang, J.X.; Qiu, J.; Lyu, X.J. Mechanical activation as an innovative approach for the preparation of pozzolan from iron ore tailings. Miner. Eng. 2020 , 145 , 106068. [ Google Scholar ] [ CrossRef ]
• Barati, S.; Tabatabaie Shourijeh, P.; Samani, N.; Asadi, S. Stabilization of iron ore tailings with cement and bentonite: A case study on Golgohar mine. Bull. Eng. Geol. Environ. 2020 , 79 , 4151–4166. [ Google Scholar ] [ CrossRef ]
• Fall, M.; Célestin, J.C.; Han, F.S. Suitability of bentonite-paste tailings mixtures as engineering barrier material for mine waste containment facilities. Miner. Eng. 2009 , 22 , 840–848. [ Google Scholar ] [ CrossRef ]
• Opiso, E.M.; Tabelin, C.B.; Maestre, C.V.; Aseniero, J.P.J.; Arima, T.; Villacorte-Tabelin, M. Utilization of Palm Oil Fuel Ash (POFA) as an Admixture for the Synthesis of a Gold Mine Tailings-Based Geopolymer Composite. Minerals 2023 , 13 , 232. [ Google Scholar ] [ CrossRef ]
• Opiso, E.M.; Tabelin, C.B.; Maestre, C.V.; Aseniero, J.P.J.; Park, I.; Villacorte-Tabelin, M. Synthesis and characterization of coal fly ash and palm oil fuel ash modified artisanal and small-scale gold mine (ASGM) tailings based geopolymer using sugar mill lime sludge as Ca-based activator. Heliyon 2021 , 7 , e06654. [ Google Scholar ] [ CrossRef ]
• Wang, Y.; Wu, A.X.; Zhang, L.F.; Wang, H.J.; Jin, F. Investigation of the Sedimentation Property of Backfill Material on the Basis of Rheological Test: A Case Study of Iron Tailings. J. Chem. 2018 , 2018 , 9530767. [ Google Scholar ] [ CrossRef ]
• Boger, D.V. Rheology of slurries and environmental impacts in the mining industry. Annu. Rev. Chem. Biomol. 2013 , 4 , 239–257. [ Google Scholar ] [ CrossRef ]
• Yang, L.; Jia, H.; Wu, A.; Jiao, H.; Chen, X.; Kou, Y.; Dong, M. Particle Aggregation and Breakage Kinetics in Cemented Paste Backfill. Int. J. Miner. Metall. Mater. 2023 , 220 , 172–186. [ Google Scholar ] [ CrossRef ]
• Mizani, S.; He, X.; Simms, P. Application of lubrication theory to modeling stack geometry of high density mine tailings. J. Non-Newton. Fluid Mech. 2013 , 198 , 59–70. [ Google Scholar ] [ CrossRef ]
• Yang, L.; Gao, Y.; Chen, H.; Jiao, H.; Dong, M.; Bier, T.A.; Kim, M. Three-dimensional concrete printing technology from a rheology perspective: A review. Adv. Cem. Res. 2024 , 126 , 72–86. [ Google Scholar ] [ CrossRef ]
• Li, G.Y.; Zhao, X.H. Properties of concrete incorporating fly ash and ground granulated blast-furnace slag. Cem. Concr. Comp. 2003 , 25 , 293–299. [ Google Scholar ] [ CrossRef ]
• Double, D.D. New developments in understanding the chemistry of cement hydration. Phil. Trans. R. Soc. Lond. A 1983 , 310 , 53–66. [ Google Scholar ]
• Wang, B.W.; Li, Q.L.; Dong, P.B.; Gan, S.; Yang, L.; Wang, R.Z. Performance investigation of blast furnace slag based cemented paste backfill under low temperature and low atmospheric pressure. Constr. Build. Mater. 2023 , 363 , 129744. [ Google Scholar ] [ CrossRef ]
• Zhang, M.G.; Li, K.Q.; Ni, W.; Zhang, S.Q.; Liu, Z.Y.; Wang, K.; Wei, X.L.; Yu, Y. Preparation of mine backfilling from steel slag-based non-clinker combined with ultra-fine tailing. Constr. Build. Mater. 2022 , 320 , 126248. [ Google Scholar ] [ CrossRef ]
• Hou, Y.Q.; Yang, K.; Yin, S.H.; Yu, X.; Wang, L.M.; Yang, X.B. Enhancing the physical properties of cemented ultrafine tailings backfill (CUTB) with fiber and rice husk ash: Performance, mechanisms, and optimization. J. Mater. Res. Technol. 2024 , 29 , 4418–4432. [ Google Scholar ] [ CrossRef ]
• Salami, B.A.; Ibrahim, M.; Algaifi, H.A.; Alimi, W.; Oladapo, E.A. A review on the durability performance of alkali-activated binders subjected to chloride-bearing environment. Constr. Build. Mater. 2022 , 317 , 125947. [ Google Scholar ] [ CrossRef ]
• Yuan, H.; Chen, S.Y. Effects of titanium gypsum on high calcium fly ash system: Physical and microscopic properties, hydration, and Fe transformation. J. Build. Eng. 2023 , 78 , 107653. [ Google Scholar ] [ CrossRef ]
• Xia, Y.; Liu, M.H.; Zhao, Y.D.; Chi, X.F.; Guo, J.Z.; Du, D.H.; Du, J.X. Hydration mechanism and phase assemblage of blended cement with iron-rich sewage sludge ash. J. Build. Eng. 2023 , 63 , 105579. [ Google Scholar ] [ CrossRef ]
• Liu, X.H.; Ma, B.G.; Tan, H.B.; Gu, B.Q.; Zhang, T.; Chen, P.; Li, H.N.; Mei, J.P. Effect of aluminum sulfate on the hydration of Portland cement, tricalcium silicate and tricalcium aluminate. Constr. Build. Mater. 2020 , 232 , 117179. [ Google Scholar ] [ CrossRef ]
• Li, C.B.; Ma, B.G.; Tan, H.B.; Zhang, T.; Liu, X.H.; Chen, P. Effect of triisopropanolamine on chloride binding of cement paste with ground-granulated blast furnace slag. Constr. Build. Mater. 2020 , 256 , 119494. [ Google Scholar ] [ CrossRef ]
• Soliman, M.A.; Rashad, G.M.; Mahmoud, M.R. Organo-modification of montmorillonite for enhancing the adsorption efficiency of cobalt radionuclides from aqueous solutions. Environ. Sci. Pollut. Res. 2019 , 26 , 10398–10413. [ Google Scholar ] [ CrossRef ]
• Kazutoshi, H.; Li, H.J.; MatSuda, K.; Takehisa, T.; Elliott, E. Mechanism of forming organic/inorganic network structures during in-situ free-radical polymerization in PNIPA-Clay nanocomposite hydrogels. Macromolecules 2005 , 38 , 3482. [ Google Scholar ]
• Segad, M.; Jonsson, B.; Akesson, T.; Cabane, B. Ca/Na Montmorillonite: Structure, Forces and Swelling Properties. Langmuir 2010 , 26 , 5782–5790. [ Google Scholar ] [ CrossRef ]
• Liu, L.; Xin, J.; Huan, C.; Qi, C.C.; Zhou, W.W.; Song, K.-I. Pore and strength characteristics of cemented paste backfill using sulphide tailings: Effect of sulphur content. Constr. Build. Mater. 2020 , 237 , 117452. [ Google Scholar ] [ CrossRef ]
• Zhao, X.Y.; Yang, K.; He, X.; Wei, Z.; Zhang, J.Q. Study on proportioning experiment and performance of solid waste for underground backfilling. Mater. Today Commun. 2022 , 32 , 103863. [ Google Scholar ] [ CrossRef ]
• Grabinsky, M.W.; Theriault, J.; Welch, D. An overview of paste and thickened tailings disposal on surface. In Symposium 2002 on Environment and Mine ; Canadian Institute of Mining, Metallurgy and Petroleum: Montreal, QC, Canada, 2002; p. 533. [ Google Scholar ]
• Leong, Y.K. Controlling the rheology of iron ore slurries and tailings with surface chemistry for enhanced beneficiation performance and output, reduced pumping cost and safer tailings storage in dam. Miner. Eng. 2021 , 166 , 106874. [ Google Scholar ] [ CrossRef ]
• Gao, R.G.; Zhou, K.P.; Zhou, Y.L.; Yang, C. Research on the fluid characteristics of cemented backfill pipeline transportation of mineral processing tailings. Alex Eng. J. 2020 , 59 , 4409–4426. [ Google Scholar ] [ CrossRef ]
• Gu, X.W.; Yang, B.H.; Li, Z.J.; Liu, B.N.; Liu, J.P.; Wang, Q.; Nehdif, M.L. Elucidating the reaction of seashell powder within fly ash cement: A focus on hydration products. Constr. Build. Mater. 2024 , 428 , 136331. [ Google Scholar ] [ CrossRef ]
• Jha, A.K.; Sivapullaiah, P.V. Volume change behavior of lime treated gypseous soil—Influence of mineralogy and microstructure. Appl. Clay Sci. 2016 , 119 , 202–212. [ Google Scholar ] [ CrossRef ]

Click here to enlarge figure

Share and Cite

Wang, W.; Li, K.; Guo, L.; Wang, S.; Chu, Y.; Lu, Y. Curing Agent for High-Concentration Unclassified Tailings Stockpiling: A Case Study of Tailings from a Gold Mine. Minerals 2024 , 14 , 884. https://doi.org/10.3390/min14090884

Wang W, Li K, Guo L, Wang S, Chu Y, Lu Y. Curing Agent for High-Concentration Unclassified Tailings Stockpiling: A Case Study of Tailings from a Gold Mine. Minerals . 2024; 14(9):884. https://doi.org/10.3390/min14090884

Wang, Weixiang, Kun Li, Lijie Guo, Sha Wang, Yifan Chu, and Yao Lu. 2024. "Curing Agent for High-Concentration Unclassified Tailings Stockpiling: A Case Study of Tailings from a Gold Mine" Minerals 14, no. 9: 884. https://doi.org/10.3390/min14090884

Article Metrics

Article access statistics, further information, mdpi initiatives, follow mdpi.

Subscribe to receive issue release notifications and newsletters from MDPI journals

Try AI-powered search

• The rape and murder of a doctor in India is fuelling outrage

But public protests about violence against women have not achieved much

Your browser does not support the <audio> element.

T HERE WERE nearly 32,000 rapes reported in India in 2022, the latest year for which data are publicly available, according to the national crime records bureau. That number hugely understates how common sexual violence is in the country. Most incidents are never reported. Those that are rarely make the news.

Once in a while a particularly gruesome case leads to national outrage. So it went in 2012, when a 23-year-old student was gang-raped on a bus in Delhi before being left for dead by the side of the road. She later died of her injuries. Or in 2020, when a 19-year-old Dalit farmworker was gang-raped ​​in the northern state of Uttar Pradesh, allegedly by a group of upper-caste men from her village. She, too, died.

And so it has been over the past couple of weeks, following the rape and murder on August 9th of a 31-year-old trainee doctor during her night shift in a hospital in Kolkata, the capital of the eastern state of West Bengal. Women across the country have taken to the streets demanding safety from violence and equality at work and in public life. Doctors have gone on strike for better working conditions. The outrage is important, says Vrinda Grover, a lawyer and activist: “It says this is wrong, and we as a society won’t condone this violence.”

Yet outrage has done little in recent years to improve the lives of Indian women. The number of reported rapes in the country was higher in 2022 than a decade before. That may be due to greater willingness to report such crimes, but it is hardly a sign that the risk of falling victim to one has been reduced. Public spaces still belong firmly to men, with women expected to keep themselves safe when they venture beyond the confines of home (which is often hardly safe, either).

One reason is that the government is not enforcing its own laws. The case in Kolkata, for instance, might have been prevented if the doctor had had access to a safe resting space, as is already required by India’s workplace safety rules. And while high-profile cases such as the one in 2012 have been fast-tracked through special tribunals, the legal process for most victims remains painfully slow and unpromising, with only about a quarter of cases that go to trial resulting in a conviction.

Meanwhile, violence against women is still widely considered acceptable. Nearly half of Indians surveyed by the government between 2019 and 2021, men and women both, said that a husband was sometimes justified in beating his wife for offences such as “disrespecting” his parents or going out without asking his permission. Marital rape is not a crime.

Narendra Modi, the prime minister, alluded to the problem of violence against women in his Independence Day speech on August 15th, without specifically mentioning the case in Kolkata. His main recommendation was to “instil fear” through harsher punishments. Rekha Sharma, chairwoman of the National Commission for Women under Mr Modi’s previous government, blamed the government of West Bengal, which is led by an opposition party. She has previously said that highlighting the problem of sexual violence was akin to “defaming” the country. India is hardly alone in needing to tackle violence against women. But politicians remain unserious about curbing it. ■

Stay on top of our India coverage by  signing up to Essential India , our free weekly newsletter.

Explore more

This article appeared in the Asia section of the print edition under the headline “Second-class citizens”

Asia August 24th 2024

• Vietnam’s new ruler: hardman, capitalist, hedonist

What a Japanese gold mine says about its approach to history

• Indonesia’s new capital is built on vanity
• If a China and America war went nuclear, who would win?

From the August 24th 2024 edition

Discover stories from this section and more in the list of contents

More from Asia

Rich parts of Asia are on the hunt for immigrants

But the demographic maths remain unforgiving

The King of Java inflames an Indonesian “democratic emergency”

Jokowi is clinging to power and protesters are angry about it

Why Australia is not yet a critical minerals powerhouse

A string of lithium and nickel mines have closed this year

Why does the West back the wrong Asian leaders?

The supposed bastions of liberalism need to fix their picker

Narendra Modi faces a new threat: his Hindu-nationalist patrons

India’s prime minister needs to fix a rift with the group that launched his career

The site, recently declared a World Heritage site, is more contentious than it seems

• abc7 investigations

Beverly Hills company Oxford Gold Group under federal investigation

LOS ANGELES (KABC) -- Countless people's retirement dreams were destroyed by a Beverly Hills company promising to invest their savings in gold for attractive returns. Now, there is a class lawsuit and a federal investigation into Oxford Gold Group.

Eyewitness News first started investigating complaints about Oxford Gold Group in July . People transferred five-or-six-figure amounts to a company that has simply vanished .

Closed but still doing business

"Of all of the gold companies that we could've invested in, we invested in the one that was a scam," Gigi Van Diepen said about Oxford Gold Group.

Diepen said she and her husband are victims of Oxford Gold Group, adding the company was still accepting clients, even after they closed.

"(My husband) wired money to them May 1 of this year," Diepen said. "They went out of business in April of this year. So, they took our money even though they had closed their doors in Beverly Hills."

The company website was up as late as July. Diepen hired an attorney.

"After they were suspended, meaning they weren't even supposed to be doing business, they went to Gigi's family and in May," attorney Michael Aguirre said. "And got them to invest in May of this year."

Oxford Gold claimed it would invest people's money -- often their retirement funds -- to precious metals. They promised gold and silver would be placed in a depository for its clients. But there's no indication that ever happened. All these victims we've spoken to are convinced their money is gone.

Photos of the company office on Wilshire Boulevard show the business closed at the time and appeared to be empty. On Oxford Gold's website before it was shut down, you could see several bad reviews, most of them within the last few months. Many of the posts contain phrases like "stole my money," "Stolen Funds," and "Oxford gold is a scam."

After our story more people started coming forward.

Victims speak out

Aguirre now represents clients from all over the country who say they lost millions of dollars.

"Well, that was my retirement," Florida resident Chris Page said. "It's 25 years dedicated to one company, a little over $182,000."

"I moved $32,000," Texas resident Kenneth Furlow said. "And I know that's not a lot. But it's a lot to me."

"Yeah, altogether, it's over $100,000," New Jersey resident Sharon Casella said.

"I took $225,000 out of my 401K," Rhode Island resident Christopher Waitkun said.

All these people share similar stories. They say when they noticed something wasn't right the people at Oxford Gold started making up excuses.

"She just kept saying, they're going down a list," Casella said. "They're going to straighten it out, you know, it's all good. Everything's going to be okay. And then eventually, after all this time, like just up until last week or 2 weeks ago."

Taking advantage of vulnerable people

"I was recently diagnosed with stage four cancer," Wisconsin resident Jackie Nelson said.

I feel so betrayed because he knew my story and still stole from me. Jackie Nelson

She sent money to invest in gold because her dream was it would grow to leave an inheritance for her children.

"I don't know how long I'm going to live right," Nelson said. "I feel so betrayed because he knew my story and still stole from me. I just cannot understand how someone is that low."

Deborah Matthews said her father sent $100,000. Even after his health declined and couldn't make decisions, someone from Oxford Gold kept calling him.

"He continued to call my dad to try to sell him more gold," Matthews said. "I don't. I don't understand why people prey on elder people. It makes my heart hurt."

Another company linked to Oxford Gold Group

On the Secretary of State website, it shows the California Franchise Tax Board suspended the company on April 2.

"What we're most concerned about today is that the government has not stepped in to take control of the computers, the financial records, the emails, all the rest of it that are essential to identifying where the money went and in so doing, identifying who else may have liability that can pay these folks back," Aguirre said.

Customers said they were directed to set up accounts with a company called Equity Trust.

In February, they started receiving letters like this one saying Equity Trust was no longer working with Oxford Gold.

The monies were not being deposited. Attorney Michael Aguirre

"They're a custodian, okay," Aguirre said. "So, everybody's money was transferred to them. And then they gave it to Oxford... the monies were not being deposited or the gold was not being purchased, and we believe that they knew a lot earlier than February of this year."

Equity Trust wouldn't comment specifically about Oxford Gold, sending a statement which says in part, "As a custodian, our function is to take direction from clients who wish to invest using their account at Equity Trust and custody those assets purchased by the clients. Clients choose third parties with which to invest and work directly with that third party to fulfill those purchases and sales."

The statement also said, "Equity Trust is committed to the highest standard of client service and safekeeping of our clients' assets."

Class action lawsuit filed

Aguirre filed a class action lawsuit last week. It names several people from Oxford Gold Group, including Chief Executive Pedram Granfar and Chief Financial Officer Jonathan Adler.

ABC7 tried to find the people named in the lawsuit against Oxford Gold. one of them is supposedly living in Studio City home. When we went to the home to try to talke to someone, no one answered the door.

A home listed for Granfar appears to be undergoing remodeling and no one was there.

We spoke with an attorney who represents Granfar. While we asked several questions, the attorney would only say that Granfar hasn't been involved in the company's operations for some time and cannot comment on current operational issues.

So far, no one else named in the lawsuit has responded to our phone calls and emails.

Federal investigation underway

The FBI is now involved.

A number of clients received notices that said, "The purpose of this initial letter is to notify you that this case is currently under investigation."

That's promising news to these folks who feel like they lost their life savings and now hope they can get their money back.

"I thought I was being prudent with what I was doing, and I was doing it to diversify my portfolio and for retirement purposes and stuff," Nevada resident Carrie Arnold said. "And yeah, got played."

"My husband was semi-retired," Arnold explained. "He went back to work because that was half of his retirement, and now he's gone back to hard labor as a 54-year-old gentleman."

Related Topics

• PERSONAL FINANCE
• LOS ANGELES
• LOS ANGELES COUNTY
• BEVERLY HILLS
• ABC7 INVESTIGATIONS
• SOUTHERN CALIFORNIA
• CONSUMER CONCERNS
• INVESTIGATION
• INVESTIGATIONS

More complaints emerge about SoCal firm that promised to invest retirement funds in gold

Gold investment with Beverly Hills company ends with loss of thousands of dollars, customers say

Abc7 investigations.

Business scam sabotages SoCal couple's dream theater project

Investors with socal gold company lose retirement savings, gold investment with socal company ends with loss of money: customers.

LAX drug smuggling hub of the world, sources say

Top stories.

Human remains found at home of suspect in I.E. couple's disappearance

Home invasion suspect is stabbed after ramming door of Winnetka home

Robbery near Langer's Deli in MacArthur Park highlights safety issues

3 years after hit-and-run left 3 girls dead, suspect still on the run

• 2 hours ago

Doctor charged in Matthew Perry's death reaches plea deal

City of LA moves forward with higher sewer service fees through 2028

• 14 minutes ago

Cat Video Fest brings cat lovers together to celebrate felines

'La Bamba' remake reportedly in the works

• 43 minutes ago