Showing posts with label gold mine. Show all posts
Showing posts with label gold mine. Show all posts

Wednesday, July 18, 2012

Where Do Olympic Gold Medals Come From?


The 2012 Olympic games will begin on July 27 in London, awarding top athletes with medals for their achievements.

World-class athletes around the globe dream of having gold medals placed around their necks with their country’s national anthem blaring on the sound system in celebration of their hard work and dedication.

But are these golden prizes actually made exclusively of gold? And what are the silver and bronze medals given to all the second- and third-place finishers really made of?

JCK spoke to Kennecott Utah Copper, a division of Rio Tinto Mines, which provided the metal used to create the 4,700 medals awarded at the 2012 Olympic and Paralympic Games. Advisor of communications Kyle Bennett explained: The gold medal is made of 92.5 percent silver, 1.34 percent gold, with the remaining percentage copper; silver medals are composed of 92.5 percent silver, and 7.5 percent copper; bronze medals consist of 97 percent copper, 2.5 percent zinc, and 0.5 percent tin.

The medals started out as iron ore in the Bingham Canyon Mine in Utah. The ore was extracted through a 24-hour, 7-days-a-week process of drilling, blasting, loading, hauling, crushing, and conveying. Valuable materials were then filtered during the concentration process. The smelting process—which entailed heating and melting the copper concentrates—removed the copper from the other elements in the ore. During the refining process, precious metals—including gold and silver—were separated from the copper.

Rio Tinto then shipped the gold, silver, and copper to the Cookson Precious Metals Group, where the metal was pressed into flat discs. The Royal Mint in London inscribed the medals with the official design of the Summer 2012 Olympics, which was designed by David Watkins, jeweller and professor of goldsmithing at London’s Royal College of Art.

The Olympic Committee’s pledge to be the most eco-friendly games to date played a key role in Rio Tinto’s involvement in producing the medals. “Our commitment to sustainable development is an integral part of how we do business and one of the reasons we are able to sponsor the greenest games ever,” Bennett says. “We can trace every gram of metal we produce back to the mine to ensure the metal meets our stringent standards.”

-www.jckonline.com

Tuesday, November 1, 2011

GOLD FUTURES FOR DECEMBER DELIVERY DROP TO $1.725.20 AN OUNCE

Gold futures saw their biggest drop in a week overnight Monday after the dollar responded to Japan’s steps to weaken the yen.

Gold futures for December delivery fell to $1,725.20 an ounce, a drop of 1.3%.

Meanwhile, Canada is offering gold investors a new option. The Royal Canadian Mint has announced an IPO of gold-backed exchange-traded receipts.

Silver futures for December delivery saw a sharper drop, losing 2.6% and setting at $34.354 per ounce. Platinum futures for December delivery fell by the same mount, with the price settling at $1,607.60 per ounce.

-The Israeli Diamond Industry

Monday, October 31, 2011

SUDAN GOV’T SIGNS 50 GOLD MINING CONTRACTS

Fifty private companies on Sunday signed contracts with the Sudanese government to explore for gold and other minerals in the states of Qadarif, North Kordofan, South Kordofan, Kassala, Red Sea, Northern, and Nahral-Neil, theSudan Tribune reports.

Sudan has been a gold producer since 1991 and exports over three tons of gold annually.

At a ceremony celebrating the new licenses, Sudan’s Minister of Minerals Abdel-Bagi Aljailani said that three companies – from Jordan, China, andTurkey – had already begun producing gold, bringing the number of gold producers operating in Sudan to seven.

In addition, Aljailani said, Sudan would begin building a gold refinery in 2012.

-The Israeli Diamond Industry