Saturday, December 31, 2016

Huge jade stone found in Myanmar

The boulder was discovered in a mine in the state of Kachin, in the north of the country.
Miners in Myanmar have unearthed a huge jade stone weighing 175 tonnes, which might be worth US$170 million. The near-translucent green stone measures 4.3 metres (14 feet) high, and 5.8 metres (19 feet) long.
It's estimated that around 70 percent of the world's finest jade comes from Myanmar (formerly known as Burma), with the industry making up around half of the country's gross domestic product.

As with most of the jade discovered in the country, the stone will probably be sent across the border to China to be carved into jewellery and sculptures. The trade is estimated at US$31 billion and has been described as the 'biggest natural resource heist in modern history'. The recently elected government announced reforms in August to end corruption, abuse, and environmental wrongdoing in the jade industry.

In response to a series of deadly landslides, the government has already suspended operations at more than 2,000 jade mines in Kachin state.

Friday, December 30, 2016

Mponeng - World's deepest Gold Mine

Mponeng is a gold mine in South Africa's North West Province, about 65 km southwest of Johannesburg, owned by AngloGold Ashanti. It is also currently the world's deepest mine. It extends over 4 kilometres (2.5 mi) below the surface, and is considered to be one of the most substantial gold mines in the world.

Mponeng means 'look at me' in the local Sotho language. Formerly the Western Deep Levels South Shaft, or Shaft No 1, Mponeng is the most recently sunk of the three former Western Deep Levels mines.

The global record was broken in 2009 after digging 3,777m. With the current sink, the mine would go down to 4,100m. Plans could take the Mponeng Mine to 4,500m below the surface.
The Mponeng Mine is also one of the world's richest with grades at over 8 g/t. Production is primarily sourced from the Ventersdorp Contact Reef, a seam of ore that averages only 30 inches wide. Work is progressing to extract the ore from the Carbon Leader Reef below it.
In an effect known as the geothermal gradient, the temperature of the earth increases with depth. Rock temperature reaches 140 degrees Fahrenheit and humidity 95 percent.

6,000 tons of ice a day keeps Mponeng's deepest levels at 83 degrees. Ice is made in a surface plant, then mixed with salt to create a slush that is pumped to underground reservoirs. There, giant fans pass air over the coolant and push the chilled air further down into the mining tunnels.

Every day the 4000 miners at the Mponeng Mine detonate 5,000 pounds of explosives. Every day they take away 6,400 tons of rock.

The laws of compressive force dictate that the rock will try to close the spaces left by mining.
Six hundred times a month a "seismic event" will shudder through the Mponeng mine. Sometimes the quakes cause rockbursts, when rock explodes into a mining cavity and mows men down with a deadly spray of jagged rock.

Sometimes a tremor causes a "fall of ground"—the term for a collapse. Some of the rockbursts had been so powerful that other countries, detecting the seismic signature, had suspected South Africa of testing a nuclear bomb.

Thursday, December 29, 2016

Guyana Goldfields Inc - GUY.t

Guyana Goldfields Inc - GUY.t flagship is the Aurora Gold Project in Guyana which achieved first gold production in August 2015. The Company has been operating in Guyana continuously since 1996.

The Company expects 2016 production of between 130-150k ozs at AISC around $ 661 per oz.

On December 21, 2016 the company released News

Guyana Goldfields Inc. (TSX: GUY) (“GGI” or “the Company”) and its wholly owned subsidiary, AGM Inc., (together, the “Company”) are pleased to announce the successful refinancing of its US$160 million debt facility (the “Facility”) dated September 2, 2014 with a consortium of existing lenders composed of ING Capital LLC, The Bank of Nova Scotia (together the “Lead Arrangers”), and Export Development Canada (collectively the “Lenders”).