Saturday, April 09, 2022

Gold Mining in Mongolia - If Technology Adapts, There Could Be Billions of Dollars Worth of Gold

With increased activity in gold mining in China, Mongolia has gotten the eye of prospectors. Mongolian deposits are not as numerous as those in China, yet, nevertheless, gold mining companies have been recently very interested. Companies are still trying to find more gold.

Gold mining efforts are currently being dwarfed by copper mining in Mongolia. More than 120,000 tons of copper are being mined in Mongolia every year.

Since the 11th century, gold has been in Mongolia. At the turn of the 20th century, gold operations began. 1540 pounds of gold per year since 1995 seems to be a publicly revealed number that is not debated. 

The Zaamar gold mine in the central part of Mongolia claims most of the country's output. Gold is produced, again, as a byproduct of copper mining. They love the discovery of copper! In the central part of the country There is the Borroo gold mine. It's claim to fame is a yield of one million ounces of gold per year. the Canadians, known for their mining acumen, have been very interested in Mongolia for quite some time. And it isn't just gold they are interested in.

Many recent investors are aware of The Oyu Tolgoi mine on the southern end of the country. This mine, an investment between the Mongolian government and outside mining companies, is a gold-copper mine.  It is anticipated to produce greater than 400,000 ounces of gold yearly.

Huge deposits of gold are speculated to be at a huge depth in the Gobi desert. Current mining technology can not retrieve the bounty, yet. At current prices, the deposits could be worth as much as $800,000,000,000!

Picture by HBieser #962 on Pixabay


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