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Mining for Gold

Photo by Martin Brechtl on Unsplash

By Chad Hufford from Mindset Mattersblog; used with permission

Read the original post here. According to a Barrick Gold publication in which they looked at production values for several different mines, anywhere from 2 to 90 tons of rock was excavated for every ounce of gold produced. Some mines had better production efficiency than others, but if we just take an average there, we are looking at over 45 tons of rock dug out for a single ounce of the shiny stuff. That means out of everything harvested, less than one ten-thousandths of a percent was actually what they were targeting. Over 99.9999% of what they mined was worthless. Yet, all over the world, billions of dollars are spent each year in the mining and exploration of gold. Why? Because the payoff is worth it and sometimes you have to dig through a lot of junk to find the gold.
These companies understand the numbers and realize the only way to find more gold is to dig through more useless rock. T…

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