Weekly Nugget
Can you guess what the new price of a gold bar is?
In this week's Nugget, we're digging into the latest mining news, data, and trends.
In this week's Nugget, we're digging into the latest mining news, data, and trends.
Here's Your Weekly Nugget!
- 🔥 What's New
- 📰 In The News
- 🎧 On The Rocks
- 📱 Trending On Social
- ❓ Prospector Poll
🔥 What's New
Did you hear? Prospector’s Emily King was on Teck’s season premiere of the “Why We Mine” podcast!
Tune in to listen to the discussion about shifting public perception in the industry!
📰 In The News
Gold Price Hits Fresh Record, Silver at 12-Year High
- Gold prices hit a record high of $2,751.70 an ounce, driven by safe haven demand amid escalating Middle East tensions and the tight US election race.
- Silver also surged 3%, reaching $34.25 an ounce, its highest price since 2012, as investors seek refuge in precious metals.
- Analysts expect gold to average $3,000 an ounce by late 2025, supported by the Federal Reserve's rate-cutting cycle and central bank buying.
How Resource ‘Classification Debt’ Chips Away at Miners’ Growth and Investor Trust
- Resource misclassification, or "classification debt," has been a costly issue for the mining industry, with overstated resource estimates often leading to painful downgrades and financial strain.
- Risks associated with sparse drilling, particularly in grade and geometric estimation, have led to significant project setbacks, such as Rubicon Resources' 91% resource downgrade in 2015.
- Cognitive biases, such as anchoring and authority pressure, contribute to misclassification, with industry experts urging more conservative resource modeling and transparent reporting to avoid future costly revisions.
Swarming Towards New Ways of Mining
- Swarm mining, inspired by the collective behaviors of social insects, is becoming a reality through advancements in robotics, autonomy, and biological agents, reshaping traditional mining practices.
- Autonomous swarms, like small-scale trucks and mining robots, offer greater flexibility, efficiency, and safety, reducing carbon footprints and improving productivity.
- The integration of swarm intelligence and microbiology is paving the way for innovative mining solutions, from metal extraction to CO2 sequestration, highlighting the potential for biological and robotic swarms to drive future mining operations.
'Mercury Destroys Lives': But if Gold Mining Is Here to Stay, Is There a Way to Make It Safer?
- Paracale, Philippines, is rich in gold but plagued by mercury-related health issues, despite a 2012 ban on mercury use in small-scale mining.
- The United Nations' PlanetGold program is trialing mercury-free gold extraction methods in Paracale, but high costs hinder widespread adoption.
- While efforts to legalize and regulate mining continue, many locals rely on gold mining for their livelihood, making it difficult to end the practice despite its environmental and health risks.
Cornish Lithium Opens Uk’s First Low-Emission Lithium Plant
- Cornish Lithium has opened the UK's first low-emission lithium hydroxide demonstration plant as part of its Trelavour hard rock project, aiming to produce 10,000 tonnes annually by 2027.
- By 2030, the company plans to produce 25,000 tonnes of lithium carbonate equivalent (LCE) per year from both hard rock and geothermal projects, potentially supplying 25% of the UK's lithium needs.
- The project is expected to contribute £800 million to the local economy and create over 300 jobs, while using low-carbon technology to process lithium-enriched granite.
🎧 On The Rocks
In this eye-opening episode of On the Rocks, host Emily King sits down with Jennifer Hibbert, Senior Solutions Engineer at DTN, to explore the critical intersection of weather and mining.
📱 Trending On Social
❓ Prospector Poll
How concerned are you about resource misclassification (“classification debt”) in the mining industry?
Last Week's Results
How do you feel about AI-driven mineral exploration like Kobold Metals' approach?
