Mineral Exploration Roadmap
There is nothing more exciting than making some type of discovery.
Discoveries can come in many forms – they can be physical, scientific, personal, or even philosophical in nature. But while there are different types of discoveries that can be made, perhaps the most tactile kind of discovery is in the field of mineral exploration.
The discovery of a mineral deposit can transform a piece of “moose pasture” into a new economic asset, and it may enable millions or billions of dollars worth of metals and minerals to be used for human purposes.
These minerals get used all around us – they go into our houses, cars, infrastructure, jewelry, electronics, and they can even be used to power the green revolution.
From Prospecting to Production
Making an economic mineral discovery is the goal of many teams around the world, but these efforts can also be extremely difficult, costly, and time-consuming, and most companies engaged in exploration end up walking away empty-handed.
Today’s infographic comes to us from Orix Geoscience and it shows the steps of mineral exploration, and how teams can maximize their odds of success by using data to add value throughout the process.
Steps of the Mineral Exploration Process
1. Exploration Strategy
Where do you choose to explore? There are two basic strategies:
(a) Working from the known
Deposits tend to form in clusters in prolific belts, and exploration occurs outward from known mineralization.
(b) Working from the unknown
If you review all available information, prospective areas with potential for discoveries can be identified.
In this stage, boots are now on the ground – and it’s time to explore the backwoods for showings. Prospectors will stake claims, map outcrops and showings, and search for indicator minerals.
The goal of the prospecting stage is to find the earliest piece of the exploration puzzle: the clue that there is something much bigger beneath.
3. Early-Stage Exploration
Congrats, you’ve found something interesting – and now it’s time to ramp up exploration efforts!
This is where the amount of data and sophistication picks up. In this stage, companies are using existing maps and historical data, geophysics, ground truthing, geochemistry, and trenching to try and identify drill targets.
4. The “Truth Machine”
Geologists don’t call the drill a “truth machine” for nothing.
If you’re target hits, you’re in business. If your target misses, it’s time to go back a step and find new ones.
Eureka! You’ve found something. Now it’s time to see how far the mineralization goes!
Once you have enough information, you can get an official resource estimate. This data is another puzzle piece that will be crucial as you advance your discovery.
Even at the best of times, mining can be expensive, risky, and tricky.
That’s why your investors and backers will want you to source even more data – it’ll allow you to see a clearer picture of the deposit, and help your team see how it could take shape as a mine.
At this stage, drilling, metallurgical tests, environmental assessments, 3d models, and mine designs are used to increase confidence in the project.
Data starts to get very granular. Your company may do a Preliminary Economic Assessment (PEA) to assess the potential economic outcomes of a mine. Then after, they may conduct an in-depth Feasibility Study to help make a production decision.
By this point, you may have all the puzzle pieces – a clear vision of the deposit and its potential – to make a decision!
If the puzzle looks good, it’s time to make a production decision, construct the mine, and start commercial production. But the data doesn’t stop there – at these later stages, even more data gets created and it can help you make better decisions.
The Periodic Table of Endangered Elements
90 different elements form the building blocks for everything on Earth. Some are being used up, and soon could be endangered.
The Periodic Table of Endangered Elements
The building blocks for everything on Earth are made from 90 different naturally occurring elements.
This visualization made by the European Chemical Society (EuChemS), shows a periodic table of these 90 different elements, highlighting which ones are in abundance and which ones are in serious threat as of 2021.
On the graphic, the area of each element relates to its number of atoms on a logarithmic scale. The color-coding shows whether there’s enough of each element, or whether the element is becoming scarce, based on current consumption levels.
|C||Carbon||Plentiful supply / serious threat|
While these elements don’t technically run out and instead transform (except for helium, which rises and escapes from Earth’s atmosphere), some are being used up exceptionally fast, to the point where they may soon become extremely scarce.
One element worth pointing out on the graphic is carbon, which is three different colors: green, red, and dark gray.
- Green, because carbon is in abundance (to a fault) in the form of carbon dioxide
- Red, because it will soon cause a number of cataphoric problems if consumption habits don’t change
- Gray because carbon-based fuels often come from conflict countries
For more elements-related content, check out our channel dedicated to raw materials and the megatrends that drive them, VC Elements.
Mapped: The 10 Largest Gold Mines in the World, by Production
Gold mining companies produced over 3,500 tonnes of gold in 2021. Where in the world are the largest gold mines?
The 10 Largest Gold Mines in the World, by Production
Gold mining is a global business, with hundreds of mining companies digging for the precious metal in dozens of countries.
But where exactly are the largest gold mines in the world?
The above infographic uses data compiled from S&P Global Market Intelligence and company reports to map the top 10 gold-producing mines in 2021.
Editor’s Note: The article uses publicly available global production data from the World Gold Council to calculate the production share of each mine. The percentages slightly differ from those calculated by S&P.
The Top Gold Mines in 2021
The 10 largest gold mines are located across nine different countries in North America, Oceania, Africa, and Asia.
Together, they accounted for around 13 million ounces or 12% of global gold production in 2021.
|Rank||Mine||Location||Production (ounces)||% of global production|
|#1||Nevada Gold Mines||🇺🇸 U.S.||3,311,000||2.9%|
|#5||Pueblo Viejo||🇩🇴 Dominican Republic||814,000||0.7%|
|#6||Kibali||🇨🇩 Democratic Republic of the Congo||812,000||0.7%|
|#8||Lihir||🇵🇬 Papua New Guinea||737,082||0.6%|
|#9||Canadian Malartic||🇨🇦 Canada||714,784||0.6%|
Share of global gold production is based on 3,561 tonnes (114.5 million troy ounces) of 2021 production as per the World Gold Council.
In 2019, the world’s two largest gold miners—Barrick Gold and Newmont Corporation—announced a historic joint venture combining their operations in Nevada. The resulting joint corporation, Nevada Gold Mines, is now the world’s largest gold mining complex with six mines churning out over 3.3 million ounces annually.
Uzbekistan’s state-owned Muruntau mine, one of the world’s deepest open-pit operations, produced just under 3 million ounces, making it the second-largest gold mine. Muruntau represents over 80% of Uzbekistan’s overall gold production.
Only two other mines—Grasberg and Olimpiada—produced more than 1 million ounces of gold in 2021. Grasberg is not only the third-largest gold mine but also one of the largest copper mines in the world. Olimpiada, owned by Russian gold mining giant Polyus, holds around 26 million ounces of gold reserves.
Polyus was also recently crowned the biggest miner in terms of gold reserves globally, holding over 104 million ounces of proven and probable gold between all deposits.
How Profitable is Gold Mining?
The price of gold is up by around 50% since 2016, and it’s hovering near the all-time high of $2,000/oz.
That’s good news for gold miners, who achieved record-high profit margins in 2020. For every ounce of gold produced in 2020, gold miners pocketed $828 on average, significantly higher than the previous high of $666/oz set in 2011.
With inflation rates hitting decade-highs in several countries, gold mining could be a sector to watch, especially given gold’s status as a traditional inflation hedge.
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