Why is the gold mining industry important to developing countries?
Gold mining is vital to the fragile economies of many developing countries, which account for roughly two-thirds of global gold production. In addition to generating export revenue in these countries, gold production provides royalty and tax income to their governments, technology transfer, worker training and the creation of a skilled workforce.
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Why do people invest in gold?
People around the world invest in gold for many different reasons. Many people view gold as a reliable source of value in times of trouble. Gold offers insurance against stock market failure and has proved to be a liquid, transportable asset for refugees needing to flee their countries.
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Is gold used for making jewellery and in gold bars and coins only?
Not at all. Over 400 tonnes of gold is used in a diverse range of industrial applications each year, accounting for over 10% of annual gold demand. A number of different industries manufacture an array of gold-based materials, components and chemicals that help produce, or are part of, thousands of products. These products significantly improve our everyday life and safety, and the competitiveness of scores of industries.
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This section explains the distinction between artisanal (small scale) mining and large scale gold mining
An artisanal miner is, in effect, a subsistence miner, who often undertakes the activity of mining gold seasonally – for example crops are planted in the rainy season, and mining is pursued in the dry season. They are not officially employed by a mining company, but rather work independently, mining or panning for gold using their own resources.
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What is artisanal mining and small scale mining versus large scale mining?
An artisanal miner is in effect a subsistence miner, who often undertake the activity of mining gold seasonally – for example crops are planted in the rainy season, and mining is pursued in the dry season. They are not officially employed by a mining company, but rather work independently, mining or panning for gold using their own resources.
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When was gold jewellery first worn by people?
Until recently the earliest known gold jewellery was believed to date from the Sumer civilisation, which inhabited what is now southern Iraq around 3000 BC. Recent discoveries suggest however that goldsmithing first began on the shores of the Black Sea, in the land that is today Bulgaria (for more information Pointe-à-Callière museum of Montréal).
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FAQs
