Gold has always been one of the most favoured metals used for investment purpose and it is also an economic indicator of any country. Gold mining refers to the process of extraction of gold from gold- bearing ore. Gold is generally recovered from scrap, supplied by central banks and produced through mining operations. Of these, mining is the major source of gold production, and most of the extracted gold comes from surface mines while the remaining is extracted from underground mines. Gold is widely used across various applications and sectors such as jewelleries, bullion and coin manufacturing, electronics, engineering, medical and other industrial uses. A gold mine’s project lifecycle typically consists of exploration; planning & construction; operation, involving extraction of gold; decommission of the unprofitable gold mines; and post-closure, involves monitoring to ensure that the rehabilitation of the land is successful.
Gold mining industry is an essential growth engine for the socio-economic development of countries worldwide. Gold mining companies can help create direct and indirect employment opportunities for local communities. Local governments can utilize mining revenues to make investments in food security, healthcare, education, infrastructure and economic diversification.
While gold mining can have positive impacts on the economy, it can adversely impact the environment. Mining of gold produces lot more waste rocks than mining other minerals. Few of these impacts include use of harmful effects of cyanide used in extraction process, soil erosion, loss of biodiversity and disruption of native population. Gold is usually found in rocks that generate a lot of acid-generating sulphides. Consequently, acidic water flowing from mining sites can adversely impact the aquatic environment.
Geographically, China is the leading producer of mined gold followed by South Africa. Asia Pacific is emerging as a dominating market both in terms of production and consumption of gold, especially demand for gold is increasing in countries like China and India. In Europe Russia is emerging as a leading gold producer.
ASDReport.com offers a good collection of reports on gold mining market.