The global trends of artisanal and small-scale mining
The artisanal and small-scale mining (ASM) industry has seen a surge of growth over the past few years, following the increase of mineral prices.
This is according to a new report released by the Intergovernmental Forum on Mining , Minerla, Metals, and Sustainable Development.
The report states that the sector has expanded from 6mn people being directly engaged in ASM in 1993, to 13mn in 1999, 30mn in 2014, and 40.5mn in 2017.
Comparatively, only an estimated 7mn people were working in industrial mining in 2013.
There are an anticipated 150mn people living in 80 countries located in the global south which depend on ASM for their livelihood.
ASM accounts for approximately 20% of global gold supply, 80% of global sapphire supply, and 20% of global diamond supply.
The industry is also a strong contributor to the electronics industry, with ASM producing 26% of global tantalum and 25% of global tin.
“For many people in the world’s poorest countries, ASM is the only route out of poverty, or the sole way to boost meagre incomes when there are few job alternatives,” said Greg Radford, Director of IGF.
“This report will help our members support the sector’s potential to enhance livelihoods and spur economic development while managing persistent challenges such as improving health and safety and reducing the sector’s environmental footprint.”
Newmont acquires Canada’s GT Gold in $325mn deal
Newmont, the world’s biggest gold miner, has acquired Canada’s GT Gold in a deal worth $325mn. The gold giant now controls the Tatogga gold-copper project in the Traditional Territory of the Tahltan Nation.
“With the acquisition of GT Gold and the Tatogga project in the highly sought-after Golden Triangle district of British Columbia, Canada, Newmont continues to strengthen our world-class portfolio,” commented Newmont President and CEO Tom Palmer.
“We look forward to continuing to build a respectful and meaningful relationship with the Tahltan Nation, including the community of Iskut. The relationships we have with Indigenous communities, First Nations and host communities are critical to the way we operate. We will partner with the Tahltan Nation at all levels, and with the Government of British Columbia to ensure a shared path forward as the Company understands and acknowledges that Tahltan consent is necessary for advancing the Tatogga project.”
Newmont’s acquisition includes the Tatogga project, comprised primarily of the Saddle North deposit, which has the potential to contribute future significant gold and copper annual production. There are also further exploration opportunities beyond the known deposits at Saddle North within the land package. The Tatogga project adds to Newmont’s existing interest in the prospective Golden Triangle through the company’s 50% ownership in the Galore Creek project.
Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. A world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in North America, South America, Australia and Africa. The American miner is celebrating its 100th anniversary this month.
With gold prices on the rise, the last six months has seen gold industry M&A activity accelerating. A recent Mckinsey report, advises that the industry need to be mindful of mistakes made during the previous gold price boom, when growth was chased unidirectionally by several companies.