Gold production from Kalgoorlie's Golden Mile 'overstated' by more than $1.7b!

[grubstake]

The amount of gold mined from Kalgoorlie's famous Golden Mile may never be known, according to an amateur historian who recently made a surprising discovery while poring over records:

https://www.abc.net.au/news/2022-03...t-on-golden-mile-production-figures/100944428

 

[user 4386]

This shows how inaccurate the press can be. It says:

"The Golden Mile has produced more than 60 million ounces"

&

"the Golden Mile's production was "overstated" by about 10 per cent or the equivalent of 700,000 ounces less than historic records suggest".

To me. 700,000 oz is closer to 1% of 60 million ounces, not 10%!

 

[saau]

60,000,000 x 0.0117 = 702,000

1.17% Approx.

But, I don 't see why overstating is 'Bad' ?

Politicians lie 4 a living, all day long

 

[user 4386]

60,000,000 x 0.0117 = 702,000

1.17% Approx.

But, I don 't see why overstating is 'Bad' ?

Politicians lie 4 a living, all day long

Depends whether you are discussing mines, politicians or - as in this case - the national news service that is supposed to at least be able to do childhood maths. The problem is not lying, the problem is giving all the figures then calculating incorrectly from them.

It also overlooks the fact that historically most mine gold production is its bullion produced, not the refined gold produced from it by the mint. But that was not my point - noone seems able to do mental approximation nowadays to immediately see if figures are the correct order of magnitude!

And imagine if we had a news story about every goldfield that understated or overstated its past production over more than 100 years by 1%!!!

 

[saau]

Ok - but, doesn't that mean there is more 4 us to find

 

[user 4386]

Ok - but, doesn't that mean there is more 4 us to find

No. The gold bars poured at the mine are not pure. The refined gold made from them at the mint is. So if you base the ounces a mine produces on the weight of its gold bars poured at the mine you will slightly overestimate because they have not had the minor silver etc in them removed yet (the mint removes that when it refines their gold bars).

Most gold is 92-97% pure at the mine (although some mines in places like Nevada where ore has a lot of silver, it can be less that 50% gold).

But there is plenty of gold left, it just has nothing to do with an abc report by someone who cannot do arithmetic

 

[Greg_wilson]

I’m in Kalgoorlie at the moment filling in time waiting for some 40es to come active. Yesterday I went and had a look at the super pit and that is one HUGE hole!
That is not any news media understatement or overstatement, it is my very calculated opinion, it is one very large hole in the ground.

 

[Redfin]

Must get back and have a gander at that in the flesh.
When I left Kal [ worked on start up at Kambalda then at the Bolder mine] there was no pit, just
a lot of smaller mines along the Golden Mile to Boulder.