Ore from a mine averages 1.84% Cu and 2.8 g/mt of gold. Daily production is pres
ID: 3272293 • Letter: O
Question
Ore from a mine averages 1.84% Cu and 2.8 g/mt of gold. Daily production is presently 65, 000 tonnes and the mine works 350 days/year. Reserves are presently about 960 million metric tons of ore. a. At today's prices what is the gross value of 1 metric ton of ore from this deposit. Assume a recovery of 87%. b. How many metric tons of copper are produced yearly? c. How many ounces of gold are produced in one year? d. How many ounces of gold are contained in the reserves of the mine? e. How many pounds of copper are contained in the reserves of the mine?Explanation / Answer
a. Copper current price = $ 6900 per mettic tonne
Gold current price = $ 43000000 per metric tonn
Daily production = 65000 tonnes
1 mettric ton =
Gross value of one metric tonne of ore =recovery * ( total copper amount * copper price + total gold amount * gold price)
= 0.87 * (1.84/100 * 6900 + 2.8 * 10 -6 * 43000000)
= 0.87 * (126.96 + 120.4)
= $ 215.20 per metric tonne
(b) Metric tons of copper produced yearly = 350 days/ year * 65000 tonnes * 1.84/100 = 418600 metric tonnes per year
(c) Ounces of gold produced in one year = Number of ounces in one kilogram * number of kilogram in one gram * number of total grams = (1/28.3495 gram) * 2.8 * 350 * 65000 = 2246953 ounces per year
(d) Ounces of gold are contained in reserves of the mine
1 metric tonne contains = 2.8g gold = 0.0987671 ounce
total ore reserves = 960 million metric tons of ore
so total gold reserve = 960 * 0.0987671 * 106 = 94816416 punce gold
e. Pounds of copper in reserves of the mine
1 metric tonne of ore = 6173 pound * 1.8/100 = 111.114 pound per metric tonne
so total copper reserve = 111.114 pound per metric tonne * 960 million metric tonne = 106670 million metric pound
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