Gold Mining Canada
Canada ranks tops among the world's gold producers, the gold market has had a very big positive effect on Canada and its economy, because of this Canada is viewed to be among the richest countries in the world, in gold production Canada is reported to have produced 141,000 kilograms of gold the year 2003, 95% of this production was from its gold mine that total to around 340 around the Canadian states, 5% percent of the remaining production came from placer gold mines,
Over the years the depletion of reserves has led to closure of several gold mines around Canada, this fact has also been attributed to the low prices of gold, by the end of the year 2002, only 30 mines were in operation in Canada, ten years before that there were only 50, this decrease in forecast has been due to the low prices in gold and the rampant closure of mines operation.
Gold has hit its bottom and the reverse of this trend is forming, the government has started a very effective program of revamping the gold industries, with the prices of gold hitting above 1,000 dollars per ounce has attributed this keen focus on the industry, gold is no longer cheap as it used to be, and Canada full of deposit and expertise is actively involving itself in the business.
Most gold production is done on underground production where productivity is relatively very high, this has had effects of reducing overall production cost for the mining companies.
Placer mining is a common way of gold extraction in Canada, with production set to be 5% of the total weighted production, this is according to the 2003 production report. Placer mining is preferred by the small mining companies, since its cheap and does not involve much expertise compared to the underground mines, production using this method is not a utilized on by large scale gold producers.
Government regulations in the mining companies must be observed, the government has instructed specific institution to make sure that polices or laws passed are followed to the letter, institution also concerned with labor affairs and safety and health issues are also present. Companies found not to operate under set standards will normally face penalties, this penalties may be inform of fines or suspending operation for some period of time, for companies that have been reported severally can have their trade licenses cancelled.
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