Mponeng Gold Mine...South Africa
posted on
May 28, 2010 09:49AM
(Edit this Message from the "Fast Facts" Section)
I came across the Mponeng Gold Mine in South Africa. South Africa has over 40% of all the world's gold reserves deep within their mountains. Mponeng has the deepest blasting ever to retrieve 212 tons of Gold deep within the mountain. 3 miles down to be exact.
Mponeng processes over 400 tons of ore per hour or 168,000 tons of ore a month. People are cheering for 400tpd at SFMI....let's sit on penny stocks forever if SFMI stays a JPM.
There are 236 miles of tunnels in Mponeng — six miles longer than the entire length of New York City's subway system. Moving people, equipment, and gold through the mine efficiently requires an elaborate underground rail system. And as the mine grows, so must the transportation infrastructure
Mponeng team is toiling in the most inhospitable work environment on earth. Geothermal heat bakes the air to a deadly 150 degrees Fahrenheit, and seismic activity — earthquakes and spontaneously exploding face rock — are constant threats
Mere feet above the blasting crews an army of miners works around the clock excavating gold. They must process three-and-a-half tons of rock to produce a single ounce of gold. That's 168,000 tons of rock every month — enough to build four Washington monuments a month! To accomplish this, workers use some of the most advanced mining equipment on Earth
http://www.mining-technology.com/projects/mponeng/
http://science.discovery.com/tv/build-bigger/projects/mponeng-gold-mine/mponeng-gold-mine.html
After reading about Mponeng and with War Eagle drilling reports coming out late in the summer. It benefits us all, SFMI sells to a major mining producer such as Barrick Gold or Vale or in my opinion we will be sitting at low price per share for years to come.
SFMI's operation is extremely tiny compared to Mponeng Gold Mine and if the mountain as stated by Geologist Barrett Cupp has 19million tons of unprocessed ore within it,SFMI cannot meet the challenge because they don't have the manpower, money and equipment as a major producer does. PQ, sell SFMI to a major producer.
The drilling reports are the most important aspect of finding gold/silver content within the mountain. How deep will the geologists go is anyone's guess. How many drilling points will there be?
I believe with the buyback by SFMI, their main intent is to sell or merge SFMI with the highest bidder. Barrick Gold is seeking out more properties to purchase as is Vale.
This is how this reporter sees it.