It’s the gold rush all over again, except this time, high-powered electronic equipment will replace the old hammers, chisels and pickaxes of yesteryear.
Newmont Goldcorp Corporation announced the creation of the Borden Gold Project -- also known the "mine of the future" -- which will utilize Newmont’s line of sustainable and electric mining equipment instead of diesel fuel-powered machinery.
Featuring Newmont’s state-of-the-art digital mining technologies and low-carbon energy vehicles, Borden is expected to achieve commercial production in the fourth quarter of this year.
Tom Palmer, Newmont Goldcorp’s President said this new "mine" with its "electric underground fleet will eliminate diesel particulate matter from the underground environment and lower greenhouse gas emissions. This will help reduce energy costs, protect employee health and minimize impacts to the environment.”
Borden has recently received full permission to operate in Ontario having signed Partnership Agreements with local First Nations who inhabit the land where the project intends to mine for gold ore.
Ore from the Borden Gold Project will be sent for processing at their mill in the town of Timmins, about 112 miles to the east.
Due in part to Borden’s use of safe and sustainable mining, the Canadian and Ontario governments both granted $5 million (in Canadian dollars) towards electrification of the mine, according to Newmont Goldcorp press release on Monday.
The move is part of a larger gold mining expansion effort by Newmont, which has successfully built 11 new mines, expansions and projects on four continents over the last six years:
- Akyem Gold Project in Ghana and the Phoenix Copper Leach in Project in Nevada in 2013
- The Turf Vent Shaft in Nevada in 2015
- The Merian and Long Canyon Mine in Nevada in 2016
- The Tanami Expansion in Australia in 2017
- The Twin Underground, Northwest Exodus and Subika Underground in Ghana in 2018
- Australia's Tanami Power Project in 2019.
Newmont Goldcorp, which currently holds the distinction of having the strongest and most sustainable portfolio in the gold sector, also acquired Cripple Creek and Victor in 2015 and delivered a profitable expansion at the mine within a years’ time.
The company boasts the largest gold reserves and resources as well, with 90% of reserves located in the Americas and Australia, according to Monday’s press release.
These assets, coupled with Newmont’s cutting-edge and sustainable electric gold mining technology, have allowed the company to sustain production of six to seven million ounces of gold over a decades-long timespan.
Gold remains one of the world’s most precious and coveted metals, with its rarity helping to maintain its value. Australia, South Africa, and Russia lead the world in terms of the largest estimated gold reserve, with about 3,260 metric tons of gold being produced worldwide last year. China is currently the world’s leading producer of gold, followed by Australia and Russia, according to Statista.com.
As of August 2019, an ounce of gold cost $1,497.10, down from $1,780 per ounce back in September 2011.