The Misima open pit goldsilver mine lies to the east of Misima Island, 200km east of mainland Papua New Guinea PNG. It is owned by Misima Mines Pty. Ltd., a joint venture between Placer Dome Inc 80 and the PNG state-owned Orogen Minerals Ltd 20. The mine entered production in 1990, and in 2003 produced 118,546oz of gold and 541,176oz of silver.
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Revegetation is part of the environmental programme at Misima.
Eastern Misima consists of cretaceous sediments of the Sisa Association, intruded by miocene-aged porphyry sills, dykes and stocks. Epithermal gold and silver mineralisation occurs in fractures and fault zones in the schists, porphyries and greenstones.
The Umuna Lode Zone ULZ is fractured and infilled with epithermal quartz grading into hydrothermal breccia at depth. The mineralisation occurs in the quartz and breccia zones and disseminated throughout highly fractured host rocks including microgranite intrusions and low-grade metamorphic schists and greenschists. The small Ewatinona orebody is located 5km south west of the stage 4 pit. Mineralisation continuity and grade continue below and north west of the stage 4 pit. Potential reserves are increased by mineralisation downdip of the ULZ and in its hanging wall.
As of December 2003, proven and probable ore reserves contained 50,000oz of gold and 467,500oz of silver.
Mining was completed in May 2001, following exhaustion of the primary ore reserve. The Maika, Kobel, Kulumalia and Ewatinona pits were worked in 199596 and, by 1997, the stages 1, 2 and 3 pits on the Umuna Lode had been mined out. Stages 4 and 5 mined the Umuna orebody to sea level and the limits of the orebody. Production in 1998 came from the stage 6, stage 7 and Ewatinona pits, and the Tonowak pit was added to the ULZ orebody. Mining subsequently proceeded through the remaining areas of ore-grade material.
Production centred on a drill-and-blast, shovel-and-truck operation. 30m-wide haul roads are graded by Caterpillar 16G road graders and are designed at a 10 grade or 13 in areas where access is difficult. Mining equipment comprised Tamrock Driltech D40K11 rotary drills, Hitachi 12m hydraulic shovels, and Caterpillar 992C and 988B front-end loaders. Haulage was by 136t-capacity Caterpillar 785 trucks. Other equipment included a Cat 773B water truck used on site and a 950B tyre manipulator.
Loaded carbon is pressure-stripped using hot cyanide solution in desorption vessels. Gold and silver are recovered from the pregnant strip solution by zinc precipitation. The goldsilver precipitate is acid treated, dried, mixed with fluxes and smelted in an oil-fired furnace, and poured into dor bullion bars for shipment.
Investors with a taste for gold, and who hasnt in the current climate, can thank one of the worlds great financial institutions, the Bank of England, for creating an opportunity to buy a slice of the proposed redevelopment of a once fabulous goldmine.
One of the worst hit in 1999 was the Misima mine operated by Canadas Placer Dome on the the South Pacific island of Misima, which is one of the eastern-most parts of Papua New Guinea, located almost in the middle of the Solomon Sea.of infrastructure as part of a rehabilitation program. Assuming the gold price stays high and Kingston can.
It starting selling its gold reserves, eventually parting with 395 tons of gold over a three-year period at an average price of 252 an ounce460 less than todays gold price of 1554 an ounce.
The Dead Hand of Gold Sales Apart from hurting the British economy and making the new owners of Britains gold very rich, the 17-auction selling program was a dead hand on the gold price, ensuring that it stayed low for years.
Downloadable This paper is about the feasibility of a gold mine in Papua New Guinea PNG, with particular emphasis on fiscal issues involved in a mining project. The study begins by considering the market for gold and a description of the technical aspects of the Misima gold mine in PNG. The financial analysis of the project covers both the total investment and the owners perspectives.
Gold miners were also savaged in the price collapse caused by the selling, a move made at the time by some other central banks, most of which are now buying gold.
The Lihir gold mine is located on the island of Lihir, in Papua New Guineas PNG New Ireland Province, 700km north-east of Port Moresby The mine was managed by a subsidiary of Rio Tinto until late 2005, and the operatorship was then handed over to Lihir Gold. Australian miner Newcrest Mining acquired Lihir Gold in a 9bn deal in 2010.
While Misima was profitable even at the depressed prices of the late 1990s, thanks to its low-grade ore requiring limited amounts of energy to process, Placer Dome faced a difficult decision either invest in widening and deepening the pits from which ore was extracted or start a closure process.
2.8 Million Ounces Of Gold Left In The Ground Difficult as it was, Placer Dome opted to close despite there still being an estimated 2.8 million ounces of remaining, but too expensive to mine at ruling gold prices.
Lihir Island is located in Papua New Guineas PNG New Ireland Province, about 700km north east of Port Moresby.
Overburden stripping during site construction, using Caterpillar hydraulic excavators and articulated dump trucks.
Opening up the Lienetz oxide ore deposit, using a Cat 5130 excavator and 985B trucks.
May 05, 2015nbsp018332It is currently used in Indonesia, Papua New Guinea PNG and on the Turkish Black Sea at mines which meet the necessary conditions of access to deep gt1000 m water via a.
Lihir gold mine produced 187,245oz of gold in the March 2020 quarter. Image courtesy of Outotec Oyj.
Location The mine is located on Misima Island, in eastern Papua New Guinea. Brief history In 1888 the first commercial discovery and mining of gold in Papua New Guinea took place at Misima. In.
Misima Island St Aignan Island, Louisiade Archipelago, Milne Bay Province, Papua New Guinea Gold was discovered on the island in 1889. A gold and silver mine, the Misima mine sublocality, was opened on the island in 1990 and officially closed in 2004. Approximately 105 metric tons and.
Kingston Resources Ltd reached an agreement with Pan Pacific Copper to buy its 30 per cent in the Misima Gold Project.The acquisition makes Kingston the sole operator of Misima. The non-binding agreement specifies that Kingston can pay A2.8 million K6.5 million in stages to its former joint venture partner. The initial payment of A500,000 K1.1 million will be done in January 2020, and.
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