Gold In Australia Answers | Assessment Answer

Answer:

Gold In Australia

Gold is a rare heavy metal that is valued and prized. The density is twice that of lead. It’s a good conductor of electricity and highly malleable too. It is not dissolved in acids but in aqua region it can be dissolved.

It is highly stable in a wide range of conditions and is widespread in earth’s crust. The concentration is very lo about 5mg per tone of rock.

Its discovery in Australia plays a significant role in Australian history.

It also brought about the migration of people to Australia in quest for gold, it brought about a great diversity in customs and also increased the population

First Discoveries

The gold was first discovered in the states of Australia. It was recorded up by surveyor, James Mcbrien at Bathurst in new south wales in the year 1823.

In the year 1851, a timber James Esmond dug out gold from the creek at Clunes. After that another man Louis John Michel discovered gold in year 1860 at Warrandyte(Kathryn Wells, 2007). Another recorded discovery was brought up by blacksmith, Thomas Hiscock near Ballarat. All these three individuals are being awarded for their discoveries.

Western Australia comprises about 60% of the gold reserves and the left out is found in other states and the northern territory. In all the resources it occurs as primary deposits, out of which many have undergone weathering.

Uses Of Gold

• The main use is to make the Australian

• It is also used in making jewelry, dentistry, the attractive adornments of monuments and the buildings and in artistic use.

• It is also used to make varieties like white, yellow, green and red gold.

• It is used in electronics, radar equipment’s, satellites and computer as it has high electrical conductivity, malleability and ductility.

• It was also used in film coating the Apollo 14 which was the first vehicle that arrived on the moon because of its reflective properties.

• Other most important use in making up the circuits and the mechanism of the air bags made in the vehicles like car.

Mining And Sale Price

The production of the gold is usually from open cut mines. Large scale equipment’s with earth moving capacity is generally used for lifting and there by removing the large wastes rock from above and then then to mine ore. These wastes and the ores are broken up in to the sizes that can be easily handled. The process of Underground mining is carried out done in cases when the ore depth is below the surfaces.

Vertical shafts and declines are being utilized to take people and the machines in and out of the mining areas so as to achieve proper ventilation for the workers and hauling up the wastes and the ores to the land surface. Deep extensions of gold deposits are mined by open pit methods and the underground methods.

The gold market is always subject to speculation especially in the use of future contracts and derivatives. It has a long correlation with the crude oil. The sale price of the gold is described in the following diagrams.

List Of Gold Mines In Australia

• Granny smith gold mine

• Gwalia gold mine

• Junndy gold mine

• Edna may gold mine

• Frog’s leg gold mine

• Laverton gold mine

• Agnew gold mine

• Bright star gold mine

• Burbanks gold mine

• Coyote gold mine

• Daisy milano gold mine

• Higinsville gold mine

• White fall gold mine

• Telfer gold mine

• Wateel gold mine

• Sandstone gold mine

• Raddle’s gold mine

Demands And Future

The demand of gold all over the year is higher than the supply from the mine production. The world central banks gives most of the difference between the demand and the supply of gold inventory. There are two types of demand individual demand and central bank demands (Lancelott, 1852). But in recent years the official central bank purchases of gold have considerably stabilized at about 200 tons per annum. The gold is seen as investment and commodity so it the mineral that is bought every year in huge quantities by the people. From about last few weeks the gold has shown a slight decline. But according to the studies futures prices of gold have statistically significant first order autocorrelation, but all these are not enough to allow for the profitable trading strategies.

Stock Exchange And Environment Concerns

The stock exchange of gold is done by the gold exchange traded fund. It is basically an exchange traded fund that checks up the prices of the gold. It is a unit representing physical gold that occurs in a paper or in a dematerialized form and exchanged in a single stock. It generally aims to give up the investors a method of introduction in to the gold bullion market and that to the delivery of gold, and buying and selling is done by participation through the trading of a security on a stock exchange.

Poor type of gold mining has destroyed the nature’s landscapes, filled water supplies with unwanted particles which destructed the vital ecosystems. Cyanide, mercury, and other toxic substances are continually spread up in the atmosphere due to the poor skills in gold mining. This has lead to the collection of toxic wastes.

References

• F. Lancelott, Australia As It Is: Its Settlements, Farms. and Gold Fields, Vol. II, Colburn and Co., London, 1852 cited at Goldfields, NSW

• Kathryn Wells (5 October 2007). "The Australian Gold Rush". Website. Government of Australia. Retrieved 21 October 2012.

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