Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Two amateur gold prospectors and a hand-held metal detector have discovered a gold reef worth hundreds of thousands of dollars near Ballarat in western Victoria, Australia. Steve Glasson and Russell Sanderson, both of Ballarat, credited their discovery to a “rich vein of luck” and a A$6,000 Australian-made Minelab GPX-4500, described as the “Rolls Royce” of gold detectors. “The deepest of the gold was covered by a metre of soil, so for the equipment to detect gold at that level is unbelievable,” Sanderson said.
The discovery of “several hundred ounces” of gold at the undisclosed Ballarat location, represents the culmination of a combined 60 years of recreational prospecting by Glasson and Sanderson. “We’re both excited about the prospect of there being more gold in area,” Glasson said. “And if there is, the GPX-4500 will find it, we’re confident of that,” he said….International Mining
