Tag Archives: gold

Organic Golden Flax Seeds – 2.5 Lbs Resealable Bag – Yellow / Gold Flaxseeds – Flax Seed for Sprouting, Grinding, Omega Oils, Baking

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Organic Golden Flax Seeds – 5 Lb Resealable Can – Yellow / Gold Flaxseeds – Flax Seed for Sprouting, Grinding, Omega Oils, Baking

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Organic Golden Flax Seeds – 1 Lb Resealable Bag – Yellow / Gold Flaxseeds – Flax Seed for Sprouting, Grinding, Omega Oils, Baking

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We’re on the verge of a scary undersea gold rush

We’re on the verge of a scary undersea gold rush

Two of the most popular shows on cable television right now are about digging for gold. Exciting! Gold! One of these shows, the Discovery Channel’s Bering Sea Gold, focuses on the human difficulties and dangers of digging for gold under the sea floor off the coast of Alaska.

This pursuit of material mineral riches seems like it might be a bad idea for these individuals, especially that dude with the bloody hand. But when the gold is even deeper under the sea, digging it up could be an even worse idea. And at today’s inflated gold prices, digging up the ocean will be as lucrative as it could be destructive.

National Geographic’s feature story on deep-sea mineral mining sets up a scary proposition for the Solwara 1 site in Papua New Guinea especially, where one company hopes to blaze a path into the deep with new mining technologies that could allow for the scooping up of billions if not trillions of dollars worth of deep-sea minerals.

[A] fledgling deep-sea mining industry faces a host of challenges before it can claim the precious minerals, from the need for new mining technology and serious capital to the concerns of conservationists, fishers, and coastal residents.

The roadblocks are coming into view in the coastal waters of Papua New Guinea, where the seafloor contains copper, zinc, and gold deposits worth hundreds of millions of dollars and where one company, Nautilus Minerals, hopes to launch the world’s first deep-sea mining operation …

Samantha Smith, Nautilus’s vice president for corporate social responsibility, says that ocean floor mining is safer, cleaner, and more environmentally friendly than its terrestrial counterpart.

“There are no mountains that need to be removed to get to the ore body,” she says. “There’s a potential to have a lot less waste … No people need to be displaced. Shouldn’t we as a society consider such an option?”

But mining a mile below the sea’s surface, where pressure is 160 times greater than on land and where temperatures swing from below freezing to hundreds of degrees above boiling, is trickier and more expensive than mining on terra firma.

It’s trickier in part because the same undersea hydrothermal vent spots that are so full of gold and other fancy mineral deposits are also full of awesome sea creatures like seven-foot-long tubeworms and giant snails.

Conservationists also say they want to know more about the vent ecosystems and how they will be mined.

“The whole world is new to the concept of deep-sea mining,” says Helen Rosenbaum, coordinator of the Deep Sea Mining Campaign, a small activist group in Australia that campaigns against mining the Solwara 1 site.

“This is going to be the world’s first exploitation of these kinds of deep resources. The impacts are not known, and we need to apply precautionary principles,” she says. “If we knew what the impacts were going to be, we could engage in a broad-based debate.” …

A report released in November 2012 by the Deep Sea Mining Campaign ties exploratory pre-mining activities and equipment testing by Nautilus to “cloudy water, dead tuna, and a lack of response of sharks to the age-old tradition of shark calling.”

Shark calling is a religious ritual in which Papua New Guineans lure sharks from the deep and catch them by hand.

In the past 10 years, a dozen exploratory permits have been issued to governments around the world for drilling into international waters. Any over/under bets on when this all goes horribly wrong?

Susie Cagle writes and draws news for Grist. She also writes and draws tweets for

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We’re on the verge of a scary undersea gold rush

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Americans are quite literally giving their gold and silver away

Americans are quite literally giving their gold and silver away

A quick civics quiz to start your day. The answers are in italics at the end of each question. (If you read the headline, you’re cheating.)

  1. When was the General Mining Act, which is still in place, signed into law? 1872.
  2. Under the General Mining Act, how much do companies pay to stake a claim to extract precious metals on public land? How much in annual maintenance costs thereafter? $189; $140.
  3. How much do they pay to the government in royalties for each ounce of gold extracted? Silver? Copper? Zero dollars; nada; zilch.
  4. How much did the government earn in royalties from precious metal extraction last year? Not one fucking penny.

In other words, if your company staked a claim in 1873, and had been mining gold from it continuously, the total cost to your company would have been $19,509. At today’s spot price of $1,715 an ounce, you’d have needed to extract only 12 ounces over the past 139 years to recoup the entire amount you’d paid the U.S. government.

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This mining operation paid the same amount to the government that a mining company would today, because the system works.

Today, the General Accounting Office will release a report documenting the extent to which the government has been ripped off for more than a century. From The Washington Post:

The GAO report — which estimates that extraction of oil, gas, natural gas liquids and coal on federal and Indian lands produced $11.4 billion in federal revenue last year — said it could not make a similar assessment for hard-rock minerals. Federal agencies generally don’t collect data on the value of hard-rock minerals taken from public land because the only reason to do so would be to calculate royalties, the report states.

Back in 1993, when metal prices were much lower, however, the Interior Department estimated that sales of hard-rock minerals from federal lands totaled $6.41 billion. “This should be front and center of the natural resource agenda for this next administration,” [Sen. Tom Udall (D-N.M.)] said in a phone interview. “These hard-rock minerals belong to the American people, and today we’re quite literally giving our gold and silver away.”

If the 1993 extraction were valued at $6.41 billion, and that’s representative of every year between, say, 1980 and 2012 (which it very much may not be), and the government exacted a 1 percent royalty fee — that’s $2 billion in revenue. Two. Billion. Dollars.

Counterpoint from extractors:

Industry officials say they contribute to the economy even without paying royalties.

Responding to an inquiry last year from [Rep. Raul Grijalva (D-Ariz.)] about the value of uranium that Denison Mines Corp. had extracted from public land, company chief executive Ron F. Hochstein did not divulge any specific figures. But he said the metal ore industry overall accounted for nearly 290,000 jobs and contributed $37.2 billion to the nation’s gross domestic product, according to an industry-commissioned PricewaterhouseCoopers study.

The Federal Reserve puts the number of people employed in non-oil-and-gas mining at about 215,000. But apparently we’re not in the business of holding mining companies accountable for numbers, so who am I to complain?

There have been a lot of rackets in the history of American politics. But this — this massive gift to raw material extractors — is one of the biggest.

Source

Mining firm profits from public lands remain a mystery, new GAO study shows, The Washington Post

Philip Bump writes about the news for Gristmill. He also uses Twitter a whole lot.

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Americans are quite literally giving their gold and silver away

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So much for the Grinch: Exxon CEO gets much-deserved raise

So much for the Grinch: Exxon CEO gets much-deserved raise

Tillerson demonstrates the size of the gold nugget he plans to buy.

Rex Tillerson, the CEO of ExxonMobil, got a raise. On Jan. 1, 2013, Tillerson will earn a base salary of $2.71 million, according to Reuters — a 5 percent raise. He will also get a bonus this year of $4.59 million. He also got 225,000 shares of stock, worth, as of writing, about $19.7 million (though there are restrictions on how he can sell it). Exxon’s stock is up 3.26 percent so far this year.

Some other interesting facts and figures!

The average wage for an American in 2011 was about $43,000 — meaning it takes 168 people to equal Tillerson’s compensation package. Excluding the stock.
ExxonMobil earned $9.57 billion in profits in the third quarter of 2012.
Corporate profits hit an all-time high in the third quarter of $1.75 trillion. Wages as a percent of GDP hit an all-time low.
Year-to-date temperatures for 2012 in the United States are 3.4 degrees F higher than the 20th century average — 6 percent higher.
Sea levels are rising 60 percent faster than we expected.
The company gave $1 million to Sandy relief. Rex Tillerson earned that in bonus by March 18.

Source

Exxon CEO Tillerson to see bonus, salary go higher, Reuters

Philip Bump writes about the news for Gristmill. He also uses Twitter a whole lot.

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So much for the Grinch: Exxon CEO gets much-deserved raise

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