An examination of Australian gold mining firms' exposure over the collapse of gold price in the late 1990s

Purpose – The purpose of this study is to examine the exposures of Australian gold mining firms in the highly volatile period from 1995 to 2000. This period has been characterized by significant changes in gold price due to bulk sale of gold by collective central banks. Specifically, the paper aims to investigate several firm-specific factors that are hypothesized to carry substantial influence on gold beta.

Design/methodology/approach – To estimate gold beta, we use the following multifactor model: R_g,_t = a+ß_gGPR_t + ß_xFXR_t + ß_mR_m,_t + _Et , where R_g,_t is the return on the gold stock Index at time t, GPR_t is the gold price return denominated in US dollar at time t, FXR_t is the foreign exchange return of Australian dollar in terms of US dollar at time t, R_m,t is the market return at time t, and _Et is the random error term at time t.

Findings – The paper finds that the values of gold beta are consistently greater than one, implying the sensitive nature of firms’ stock returns to gold price changes. This also suggests that investors holding gold mining stock would receive higher percentage increases in stock returns from a percentage increase in gold price returns, as opposed to investors holding gold bullion. Furthermore, these values have changed substantially over time with significant changes in gold price volatility. The most important and consistent relationship that we find is the impact of firms’ hedging behavior on their respective gold betas. This is consistent with Tufano’s study. It implies that firms, which hedge a greater proportion of their gold reserves, are less sensitive to movements in gold prices. The finding therefore supports the risk management theory that hedging increases shareholder’s wealth. However, cash operating costs, cash reserves and the level of gold production seem to influence very little on the firms’ exposure to gold price changes.

Originality/value – This study is of interest and important to the stock mining companies and investors because the extent of the effect of gold price movements on the stock returns of gold mining companies has significant impacts on returns for both firms and investors especially in their risk management and investment decisions, respectively.

Probabilistic meta-analysis of risk from the exposure to Hg in artisanal gold mining communities in Colombia

Colombia is one of the largest per capita mercury polluters in the world as a consequence of its artisanal gold mining activities. The severity of this problem in terms of potential health effects was evaluated by means of a probabilistic risk assessment carried out in the twelve departments (or provinces) in Colombia with the largest gold production. The two exposure pathways included in the risk assessment were inhalation of elemental Hg vapors and ingestion of fish contaminated with methyl mercury. Exposure parameters for the adult population (especially rates of fish consumption) were obtained from nation-wide surveys and concentrations of Hg in air and of methyl-mercury in fish were gathered from previous scientific studies. Fish consumption varied between departments and ranged from 0 to 0.3 kg d?1. Average concentrations of total mercury in fish (70 data) ranged from 0.026 to 3.3 lg g?1. A total of 550 individual measurements of Hg in workshop air (ranging from menor queDL to 1 mg m?3) and 261 measurements of Hg in outdoor air (ranging from menor queDL to 0.652 mg m?3) were used to generate the probability distributions used as concentration terms in the calculation of risk. All but two of the distributions of Hazard Quotients (HQ) associated with ingestion of Hg-contaminated fish for the twelve regions evaluated presented median values higher than the threshold value of 1 and the 95th percentiles ranged from 4 to 90. In the case of exposure to Hg vapors, minimum values of HQ for the general population exceeded 1 in all the towns included in this study, and the HQs for miner-smelters burning the amalgam is two orders of magnitude higher, reaching values of 200 for the 95th percentile. Even acknowledging the conservative assumptions included in the risk assessment and the uncertainties associated with it, its results clearly reveal the exorbitant levels of risk endured not only by miner-smelters but also by the general population of artisanal gold mining communities in Colombia.

Malaria in gold-mining areas in Colombia

Gold-mining may play an important role in the maintenance of malaria worldwide. Gold-mining, mostly illegal, has significantly expanded in Colombia during the last decade in areas with limited health care and disease prevention. We report a descriptive study that was carried out to determine the malaria prevalence in gold-mining areas of Colombia, using data from the public health surveillance system (National Health Institute) during the period 2010- 2013. Gold-mining was more prevalent in the departments of Antioquia, Córdoba, Bolívar, Chocó, Nariño, Cauca, and Valle, which contributed 89.3% (270,753 cases) of the national malaria incidence from 2010-2013 and 31.6% of malaria cases were from mining areas. Mining regions, such as El Bagre, Zaragoza, and Segovia, in Antioquia, Puerto Libertador and Montelíbano, in Córdoba, and Buenaventura, in Valle del Cauca, were the most endemic areas. The annual parasite index (API) correlated with gold production (R2 0.82, p < 0.0001); for every 100 kg of gold produced, the API increased by 0.54 cases per 1,000 inhabitants. Lack of malaria control activities, together with high migration and proliferation of mosquito breeding sites, contribute to malaria in gold-mining regions. Specific control activities must be introduced to control this significant source of malaria in Colombia.

Incidencia de los actores armados ilegales en la tributación minera de los municipios auríferos de Antioquia 2007 - I. 2012

Inmersos en un conflicto armado y guiados por un modelo político que busca aprovechar el boom minero en pro del desarrollo de Colombia, se han potencializado dinámicas ilegales donde los Actores Armados Ilegales (A.A.I), como ‘bandidos estacionarios’, se han ido adaptando a las nuevas dinámicas del mercado donde el lucro, la rentabilidad y la financiación son su objetivo central. En el departamento de Antioquia, esa situación data desde la formación de sus regiones, como son el caso del Bajo Cauca y Nordeste Antioqueño. Empero, lo novedoso en el conflicto armado, y que tiene relación directa con la minería aurífera es, la alta posibilidad que los A.A.I. estén viendo en esta actividad su principal fuente de financiación como consecuencia de dos hechos importantes: 1). El éxito que ha tenido la lucha contra el narcotráfico y por ende, contra los cultivos ilícitos. Y, 2) El elevado precio del oro en el mercado internacional puesto que, se estima que en los próximos años alcance entre $2.000 y $2.107 dólares la onza. En este orden de ideas, el lector encontrará como los actores armados ilegales actúan como bandidos estacionarios que ejerciendo la “minería criminal”, inciden en la política fiscal municipal a partir de la para-tributación o ‘impuesto de protección’, captación de regalías y el lavado de activos; donde el fin es financiar sus actividades criminales, afectando negativamente la política tributaria de los gobiernos municipales que se caracteriza por su baja capacidad de gestión.

Injusticia ambiental en Colombia: minería y salud al nacer

La vulnerabilidad de la población a condiciones ambientales adversas ha tenido especial relevancia para la literatura de inequidad en los últimos tiempos. De hecho, el concepto de justicia ambiental nace a partir de las disparidades que los individuos enfrentan en la calidad del ambiente. Este trabajo es una aproximación a este concepto ya que considera las actividades mineras como posibles generadoras de pasivos ambientales, que a su vez, pueden afectar las condiciones bajo las cuales los individuos se desarrollan. Desde la crisis financiera del 2008, los precios del oro experimentaron alzas signicativas en relación a periodos anteriores y generaron un aumento de las actividades mineras de oro. En este sentido, el objetivo del trabajo es investigar el impacto de las actividades mineras del oro sobre la salud de los recién nacidos en Colombia durante el periodo de boom en el precio de los minerales en la pasada década. Con este n, se usa información sobre el potencial minero, los precios internacionales del oro y las estadísticas vitales de Colombia. Las estimaciones indican que mayores niveles actividad minera implican un incremento en la tasa de bebés nacidos antes de las 27 semanas de gestación y en la tasa de bebés de bajo peso (nacidos con menos de 2.500 gramos). Adicionalmente se encuentra que las actividades mineras no tienen un efecto sobre la tasa de defunciones fetales. Los resultados son robustos a diferentes medidas de minera, que incluyen presencia de minera ilegal, titulación minera y volumen de producción de oro.

A corrosion inhibition study of steel grinding balls in an oxygen and alkaline environment

The corrosion of steel grinding balls is a major recurrent cost for mill operators concerned with the production gold. Subsequently, the use of corrosion inhibitors in production fluids, which is typically at pH >9, is an attractive and economical option. This study reports on the corrosion wear of steel grinding balls under alkaline/oxygen conditions and in presence of cyanide. A fundamental study on the influence of several inorganic-based inhibitors (i.e., nitrite, chromate, silicate, hexametaphosphate) on the corrosion rate of carbon steel was undertaken. Subsequently, the corrosion performances of various inhibitors were evaluated in stirred vessels. Corrosion rates were determined via mass loss and electrochemical methods (i.e., linear polarisation, Tafel). It was observed that inhibitors based upon chromate provide superior protection under the conditions investigated in this study. In lime treated, high chloride waters, chromate gave over 80% protection at levels of 10 100 ppm with no evidence of pitting.

Aspectos epidemiológicos da exposição ao mercúrio na região do Tapajós, no período de 1994 a 2008

A exposição ao mercúrio tem sido estudada em áreas sob influência de garimpos de ouro, entretanto, em alguns aspectos epidemiológicos os estudos ainda são insuficientes. O objetivo principal deste estudo foi avaliar a intensidade e a prevalência da exposição ao mercúrio em comunidades ribeirinhas do Tapajós ao longo do período de 1994 a 2008. O estudo foi conduzido em duas comunidades situadas próximo a nascente do rio Tapajós através da análise de Hg total em amostras de cabelos, medidos pela espectrofotometria de absorção atômica, no Laboratório de Toxicologia Humana e Ambiental da Universidade Federal do Pará (UFPA). Os resultados indicaram que as comunidades possuem uma grande freqüência de mulheres em idade reprodutiva, a maioria dos habitantes tem um longo tempo de residência local e a dieta é caracterizada pela elevada frequência de refeições do pescado da região. O tempo de exposição ao mercúrio vem se estendendo há pelo menos 14 anos, com níveis que oferecem riscos à saúde, principalmente, para o grupo materno-infantil, e não há diferença de exposição entre as duas comunidades. A prevalência de exposição ao mercúrio (habitantes com níveis de Hg total (Hg total) > 10 μg/g) foi alta nas duas comunidades. Não houve correlação entre a produção de ouro e os níveis de Hg total em amostras de cabelo. Conclui-se que os níveis de exposição apresentados no período do estudo caracterizam uma exposição em longo prazo os quais são capazes de oferecem riscos à saúde, principalmente materno fetal; que a frequência na ingestão de peixes contaminados pode contribuir para o aparecimento de danos causados pelo mercúrio. Monitoramento toxicológico e clínico dos indivíduos expostos, bem como, aplicação de medidas educativas deverão ser fortalecidas com vista a prevenção da doença causada pelo mercúrio.

Local Hollywood: global film production and the Gold Coast

Hollywood films and television programs are watched by a global audience. While many of these productions are still made in southern California, the last twenty years have seen new production centres emerge in the US, Canada and other locations worldwide. Global Hollywood has been made possible by this growing number of Local Hollywoods: locations equipped with the requisite facilities, resources and labour, as well as the political will and tax incentives, to attract and retain high-budget, Hollywood-standard projects. This new book gives an unprecedented insight into how the Gold Coast became the first outpost of Hollywood in Australia. When a combination of forces drove Hollywood studios and producers to work outside California, the Gold Coast's unique blend of government tax support, innovative entrepreneurs and diverse natural settings made it a perfect choice to host Hollywood productions. 'Local Hollywood' makes an essential contribution to the field of film and media studies, as well as giving film buffs a behind-the-scenes tour of the film industry.

Spatial determination of gold catalyst residue used in the production of ZnO nanowires by SIMS depth profiling analysis

In this paper we demonstrate how secondary ion mass spectrometry (SIMS) can be applied to ZnO nanowire structures for gold catalyst residue determination. Gold plays a significant role in determining the structural properties of such nanowires, with the location of the gold after growth being a strong indicator of the growth mechanism. For the material investigated here, we find that the gold remains at the substrate-nanowire interface. This was not anticipated as the usual growth mechanism associated with catalyst growth is of a vapour-liquid-solid (VLS) type. The results presented here favour a vapour-solid (VS) growth mechanism instead. Copyright © 2007 John Wiley & Sons, Ltd.

Gas-phase production of gold-decorated silica nanoparticles.

Gold-decorated silica nanoparticles were synthesized in a two-step process in which silica nanoparticles were produced by chemical vapor synthesis using tetraethylorthosilicate (TEOS) and subsequently decorated using two different gas-phase evaporative techniques. Both evaporative processes resulted in gold decoration of the silica particles. This study compares the mechanisms of particle decoration for a production method in which the gas and particles remain cool to a method in which the entire aerosol is heated. Results of transmission electron microscopy and visible spectroscopy studies indicate that both methods produce particles with similar morphologies and nearly identical absorption spectra, with peak absorption at 500-550 nm. A study of the thermal stability of the particles using heated-TEM indicates that the gold decoration on the particle surface remains stable at temperatures below 900 °C, above which the gold decoration begins to both evaporate and coalesce.

Measurement of 16O5+ Induced L X-Ray Production Cross Sections for Gold

The characteristic Ll, Lα, Lβ and Lγx-rays of Au and energy shifts produced by 20–50MeV 16O5+ beams on a thick Au ilm are measured with a Si (Li) detector. Cross-section ratios of σ(Ll)/σ(Lα), σ(Lβ)/σ(Lα) andσ(Lγ)/σ(Lα) versus O5+ energy show that consistent calculations yield considerably better agreements. Energy shifts Ll, Lα, Lβ and Lγ x-rays of Au target increase with more incidence energy. The main application for these measurements is multi-element trace analysis through particle induced x-ray emission.

An investigation into the effect of thickness of titanium dioxide and gold-silver nanoparticle titanium dioxide composite thin-films on photocatalytic activity and photo-induced oxygen production in a sacrificial system

Thin films of titanium dioxide and titanium dioxide with incorporated gold and silver nanoparticles were deposited onto glass microscope slides, steel and titanium foil coupons by two sol-gel dip-coating methods. The film's photocatalytic activity and ability to evolve oxygen in a sacrificial solution were assessed. It was found that photocatalytic activity increased with film thickness (from 50 to 500 nm thick samples) for the photocatalytic degradation of methylene blue in solution and resazurin redox dye in an intelligent ink dye deposited on the surface. Contrastingly, an optimum film thickness of similar to 200 nm for both composite and pure films of titanium dioxide was found for water oxidation, using persulfate (S2O82-) as a sacrificial electron acceptor. The nanoparticle composite films showed significantly higher activity in oxygen evolution studies compared with plain TiO2 films.