Loei ' Could Yield 1 Million Tonnes Of Gold'

[webfact]

GOLD
Loei 'could yield 1 million tonnes of gold'
THE NATION



LOEI: -- Initial data from the Northeast province of Loei indicates the likely discovery of gold ore deposits in quantities large enough to free Thailand from its current and future debt burdens.

The ore was discovered by a foreign company that has been operating in the area for some time, said a high-ranking official from the Natural Resources and Environment Ministry.

"They said the probable mineral reserves were a million tonnes of gold," the source said, asking for anonymity, as the discovery remains classified.

"We are yet to prove the discovery and we don't want to spark premature excitement among the local and global communities," he said.

Gold mining in Loei has been going on for more than a decade, with Tungkum and Akara Mining as major players. About 1,288 rai of Wang Saphung district has been gradually turned into a mining area by Tungkum since 2006, after the company won a government mining concession in 1991. In 2007, Tungkum produced 17,485 ounces of gold. It expects to process about 440,000 tonnes of ore per annum.

If the news proves true, Thailand could be the country with the world's biggest gold reserves, surpassing the US, which holds over 8,000 tonnes. Ranked 25th, Thailand sits on gold reserves of 152.4 tonnes, valued at 4 per cent of foreign reserves, which stood slightly below US$180 billion or about Bt5 trillion.

According to the official, the news could send a shock wave around the world. In theory this could lead to a slump in gold prices, but he believed that gold prices would stay high given the global economic problems.

The gold price ended last week below $1,600 an ounce - exactly matching Goldman Sachs' 2013 forecast, as the reopening of banks in Cyprus eased immediate concerns that Europe's debt crisis might deepen, reducing the precious metal's appeal as a store of wealth. Technical analysts believe gold has been oversold and the price should stage a strong rebound.


-- The Nation 2013-04-01

[Thai at Heart]

on't want to spark premature excitement

I can here the people digging already

[dcutman]

on't want to spark premature excitement

I can here the people digging already

I wonder if this high ranking official from the NR&E Ministry, that leaked this classified information, has a large piece of land in this area he would like to sell?

[siampolee]

Seems not a dissimilar scenario to the discovery of the ''Japanese gold hoard'' that was hidden towards the end of W.W.2. here in Thailand which when the whereabouts of that cache of gold was discovered all of Thailand's debts would be paid in ful according to the then Prime Minister.

Guess who the Prime Minster was who made that comment ?

Remember too some time afterwards the man who had in his possession an absolutely rare priceless original Picasso picture which when sold the proceeds would go a long way to clearing the debts of Thailand according to the ''owner '' of the picture.

Both scenarios all rather like the Cheshire Cat and its grin in Alice in Wonderland.

Of course we should also remember the date this day, hence it may well be a ''hook line and sinker'' catch.

[keestha]

Well, if it's true I hope the population of Loei will also profit, driving through this province last May it stroke me as being downright poor.

[jonclark]

Oddly Akara Mining mentioned in the text has a capacity to process.......yep ....1 million tonnes a year.

This must be nonsense - 1 million tonnes of gold.

[Ricardo]

I actually own shares in these companies, via my Nigerian-based investment holding-company, but would be willing to sell them at-a-discount for a swift sale, as I believe there are major opportunities for investors in the new high-speed passenger-railway network.

[ggold]

Oddly Akara Mining mentioned in the text has a capacity to process.......yep ....1 million tonnes a year.

This must be nonsense - 1 million tonnes of gold.

Indeed if mined at 440,000 tons per anum, works out at about two years worth of mining! Something doesn't add up?

Sent from my GT-P6200 using Thaivisa Connect Thailand mobile app

[whybother]

Oddly Akara Mining mentioned in the text has a capacity to process.......yep ....1 million tonnes a year.

This must be nonsense - 1 million tonnes of gold.

Indeed if mined at 440,000 tons per anum, works out at about two years worth of mining! Something doesn't add up?

Sent from my GT-P6200 using Thaivisa Connect Thailand mobile app

440,000 tonnes of ore. Not tonnes of gold.

[bdenner]

Agreed, this is just bulxxxx and utter nonsense!

[Songhua]

Considering there's been less than a couple of hundred thousand tonnes discovered in the world since Adam & Eve this story is, let's say, a little hard to believe.

'Shifting' a million tonnes of ore might yield enough to build one high-rise though.

[DiNiro]

REUTERS:

The price if gold plummets after a discovery of millions of tons in Thailand's poor northeast.

[Zolt]

April 1st news people. Wait a bit before you dump all your gold.

If it was true, they wouldn't be saying it out loud anyway for fear of gold prices dropping.

[retell]

gold haha

[OzMick]

Thailand has never been lacking in gold-digging ores.

[terry101]

Here is an interesting article I read this morning on gold on another site.

http://www.bbc.co.uk/news/magazine-21969100

[GazR]

"The news could send a shockwave around the world"

Offhand, I can't think of any likely scenario in Thailand that would do this.

Any ideas?

[Almera]

Has all the land been covertly bought by a certain family yet?

[dcutman]

As usual, the health of people and the enviroment is no concern, when there is money to be made.

Dr. Pattapong Katesomboon, lecturer of Faculty of
Medicine, Khon Kaen University, mentioned results of blood testing done
with 440 people living in villages around the gold mine.

The test results showed that heavy metal, especially mercury,
was found in every sample and 38 are over standard level. Also, cyanide
was found in 348 blood samples, with 84 people having it over standard
level. Only 103 samples are cyanide-free and lead was found in every
sample.

http://en.nationalhealth.or.th/node/186

[Artisi]

Thailand has never been lacking in gold-digging ores.

Gold-digging ores - the best for a long while - very clever .

[kurnell]

Almost certainly only a million tonnes of clay. This is possibly top of the list of the dumbest claims ever to come out of Thailand, and that is an awful big list.

[MrRed]

Issan Gold!!

[Songhua]

Miners to wide-eyed officials: 'we can mine one million tonnes of gold. We can make you rich. How much land can you appropriate for us?'

[slapout]

Another nameless canidate for the funny farm. As mentioned it is April 1, but the with history of statements by those in power, orders, decrees, etc, this fits right into the blievability to which we have come to expect.

It does go to show that "fool's day" can be observed on a regular basis and not just once a year.

[peterdarby]

This must be the gold the Japanese buried at the end of the war.

[fakename]

Either it is April 1st, or its just a fool. Yes, Siampoloe, I had the same thoughts as you. It was almost the same text, that came out about the Japanese hidden gold. If there is anything to this story, then it is that someone mixed up tones of gold, with tones of ore. A tone of ore could only contain a 3 or 4 oz of gold, so as usual, its just government BS. More than likely, someone confused gold with millions of tons of RICE!

If there was ever millions of tons of gold, does anyone think it would go to the government? After Mr. T, and others get their share, there would only be enough to pay off the debt of the smallest Moo Ban.

[Soutpeel]

Either it is April 1st, or its just a fool. Yes, Siampoloe, I had the same thoughts as you. It was almost the same text, that came out about the Japanese hidden gold. If there is anything to this story, then it is that someone mixed up tones of gold, with tones of ore. A tone of ore could only contain a 3 or 4 oz of gold, so as usual, its just government BS. More than likely, someone confused gold with millions of tons of RICE!

If there was ever millions of tons of gold, does anyone think it would go to the government? After Mr. T, and others get their share, there would only be enough to pay off the debt of the smallest Moo Ban.

bl**dy hell...which mine has 3-4 ounces yield per ton on sustainable production....I want in now....typically yields are 5-8 grams a ton

[ratcatcher]

"ZO, tell me vere is all zis gold you haf?"

[ChrisY1]

1 million tonnes......???maybe a million ounces...

Another bad case of reporting......

[pattayaorganic]

Mai Pen Rai! Just a few details...It is so difficult to decipher Thai news, but I give it my best shot:

1. 17,000 ounces of gold (roughly) from 440,000 tons of ore gives about 0.0386 ounces per ton of ore.

2. If you use your success from the previous year and try to increase your ore processing capacity to 1,000,000 tons per year:

• you get 0.0386 x 1,000,000 = 38,000 ounce of gold per year or about about 1 ton/year.

3. This 38,000 ounces of gold at $1600/ounce is worth only $60m USD, hardly enough to pay a day's interest on the rice scheme debt!