Relax about the Au. price it will be up and up then down then up and up for the next few years - I did very well with it in the 70's
Re CGG, hang in there, they have a mountain next door to what some people believe are the old King Solomon's mines, at Mahd adh Dhahab. =========== Gold Mining in Saudi Arabia
Gold was among the first metals to be mined because it often occurs in its natural form. Gold does not combine with other elements. It is long lasting and beautiful objects can be made from it.
Gold mining in Saudi Arabia dates back 5,000 years. A mine known as the Cradle of Gold was once the greatest gold mine in Africa and the Middle East. At present, most deposits are found at sites of ancient mining. The advance of modern techniques in the 1980s, now allows profitable extraction of gold from rocks containing little gold. This opened up new areas in Saudi Arabia and encouraged exploration that continues to the present. Many prospects have been sampled and drilled. At present, there are six operating mines.
Gold mining in Saudi Arabia started between 3,000 BC and 1000 BC. In the Islamic Abbasid period between 750 and 1258 AD, gold was also mined. Between 1936 and 1954, the Saudi Arabian Mining Syndicate explored many prospects and operated open-pit and underground mines at Mahd adh Dhahab (the “Cradle of Gold”) about 280 kilometers northeast of Jeddah. The Saudi Arabian Directorate General of Mineral Resources (DMMR) started major gold exploration in the 1970s, following a rise in value of the metal. This led to the discovery of underground deposits at Mahd adh Dhahab. Sampling, drilling, and some underground exploration then took place at other sites in the country. Private companies have explored sites, such as Kutam and Nuqrah.
Gold mining is done today by the Saudi Arabian Mining Company (Ma'aden) at Mahd adh Dhahab and five other mines. Maaden’s gold mining unit produces around 300,000 ounces of gold a year.
CGG Price at posting:
11.4¢ Sentiment: LT Buy Disclosure: Held
