A Fellows Gold

8/12/2019 A Fellows Gold

1/4

G*=0260 I , & @ @ D , F& & @ E @

* 4> = , 77 7

> 7 7 7 84

;= 4 , =>

4 4 ?

I 4> = 4 7 , 48 < 4

7 - =8 < 474 =4 8 ;=4

= < 4= > > 4 4 > = .

* 7> 84 48;

> 4 8 4 ;= 4

> =4 =>: = < 74 , 4 ;

> >, == 7 8 7

;=4 >.

B > H @ , > @ @ @ >H K. D : : K >

@ G K, I : LL> @ > @ I K: @ , > @ @ : :>K

> J, K@ K . &G> >@ >> > @ @ @- @ >> > , I: : @ @ G@ > I K , G G > H > @ > K. :

> J K, > > > @ : @ G , H K @ I >K @ > K, > ,

:@ > @ G G .A G> , @ > G = @

I: @ @ >K @ , G @ @@ @ G : @ G K. B @

: @ @ , : > I G @ :@ >K @ F& R > & @ E @H : @ >G @ G :

> @ - @ : .: > & @ E @ H

> @ - K- @ @ >K H / G , G @, @, > @ : > I : @

300 > @ @ < , I : : > @ 2030. BK @ : = @> :@ >, @ @ @ @ >

, I H : >@ : @ : H : @ G KR G G . B @ @ @ : > K @ >K @ @ @ , @ >K

H Q -G R G@ @ @ G G > K, K K, @ @ @

@ : , > G , G H K,@ K G @ @ G > @ G .

$1. D 2>. ; 7/ G74 M26.7/2 K > @ @@. A > @ , : I G>

>K : I : H @ @ @ >K @ >G @ K @ @ @ ,

G : @ >>K : G>> K, : > H@ : : I@ H

@ G >K.K : H @ , @

: > @, @ @ @ @:@ G G , @ @ > @. : @

G @ @ @ @ G G > K, I: : J @ G@ @ >> > , G = K @ @

: : G L @ @

@ >G @ K K. ! I G : @ @ I >> @ @ > @H @J > @ : G @? : G -

: K > ?CG - > @ G >K : @ @ : @ @ , : @@ @

@ , @ @ G @ : > , > @ @> K : @. CG -

@ : > I : @ >>K > J , @ @ G @@ @ I -> = @ > ,

@ @ G @ K @ @ @ .CG - H : : @ K

I: : @ @ : @ @ >. " , :K @ J @ @ >

K G @ G - , J > @ H G >KG@ @ @ > @. : : : J @ @ @ > , I: > > I @ >G G @ G @ . @ @: @ >K > J > : @ : , I :

> , : : - , Q H R, @ - G : H @ @ @ H @ @ :

.

3

A L C H E M I # $ I # # % E # I ( $ )

Figure 1: Drivers of Gold Mine Economics


2/4

A > : H @ G :>K H - >@ 1999, H > @ : H>> @ K @ >K 30%, @ > G : G - @ . :> >K J > @ I:K >@ G @ : @@ @ @ >K,

G : H G@ @ J @ @ :@ > H . : : @J K Q H KG : R, I : H K I

I > - > > @ H @ @K , J > @ J @ G . H: , >>- @ G @

: H : @ G > , >KG H @ G @ > @, G >G > I G - .

F G 2 : I : @ H K > @G @ : @ H , @

> > H . F @ @ , 10% >> @> > H H $50/ L

@ H G @ .B @ H ,

G @ : H : : : @ H K : @ @ J : @ , I : 10%

@ : @ @ : >> H @ $47/ L >> @ H G @ @ > > H . EJ : @ G G >>K: > @ > @ @ K - @-K> > H G @ : @ .

: @ G , > G K : @ H @ @ , K H G > @ K > @

.

7 =

> > > > = = 7 ; = ; 4

7 7 7 84 8 =4 >

= 4 = 4>

77 > .


3/4

Hanau

[email protected]

Phone +49 6181.35-2750

When Germany introduced the Gold Standard in 1871, our companyhad already been a world leader in precious metals for 20 years

At one time precious metals were the currency of theworld. Even today they are still treated and traded asfinancial products; globally, unrestricted by place and time.

For just as long, precious metals have also played a vitalrole in a manifold of industrial applications.

Heraeus has played a vibrant role in both areas for almost160 years, and during this time our company has earneda reputation as a leading expert and competent partner forthe refining, trading and manufacturing of precious metals.

Strongly supported by our four trading units in Hanau, Hong Kong,Shanghai and New York, we assist our customers in professionallymanaging the risks associated with the physical acquisition,

price fluctuations or financing of precious metals.

In addition, our company also offers a large number of productsto investors: A wide range of gold, silver, platinum and palladiuminvestment bars, from a filigree 1 gram gold bar right up toa massive 5 kg silver ingot, can satisfy the wishes of anyphysical investor.

Precious Metals Trading. Refining. Investment. Industrial Products. An entire world in just one word: Heraeus.

Hong Kong

[email protected]

Phone +852 2773 1733

Shanghai

[email protected]

Phone +86 21 33575675

New York

[email protected]

Phone +1 212 7522180

140 years later we are still setting the standards

when it comes to precious metals expertise.

www.heraeus-trading.com


4/4

= I , >>- @ J >G @ > ( . .>K- < ) J > @ J @ G ,

I: : G $35-$60/ L @@G > G @. = @ : @ >

@ G@ , F& & @ E @@ @ : : Q G R > @ - >@ G @ I: I @

$925 @ $950/ L @ 2009, @ : G :I: @ @ : : G @>> I @K G @ : : > .

@ - G > G G @ I >> @ : :>K @ H : = K

H , I: : >>K I : @@ @ R @ >G @ @ >, G I: : G@ @ >> >. & @K

: H I >> G > @ @G G I @ G G . : > @ > @ @ , > G , @ @G ;

@ @ , @ > > G @ K , G : A @> G : H @ K 10% @@G@ H @ 1999, I : : I -K

@ @ K : @ G @

2009 @ @ @ 7.5-10.5% I@ . : G@ G >K @ @ K,@ I > : , I @ @ G@ > G

@ H > @ G@ , > >@ @ @ J @

, > @ I : : : G H K > H >@ K.

> >K, : @ G I >> @ @G @ > , @ K @ @ G > G : G I K @

@ G , @ G> K @ J G @ , G : @J .

: , : :>K > J K@K , I >>- @ > @ I >>@ @G , G > @ I: H > J > K H K : . D J > @ J @ G , : J @ I: :: I >> > K : H K @ II > - > H : @ K

@ @. n

$ H E L O N D O N B % L L I O N M A " K E $ A # # O C I A $ I O N

M* 3 F.447 ; 4>! 4 D4= = GF!& !4

E 84 >.! =6 4> 23- = = = 4 84 4 4 > = > ;7 = 4

7 4> 4 A 7 A8 =4 /D B =>.H =6 = > = 7 4 =

;7 = =>, ;= >; 4 = 4 8 >, 7 , > 8 7> 4 > =4 7 84 = 7> 4 A =4 . I 1992, 4 B= 6 H , 7 77 = 84 = 7 84 >

> 7 , > = 4 > 4= =,= >; >4 7 = BH > G 7 !4C > > > 8 = > >; 6

> 7 4 >>4 8 > = 8 1999

2005.GF!& !4 E 84 > >7 4 =7 2009, 4 48 74 =4 4 -< 74 , 47

4 >4 4 84 > 84 ;= 4 , ;7 = 4

7 ;8 , = >> = = 8 7> 84 = 7>.

8 =6. 77 >@ 8>. . 6

$7 76 > G & > D

G . ! R < @ K #. # * *47;;2,D*>2 # 26+= 6. @ M* 2010 : < @ C L @=R

G > = @ GJ G , I: : H @F I .

D*>2 C7 7 *6 #7 2 < G 6 *4.D H @ > AG G . ! H G >K I = D @ B @=, C G , # & @ @ # :@ @ & : KB @= .

J716 ".2M.

G G K. ! H G >KI = ! > > & =

: + @ + @ K @ G :A @ : I = B > K B @=, AB' A@ ' @= @ : .

J*52. G * . # H H @ H G >K I = C >K @ !

C K @ @ , @ # & @ 12K , I: : : > : @ > > ! > @

@ .

M* 3.< M7>.;

Documents

A Fellows Gold