An American company is claiming its Grasberg open pit mine in Indonesia has the largest published gold reserves of any of the world’s single operating mines. Freeport-McMoRan Gold (NYSE) recently announced a 140% hike in reserves (contained ounces) to 19.4 million oz. in 1990 from 8.1 million oz. two years ago. Total reserves have risen three times since projections were published in 1972 when the mine was opened.
Grasberg’s proven and probable reserves have increased to 393 million tons grading 0.06 oz. gold and 0.09 oz. silver per ton. Total reserves (all classes) now stand at about 490 million tons grading 0.05 oz. gold and 0.13 oz. silver.
The company is working to expand the mine’s production rate to 57,000 tons per day from 22,000 tons by mid-1992.
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