Business, 15.02.2021 20:10, TaraC

Recall that "ore" is a rock or mineral from which elements or compounds can be extracted at a profit. More than half of the gold mined in the United States is from mines in northern Nevada. These mines produced an average of 3.2 grams of gold per 2,000-pound short ton of ore in 2012. 1. Search the Internet for "New York spot gold price" in U. S. dollars (USD) per ounce, and enter it here. Note that ounces of gold are always quoted in troy ounces (ozt), but some people incorrectly report it as "oz." For example, the spot price was $1322.10 per troy ounce on July 24, 2016. What is the current spot price?
NY spot gold price:
2. There are 31.1 grams (g) in 1 troy ounce (ozt). How many ozt of gold are extracted from 1 short ton of average Nevada ore? Show your work.
3. What is the gold worth (in USD) from 1 ton of the Nevada ore? Show your work.
4. It costs about USD $640 to extract 1 troy ounce of Nevada gold from the mine. So how much does it cost to mine and extract the gold from 1 short ton of the Nevada ore? Show your work.
5. Based on your answers in 3 and 4 above, what is the current average profit per ton of gold ore from northern Nevada?

Answers: 3

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Recall that "ore" is a rock or mineral from which elements or compounds can be extracted at a profit...