(Activity 3.6.A)Recall that “ore” is a material (usually rocks or minerals) from
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Question
(Activity 3.6.A)Recall that “ore” is a material (usually rocks or minerals) from which chemicals can be extracted at a profit. More than half of the gold in the US is mined in Nevada. These mines produce an average of about 3.2 grams of gold per 2000 lb short ton of ore. For Questions 7-9 below use a NY Spot gold price value of $1200.00 for 1 troy ounces of gold. There are 31.1 grams (g) in one troy ounce.
It costs $640 to extract 1 troy ounce from Nevada ore. Using $1200/ozt, what is the profit from extracting one ton of ore (hint: first figure out how much it costs per ton to extract)?
Explanation / Answer
Cost price:
640$=1 troy or 31.1 gm
=640/31.1*1000=20578 kg/ $
=20578*1000=20578000ton/$
Selling price:
=1200$=troyor 31.1 gm
=1200/31.1*1000
=38585.209kg/$
=38585209ton/$
Now,
2000lb=907.185 kg
if 3.2gm= 907.18 kg
3.2/907.85*1000
=3.5 gm of gold in 1 ton
Profit= S.p-C.p
=18007209
=18007209/3.5
=5144916.857 $ profit
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