They'll never learn

[mike]

Russian ship with 700 tons of gold ore missing

http://www.huffingtonpost.com/huff-wires/20121029/eu-russia-missing-ship/

:rimshot:

 

[pmbug]

Andrei, you've lost another submarine? /Red October

~~~

That's a lot of gold (ore).

 

[ancona]

Bwahahahaha!

If only these guys belonged to PMBug, they would know that PM's and boats don't..........oh well, never mind.

 

[mike]

Or maybe they are members of PMBug, if ya know what I mean *wink* *wink* *nudge* *nudge*

 

[silvercoinrn]

I never noticed this trend in missing gold and boating. I am so glad I joined. My eyes have been opened to the hazards of transporting your PMS

 

[pmbug]

BTW:

The grade of the ore from which gold is to be recovered will determine how much of it must be processed to recover that ounce of gold. ...

Mines that are probably considered marginal yield something on the order of 4 to 6 grams of gold per ton of ore, and you can do some simple math from there (perhaps using 5 grams/ton) to discover an answer for the stated grade of ore.

There are just over 30 grams in a Troy ounce, and at 5 grams/ton, you're looking at 30 divided by 5 or 6 tons of ore to recover that (Troy) ounce of gold from ore with a grade of 5 grams/ton. ...

http://wiki.answers.com/Q/How_many_tons_of_ore_contain_one_ounce_of_gold

700 / 6 = ~116 troy ounces

At current spot of ~$1712.5/ozt that is just under $200K (roughly and with assumptions about the grade).