Richest Shallow Ore Gold Mine In South Africa Decides To Digitize Much Of Its In-ground Gold
Richest Shallow Ore Gold Mine In South Africa Decides To Digitize Much Of Its In-ground Gold. Element Blockchain partners with the Protea Gold Project, the richest shallow ore deposit in South Africa, to digitize up to $3.5B in assayed precious elements.
The agreement is another digitization partnership for blockchain mining leader Element United, as they seek to use blockchain technology to bring transparency and sustainability to the mining industry. This, Element’s 5th mine partnership, brings their portfolio of assayed precious elements available for digitization to over $500B.
The Protea Gold Project is a redevelopment of one of the oldest, most historic mining claims in South Africa – a deposit originally discovered in 1872, and long a part of the fabric of mining history in South Africa. With many historical mines there is often gold left behind in tailings and ore processed previously through less-advanced methods. Extracting this gold in a way that is both efficient and environmentally sustainable is one of the key focuses of the Protea Gold Project, in addition to sustainably mining parts of the tons of assayed ore that has yet to be mined.
Their partnership with Element will foster greater environmental stewardship of the Protea Gold Project, as well as provide a digitization opportunity for the assayed precious elements that can’t be sustainably mined. “We look at digital mining as a way to make physical mining both profitable and sustainable,” says mine-owner Salven Chetty. “We believe the digital value of the ore in the ground for parts of our mine can exceed the opportunity cost of mining it, especially when you consider the benefits to the environment and our community. We’re extremely excited to partner with Element United and participate in the Element Digital Economy.”
“We’re bringing mining to the metaverse,” says Element co-founder David Kasteler. “There is enormous demand for digital products that represent actual assayed precious elements. The best part about fulfilling that demand for the futurist consumer is that by doing so we also protect the environment and local communities.”
