GOLD MINING INDUSTRY: Fuel Costs Explode Over The Past Decade
The huge increase of diesel consumption at the top 5 gold miners is due to several factors. As ore grades continue to decline, the gold mining companies need to extract more ore to produce the same amount of gold. Thus, the massive haul trucks that transport this ore burn more diesel in the process.
Furthermore, as open-pit mines age, they deepen which forces the haul trucks to travel longer distances at a higher grade. One of the largest haul trucks in the world is the Caterpiller 797F. These haul trucks are massive and can transport 400 metric tons of ore in a single trip.