Gold Shines in Recession

6 July 2009 (Last Updated July 6th, 2009 18:30)

While the global economic downturn has severely affected the mining industry, the gold mining sector is on the upswing and can be a potential source of employment for job seekers from diversified backgrounds, according to a mining expert. Many global mining companies involved in base met

While the global economic downturn has severely affected the mining industry, the gold mining sector is on the upswing and can be a potential source of employment for job seekers from diversified backgrounds, according to a mining expert.

Many global mining companies involved in base metal production have either shut mines or announced cutbacks as metal prices dropped in the last nine months.

With gold seen as a safe bet by investors in tough times, gold companies in Africa and Canada are trying to revive their old mine sites or find new sites for gold mining, according to mining consultant Alan Gorman speaking to the Canadian Press.

A gold mine can also have other assets such as water treatment plants, garages and even hydro facilities and can provide a range of jobs from engineers to pipe fitters, Haileybury School of Mines professor Don Hillier told the publication

Graduates completing a mining engineering technician programme in North America can earn a starting wage of about $45,000 annually or a minimum of $20 an hour, with additional compensation provided for working in isolated areas.