Monday, 24th September 2007 (2142 views)

International mining company BHP Billiton is expected to announce the discovery of what could potentially be the world's largest gold resource, according to the Melbourne Herald-Sun.

The company is set to release its annual report on Wednesday, which could confirm speculation that an unprecedented resource of gold has been discovered at the Olympic Dam mine in south Australia.

According to Forbes, Olympic Dam is the largest underground mine in Australia.

Located 560 km north of Adelaide, Australia, the mine contains "significant quantities of gold", BHP Billiton claims.

According to the Melbourne newspaper, up to 20 drilling rigs have been in operation at Olympic Dam to investigate its resource potential.

Reportedly, BHP Billiton is in talks to expand the site from an underground mine to an open-pit operation, which could cost A$6 billion (£2.57 billion).

The mine currently has around 2,000 permanent employees, most of whom live in the community of Roxby Downs, plus a further 1,000 contract employees.

 

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