As a new gold rush takes hold Nevada, California, and other western states, some economists propose letting “nature act as a natural vault and custodian legally protected by gold firms and the government.” By BeckiRobins/undarkmag
, potentially contaminating drinking water or nearby rivers and streams.
A sign in the East Bennett neighborhood of Grass Valley reads “NO MINE.” Several community groups in the area, concerned about heavy metal pollution and the vast amount of waste rock, are opposed to the mining project.Underground mining operations also intersect with the water table, which means the existing tunnels have to be dewatered, and the water that’s pumped out of the tunnels has to be treated before it’s released aboveground.
Baur recently explored this idea with a couple of his colleagues at the University of Western Australia Business School. In a 2021 paper, they proposedand letting “nature act as a natural vault and custodian legally protected by gold firms and the government.” In this scenario, investors could buy stock in gold exploration companies that have identified underground gold but have no plans to mine it.
Baur says his paper has, unsurprisingly, received negative feedback from the gold industry. “They hate the idea, of course,” he says. “It’s the end of their business, essentially.” He thinks investors, though, may be more willing to entertain the idea, especially those who are looking for green investments. “But there’s also a lot of greenwashing,” he says, adding that investors may say they want to invest green, but may not be as willing to try new ideas when the time comes.
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