Y13 Economic students visited Oceana’s Waihi Gold and Silver mine this month where they were able to study the economic ramifications of operating a working mine.
As part of the Economics course, students are required to study market failure. So while on site, they analysed the positive and negative externalities of the mining (dust, noise, water, explosions, vibrations), and explored policies (solutions) to internalise these spill-over effects on third parties such as local residents.
Students were also able to witness the working mine in action. They enjoyed a three-hour tour of both the open cut and underground mine network; and felt rather wealthy holding a nugget of gold.