No, gold miners have incentives to maximise their profit, which is different from maximising their efficiency. Take, for example, the typical refining process f

No, gold miners have incentives to maximise their profit, which is different from maximising their efficiency. Take, for example, the typical refining process for low grade ore[1]. This occurs in a lot of developing countries, and involves chucking all of the ore on the ground, then leaching it with cyanide... which then runs off into the nearest river. Gold mining and refining can be nasty stuff. [1] http://en.wikipedia.org/wiki/Gold_cyanidation http://en.wikipedia.org/wiki/Gold_cyanidation