How mined gold is valued: doré, concentrate and grade in g/t

Updated: October 6, 2026 · Oro en Vivo team

Gold that comes out of a mine or plant is not paid like jewelry. Its value depends on the grade, the recovery, the form in which it is delivered and the buyer's terms.

How mined gold is sold

Doré

A bar of gold and silver, with other impurities, produced by smelting the plant's output. Its gold content can range from under 50% to over 90%. The buyer pays for the gold, and sometimes the silver, after an assay.

Retorted amalgam

The gold left after burning off a mercury amalgam. It is common in artisanal mining, but mercury use is increasingly restricted because of its harm to health and the environment. Its grade varies and it usually carries larger deductions.

Concentrate

The product of gravity separation or flotation, with the gold still mixed with sulfides and other minerals. It is sold by the dry tonne, and its value depends on the grade in grams per tonne and the contract terms.

Key concepts

Grade (g/t): grams of gold per tonne of ore or concentrate.
Recovery: the percentage of the gold in the ore that the plant manages to capture.
Payable percentage: the share of the contained gold the buyer agrees to pay for.
Treatment charges: what the buyer or refiner charges to process the material.
Penalties: deductions for unwanted elements such as arsenic or mercury.

Formulas

Gold recovered from ore

Recovered gold (g) = Tonnes × Grade (g/t) × Recovery

Payment for doré

Payment = Doré weight (g) × Gold content × Payable % × Price per gram

Payment for concentrate

Payment = Dry tonnes × Grade (g/t) × Payable % × Price per gram − Charges − Penalties

Illustrative example

A plant processes 100 tonnes of ore at a grade of 8 g/t with 85% recovery. We use an example price of $130 per gram and a payable percentage of 95%. These figures are only an example: every contract has its own terms.

Recovered gold = 100 × 8 × 0.85 = 680 g Amount paid = 680 × 0.95 × 130 = $83,980

The buyer's charges and production costs still have to be subtracted. Notice how every point of recovery counts: at 90% instead of 85%, 40 more grams would be recovered.

How to protect your payment

Take a representative sample and keep a sealed duplicate.
For large lots, request a fire assay from an independent laboratory and compare it with the buyer's.
Ask whether contained silver is paid and on what terms.
Get the settlement in writing, with weight, moisture, grade, payable percentage, price used and each deduction.

For the reference price of a gram of fine gold in your currency, use the home page, which updates live.