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- Lacustrine deposit: Sedimen ts deposited on the bottom of lakes.
- Lagging: Small timbers or planks used in underground mines; also spikes used to nail timbers together.
- Launder: A device for cleaning lighter waste materials form ore
- Lay: The general direction or slope of a device or ground surface.
- Layback: The amount of material which must be mined for the slope of a pit wall to be at a safe angle
- Leach: Mineral extraction by dissolving minerals in solution.
- Leaching: The extraction of a soluble metallic compound from ore by dissolving the metals in a solvent. See also Heap Leaching.
- Leach Cycle: The average amount of time that ore is leached.
- Leach Pad: A large, impermeable foundation or pad used as a base for ore during Heap Leaching. The pad prevents the leach solution from escaping out of the circuit.
- Dedicated Pad: A leach pad that is constructed to permanently accommodate one ore heap. The pad forms the tailings pile when economic recovery has been reached and the pad neutralized.
- Reusable Pad: A pad where ore is loaded and then unloaded at the end of each Leach Cycle. The pad, made of durable materials, can be reused continually.
- Lead: The bottom portion of gold-bearing channel gravels, particularly in buried placers.
- Ledge: A horizontal layer of rock.
- Legal Tender: The coin or currency which the monetary authority of the issuing country declares to be universally acceptable therein as a medium of exchange; acceptable in the discharge of debts.
- Lens: A mineral deposit shaped like an eyeglass lens.
- Lessee: The person leasing or optioning a mining property
- Level: A horizontal tunnel or drift in an underground mine.
- Leverage: In futures, the advantage allowed an investor by depositing funds that are less than the value of the contract.
- Linear: Al ong the length of an object or area.
- Liquidity (or Liquid Market): The quality of being readily convertible into cash. Refers to the least cost at which one can enter and then close out a position. A broadly traded market where buying and selling can be accomplished with small price changes.
- Lode: A relatively confined mineral deposit lying within a rock formation.
"London Fix": Twice-daily bidding session in London of the five major gold traders, at which the price is fixed or set. The London Fix is the basis for many gold contracts worldwide. - Long-hole open stop: A method of mining involving the drilling of holes up to 90 feet long into an orebody and then blasting a slice of rock which falls into an open space. The broken rock is extracted and the resulting open chamber is not filled with supporting material.
- Long and Short: A trader is long if he purchases more metal or futures contracts than he sells. Conversely, he is short if he sells more than he buys.
- Long tom: A small, portable sluice for washing placer gravel, usually built in several sections.
- Luster: The character of light reflected by minerals.
