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By B. Gamble

Solid Energy's project evaluation process utilises a standard staged gate approach, with five levels leading ultimately to project execution (level 6). For a project to progress through each level, specific financial criteria need to be satisfied. Solid Energy primarily use value based (discounted cash flow) metrics to support investment decisions. Within this approach Solid Energy utilise a number risk-based techniques to quantify project uncertainty. This includes the use of risk-based probabilistic analysis using Monte Carlo simulation and probability-based scenario analysis. Figure 1 shows the net present value (NPV) cumulative probability. Project risks are identified through comprehensive risk workshops. The output of these workshops (list of key risks, ranges of uncertainty and probability of occurrence), is quantified within the financial models. Incorporating this risk information on a probabilistic basis allows an investment decision to be made with a robust knowledge of the range of possible project outcomes along with the likelihood (probability) of those outcomes occurring, for example 80 per cent confidence that the project value will be greater than NZ$10 M, 50 per cent confident it will be greater than NZ$50 M and ten per cent confident it will be greater than NZ$70 M. Incorporating risk implicitly into the financial analysis allows the business to easily evaluate/measure projects with different risk profiles. The detailed risk analysis does away with the complexity of arbitrary risk-based hurdle (discount) rates, as projects can be evaluated based on their specific risk characteristics. Whether a project will progress to the next level of investment and ultimately into implementation depends firstly on the value assessment in comparison with the associated risk/uncertainty, and secondly matching this with the businesses appetite for risk. At Solid Energy standard criteria are used for specific project evaluations, but in addition projects are considered on a portfolio or strategic basis also. Solid Energy attempts to maintain a mix of low risk (low value) projects with some high risk (high value) opportunities. The mix of projects must remain in line with the shareholders' risk appetite. One of the keys to a successful investment decision is ensuring that the appropriate information is available to decision-makers so that they may proceed with a comprehensive understanding of the risks and impacts associated with the decision.

Jan 1, 2007

If the Journal is to fulfill its mandate to the mining and metallurgical industry, it needs to expand its readership and, by implication, membership of The South African Institute of Mining and Metallurgy. This we hope to do by increasing the appeal of the Journal to a wider audience through the inclusion, in addition to our high-quality research papers, of equally high-quality papers, articles, and contributions that will be of interest to our less research-minded members.

Jan 1, 1990

Bowen, R., and Gunatilaka, A. Copper, its Geology and economics. London, Applied Science Publishers, 1977. Miller, D. S. Internal flow systems. (Volume 4 in the BHRA Fluid Engineering Series). 1978. 288 pp. £21,50. MACH 80 The Machine Tool Trades Association of Great Britain (M.T.T.A.) announce that MACH 80 - The International Machine Tool Exhibition - will take place from Tuesday, 22nd April, to Friday, 2nd May, 1980, at the National Exhibition Centre, Birmingham.

Jan 1, 1979

By M. C. van Blerck

This paper outlines the tax provisions that became defective in January 1992, which allow a working mine to make tax-deductible contributions to a dedicated environmental body that is itself not subject to tax. Such a body will then provide a source of funding for the mine's future environmental expenditures. It is concluded that the establishment of such environmental bodies is a financially sound, tax-effective route, allowing mines, prospectors, and quarry operators to provide for future environmental rehabilitation.

Jan 1, 1994

By A. Morley

It is difficult to evaluate exploration properties in a manner that is transparent, repeatable and easily re-calculated to cater for different geological interpretations, but the risk-based assessment methodology, the Geological Risk Method, developed and described by Lord et al (2001) attempts to satisfy all these criteria. This paper examines a case study example based on valuations of exploration projects conducted by SRK Consulting using this methodology, and describes some of the advantages and limitations of the method.

Jan 1, 2007

By B. P. Christos

The improved rate of stope-face advance at Buffelsfontein Gold Mining Company Limited by B. P. CHRISTOS (Associate) To achieve a higher rate of stope-face advance. it was necessary to examine al.1aspects of the stoping operation, to identify bottlenecks, and to eliminate them or reduce their effect. The cleaning cycle was fund to be the most significant bottleneck. and this problem was aggravated by long panel lengths. under-capacity winches In strike gullies. and excessively long strike scraping distances.

Jan 12, 1975

By N. E. K. Schuttler

Experience with Mars pumping of underground water by N. E. K. SCHUTTLER (Visitor) As the result of a planned increase in production, Vaal Reefs Exploration & Mining Company Limited increased the hoisting capacity of their existing equipment to its fullest extent and installed Mars pumps and a washing plant. The layout of the installation is described, and details are given of the modifications made to overcome its weaknesses. Plans to change the present four-stage system to a seven-stage system are outlined.

Jan 3, 1977

By C. Hey

The cycloned gravitated tailings backfill system, also referred to as a soft or low density fill, has been implemented at Vaal Reefs. Inhibiting the success of the system was the problem of shrinkage after placement. The problem was overcome by a pressure fill technique which eliminated settlement, contained costs and allowed remote placement. The technique involves the preinstallation of disposable pipes which are filled cyclically until a residual pressure of 0,5 bar of active support is generated in the filled paddock.

Jan 1, 1988

The South African Institute for Mining and Metallurgy celebrated its 95th anniversary with a banquet at The Carlton on Friday, 2nd June, 1989. This event was attended by 600 people, including the Presidents of AS&TS, constituent societies, and other kindred bodies, together with members and their guests. The guest speaker was Mr Muray Hofmeyr, Chairman of the Johannesburg Consolidated Investment Company Limited, who gave an interesting and thought-provoking talk entitled 'Will we still be the best in the year 2001'

Jan 1, 1989

OFS Branch Proceedings of the Annual General Meeting ofthe O.F.S. Branch on Wednesday, 31st July, 1974. The Annual General Meeting of the Branch was held at the Western Holdings Limited Canteen on Wednesday, 31st July, 1974 at 7.30 p.m. Mr E. T. Wilson (Chairman) was in the Chair. There were also present: Papers of interest The following papers may be of interest to members. Education fund The Institute has recently brought into being a Fund to finance various educational projects.

Jan 5, 1974

By H. Knorre, A. Griffiths, R. Higgins, S. Gos

Hydrogen peroxide is gaining acceptance as a reagent for the treatment of mining effluents containing cyanide. In this paper some of the chemical and environmental aspects of treatment with hydrogen peroxide are discussed, and one way of improving the economics of the process is described. This is known as selective detoxification, which involves the oxidation of the less stable (cyanide) complexes while not affecting the more stable complexes, which contribute very little to the concentration of free cyanide or to the toxicity of the treated water.

Jan 1, 1987

The FSPE Award for Services to the Engineering Profession was awarded to Or Francis George Hill at a ceremony held in January of this year by the Federation of Societies of Professional Engineers. The following is an abridged version of the citation made by Professor A.N. Brown, President of FSPE, and of Or Hill?s reply. Achievements. It is indeed fitting that such a distinguished group of people have gathered on this special occasion to honour and pay tribute to Or Pinkey Hill

Jan 1, 1988

By J. G. Goodey, G. J. van der Linde

This paper describes pilot-plant tests on the recovery of apatite from a hitherto untapped material. This materialhydro- separator overflow-is very fine (80 per cent smaller than 45 µm and 32 per cent smaller than 10 µm). . The pilot-plant tests proved that the recovery of apatite from this material is economically and technically viable. This was confirmed by plant trials, which, in the early stages, produced concentrate assaying 36,6 per cent P2O5 at a recovery of 65,5 per cent.

Jan 1, 1983

By Donald Sir Tebbit

To have been invited to deliver this second CMMI lecture is an honour that I deeply appreciate. But, when I contrast my qualifications for delivering it, with those of Sir Alistair Framet, who delivered the inaugural lecturet in the series, or with those of other members of the Council, I feel rather an imposter. Far from having been a miner al my life, I have been associated with the mining industry on a part-time basis for a mere eight years. However, I encourage myself with two recollections. The first is the admission of the great Sherlock Holmes that he was often guided to the truth by the erroneous opinions expressed to him by Dr Watson. I may be able to perform a similar service for you. Secondly, I recall that, when I was a member of the Diplomatic Service, I was quite often asked to address representative gatherings of such professional people as the police, architects, dress designers, teachers, doctors, funeral directors, bird fanciers, and so on. Since it would have been pointless to pretend that I was expert in any of their businesses, I used to resort to the technique of announcing as my theme' A diplomat looks at the police' or whatever profession it was. They fortunately took it as a compliment that their profession was apparently one that diplomats spent a lot of time brooding over. They could also afford to laugh of any criticism that I might make because it could be ascribed to ignorance rather than informed malice. I hope that you will do the same.

Jan 1, 1988

By J. Levin

The Bond standard grindability test provides a Work Index that is widely used to estimate the energy required for grinding, but the test cannot be applied to fine materials such as plant tailings and middlings. For such materials, a comparative grinding test must be used in which a reference material from an operating plant is ground in a laboratory mill to determine the 'equivalent' energy consumption per revolution of the laboratory mill. As the Bond grindability test mill and its operating conditions are specified, its equivalent energy consumption per revolution should be a constant, here designated as B. Once B has been determined, the mill can be used to estimate the grindability of fine materials without the need for reference materials. A value of B can be calculated from any Bond grindability test, and 245 tests that were conducted at Mintek were examined to determine its value. A wide range of values was found, but most of them were grouped around 198 x 10- 7 kWh/rev, which is taken as the best estimate of B that is available at present. Values of B that are not close to this figure are obtained from materials for which the Bond grindability test gives misleading or 'spurious' Work Indexes. These spurious Work Indexes lead to the apparent departure of B from its true value. Some limitations of the Bond grindability test arise from its use of a mill without litters and of screening, instead of classification, to close the circuit.

Jan 1, 1989

NEW BOOKLET FOR POTENTIAL ENGINEERS A new booklet "Professional Careers in Engineering" for issue to high school students who are considering engineering as a profession has been prepared for general distribution. The booklet is intended to help high school students to decide whether a career as a professional engineer would appeal to them, and to tell them how to set about becoming a professional engineer. Copies of the booklet may be obtained free of charge by writing to: The Federation of Societies of Professional Engineers, P.O. Box 5907, Johannesburg.

The Annual General Meeting of the Johannesburg Branch of The South African Institute of Mining and Metallurgy was held at the Johannesburg Country Club on Tuesday, 21st July, 1992. Big turnout at Lunchtime Lecture The re-introduction of Lunchtime Lectures by the Johannesburg Branch of the South African Institute of Mining and Metallurgy met with resounding success when more than 100 delegates packed the Standard Bank auditorium in Simmonds Street to hear Dr Zach de Beer, leader of the Democratic Party, give his views on the state of the nation.

Jan 1, 1992

Today's conservation thinking is becoming increasingly polarised-a widening gap that could eventually be to the overall detriment of mankind, one way or the other. In one corner, stand the disciples of the untainted wilderness, moral protectors of the natural world who subscribe to the doctrine that the fragile balance of nature is threatened by man's very existence. On the opposite side of the ring, stands the relentless developer, with the megalomaniac notion that nature is purely there to serve humanity and civilisation, under the auspices of 'progress',

Jan 1, 1996

Contribution by W. Assibey-Bonsu I congratulate Mr N.O. Lotter on his paper. There are two main aspects of the paper on which I would like to comment. One aspect is his review of P. Gy's sampling theory under the heading 'Sampling the mill feed' (p. 153). The other aspect relates to his reference to one of our papers1 that was published in the Journal (p. 152). My comments on the former will be given elsewhere'. Authors' reply: Dr Assibey-Bonsu's contribution to the subject is appreciated.

Jan 1, 1996

By M. J. Nicol, G. Cromberge

An account is given of the development of a relatively simple model that describes the kinetics of the absorption of gold cyanide on activated carbon. The model is based on the treatment of the carbon solution interface as a homogeneous boundary across which gold is transported at a rate determined by the rate of mass transport to and from the interface. Rate equations derived from this model describe the results of various kinetic experiments under continuous or batch conditions in the laboratory and on operating pilot and full-scale plants.

Jan 1, 1983