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Callie underground gold mine is part of the Newmont Tanami Operations, and is now the primary provider of ore to the Granites processing Mill. The Callie underground mine has produced in excess of 7.6 million tonnes (Mtpa) of ore, since production began in 1998, with a current production rate of 1.9 Mtpa. Callie underground uses sublevel open stoping with extraction through a combination of primary and secondary stopes. The primary stope filling strategy utilises cement aggregate fill (CAF) to allow full recovery of secondary stopes. The Callie backfill operation has had a continuous testing program in place during this time, which has resulted in a great deal of information available for post fill analysis. All CAF placement into primary stopes for Callie has been via surface boreholes and this has given Callie mine an understanding of some of the issues related to borehole design, type of linings to use depending on angle, depth and quantity of fill into stopes. Finally backfill barricades at Callie have undergone a number of changes during the time to optimise the design based on whether CAF or sand fill is used. This paper discusses the CAF backfill practices and testing methods used for backfilling operations at Callie.

Jan 1, 2005

Leaving the relatively simple life on a uni student and venturing off in to the outside working world is a big step. There are two paths to follow, the æContikiÆ style graduate program where you pick up your new lease vehicle and set forth on two to three years of planned activities, or can pack everything into one bag, stick a copy of æthe rough guideÆ in your pocket, and set off on your own graduate adventure. I took the path less travelled.The less followed method of developing yourself isnÆt for everybody. Parts of the journey are difficult and sometimes it feels hopeless, but itÆs all a learning experience. Along the way you might not get to all the graduate ætourist stopsÆ like dragline, truck-shovel, or drill and blast. But youÆll see most of them and pick up a lot more of the local culture such as people management, operational knowledge, quality control, and the black arts of project financial management.

Jan 1, 2004

By J Coombes, R Sterk

The efficiency of the Australian and New Zealand stock exchanges relies on a fully informed market: shareholders and investors are fully and transparently informed of all material information relating to the shares. These principles of transparency and materiality are similarly core to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). The JORC (Joint Ore Reserves Committee) Code also includes a principle of competency to ensure that the person providing the material information for public disclosure is suitably qualified and experienced.Since its inclusion into the ASX (Australian Securities Exchange) Listing rules in 1989, the JORC Code has continually improved and evolved in attempts to meet the market’s need for competent, transparent and informed disclosure. The quality and effectiveness of Public Reporting in accordance with the JORC Code is under constant challenge: some practitioners argue there is insufficient regulation, while others argue the need for greater self-regulation.This paper contributes to that discourse by exploring how well the Reporting expectations are met, and, whether Public Reporting in accordance with the JORC Code has a material impact on share-price movement.CITATION:Sterk, R and Coombes, J, 2017. Public reporting – new standards or no standards?, in Proceedings Tenth International Mining Geology Conference 2017, pp 423–432 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 20, 2017

By M McGrory, A Rodolfo, J Paredes, L E. Manguba, K A Villaspir, G Webb, R Setiagani, H Cardenas

"OceanaGold’s Didipio operation has been in operation for three years. Integral to the flow sheet design is a flash flotation circuit treating a portion of cyclone underflow, consisting of an Outotec SK-500 flash rougher and an Outotec TC10 flash cleaner and a SB-2500 falcon treating flash rougher concentrate to recover fine free gold.Flash copper recovery has been holding steady at 60 per cent, while flash gold recovery at 50 per cent. Gold recovery from the gravity circuit is 22 per cent, bringing the overall flash plus gravity gold recovery to 72 per cent.Operation of the flash rougher is mainly by pulp level control. Control of copper grade in the flash cleaner is mainly controlled by air inflow and flash cleaner pulp level control drives copper recovery. Gold recovery around the circuit is mainly driven by gold head grade.SB-2500 concentrate is scalped with a 250 micron screen with the coarse fraction reporting to a SB-250 falcon, concentrate of which combines with the screen fine fraction to a Gemini table.Citation:Cardenas, H, McGrory, M, Webb, G, Paredes, J, Setiagani, R, Villaspir, K A, Manguba, L E and Rodolfo, A, 2016. Didipio Flash Flotation and Gravity Recovery Circuit, in Proceedings 13th AusIMM Mill Operators’ Conference 2016, pp 123–126 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Oct 10, 2016

By D Symonds, S S. Kanchibotla, L Kennelly, G McNamara, J Gaunt, B Adiyansyah

Ban Houayxai is a gold-silver mine operated by Phu Bia Mining Limited in Laos since 2012. The first two years of operation processed predominately soft oxidised ore but subsequent years were expected to process more fresh hard ore. Fragmentation of the fresh primary ores was also expected to be much coarser than for the soft oxide ores. This coarser and harder ore is expected to significantly reduce mill throughput and mining productivity. The Ban Houayxai management realised the potential downside risk when processing fresh harder ores and implemented a blast optimisation project to deliver finer fresh ore to the mill without unduly increasing blast induced dilution and damage.JKTech and the Ban Houayxai drill and blast team began a joint blast optimisation project in April 2013 to achieve finer fragmentation from fresh ores. This was achieved by modifying the bench geometry, blast patterns and applying exceptionally high levels of quality control during implementation. Blast induced ore loss and dilution was controlled by adjusting the ore blocks for blast movement. Finer fragmentation from these modified designs improved mill throughput for the hard fresh ore by 46 per cent above design on average. These new practices have been embedded in site operating procedures and have provided a quick reference ‘cookbook’ document for the engineers.CITATION:Gaunt, J, Symonds, D, McNamara, G, Adiyansyah, B, Kennelly, L, Sellers, E J and Kanchibotla, S S, 2015. Optimisation of drill and blast for mill throughput improvement at Ban Houayxai Mine, in Proceedings 11th International Symposium on Rock Fragmentation by Blasting, pp 307–314 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 24, 2015

By J Walshe, G Duclaux, L A. Fisher, R Hough, J S. Cleverley, M F. Gazley

Characterisation of hydrothermal gold systems across multiple scales is increasingly important for our understanding of ore deposit genesis and for targeting new mineralisation. Published work on multiscale mineral system exploration focuses either on applying a single technique across scales or on incorporating a series of techniques across a limited scale range. Typically, these studiesÆ spatial scales vary from crustal to deposit-scale and have successfully linked the distribution and shape of major orebodies to fault systems or varying lithostratigraphy. But, is this scale small enough to answer fundamental questions about the relative timing, processes interactions and mechanisms involved in the formation of ore deposits? We illustrate the potential of a deposit to microscale study, using the Plutonic Gold Mine in Western Australia as an example, to better understand hydrothermal gold systems. Using an integrated approach combining lithological and alteration logs, various geochemical data set, meso- to microscale structural and textural observations and spatial data assimilation, we have revisited the fundamental processes involved in the formation of this significant gold deposit.CITATION:Duclaux, G, Hough, R, Gazley, M F, Fisher, L A, Walshe, J and Cleverley, J S, 2013. A multiscale approach to hydrothermal gold systems - unravelling mineralisation processes at the Plutonic Gold Mine, in Proceedings World Gold 2013 , pp 95-98 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 26, 2013

By M Saghaeian, M Zare, V Sheikhzadeh, R Hejazi

High-Pressure Grinding Roll (HPGR) is one of the efficient methods for increasing the specific surface area (SSA) of iron ore concentrate for pellet feed production. HPGR grinding mechanism implies that material should compressed between the two rolls, therefore layer of material must be able to resist required pressure for achieving suitable grinding conditions. In this study, by doing SSA increasing tests with pilot HPGR, the effects of silica reduction on SSA increasing results were investigated. For this purpose, HPGR tests were performed on an Iranian magnetite concentrate before and after reverse flotation silica reduction tests. Based on the laboratory test results, silicates have been concentrated in two fraction sizes of the sample comprises coarser than 150 microns in form of quartz and finer than 7 microns in form of iron silicates. These silicates have been effected on reduction of concentrate bed pressure resistance by creating a pasty and sticky mud. In this condition, HPGR cannot work properly and operation results are not acceptable. According to flotation silica reduction tests, with 90 per cent weight recovery, concentrate Fe grade is increased from 67.8 per cent to 69.5 per cent and SiO2 content is reduced from 1.98 per cent to 0.9 per cent and especially for lower than 7 microns fraction size, as a critical fraction, SiO2 content decreased from 4.45 per cent to 2.35 per cent. HPGR tests were performed on 8 per cent moisture in 4 N/mm2 specific force and according to the results after silica reduction HPGR operation conditions are optimised. Results showed that the working gap increased from 7 to 10.5 mm and specific throughput of material raised from 180 ts/hm3 to 250 ts/hm3 , and SSA increased by 300 cm2 /gr in a single pass.

Aug 24, 2022

By M Bettison, R Marton, R Wright, M Lowry

Depending on the geological setting, waste rock from mining can present risks to achieving acceptable closure outcomes. In the Pilbara iron ore mines, the majority of waste rock is geochemically inert. However, small percentages of pyritic material with the potential to generate acid and metalliferous drainage (AMD) require considered management within mine waste stockpiles designed to minimise AMD release to the environment. A larger percentage of waste rock has physical characteristics (e.g. erodibility) that may impact upon long-term landform stability. CITATION:Marton, R, Wright, R, Lowry, M and Bettison, M, 2018. The golden thread of waste characterisation from exploration drilling to waste rock placement, in Proceedings Life-of-Mine 2018, pp 90–92 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 25, 2018

By S Coward, S Jackson, S Moayer, J E. Vann

The variability and uncertainty of mineralisation, coupled with subsequent uncertainty in mining and processing, is often paid scant regard or overlooked during the evaluation of mining projects. In many instances, when the project transitions to the operational phase, the reality of feed or product variability and the consequences of unquantified uncertainties throughout the value chain become obvious. The outcome is the familiar picture of frequent ramp-up underperformance and failure to deliver on planned targets and objectives.Both mine and exploration geologists are expected to generate mineral deposit models that are based on an integration of diverse sources of data. These multifaceted deposit models already play a pivotal role in the design, development and optimisation of mining project value, and the trend to a fully digitally engineered future means that this importance is increasing. It is therefore vitally important that tools be made available to the geologist (as well as mining engineers and metallurgists) that enable them to characterise and assess variability and uncertainty via appropriate deposit models and thus articulate their impact on potential project configurations and decisions. Scenario-based project evaluation (SBPE) provides a framework for full and proper analysis of the downstream impacts of inherent deposit variability and uncertainty on project performance.SBPE has been developed by the authors over several years and aims to propagate geological uncertainty and variability through the mining value chain. The outcomes of SBPE can be tested against future external scenarios capturing financial, economic and socio-political factors that also drive project performance. Stochastic representations of the orebody (via conditional simulation (see Chilès and Delfiner, 1999)) that explicitly incorporate variability and represent uncertainty are propagated through the value chain on a block-by-block basis (ie on a much more granular basis than traditional project evaluation approaches).Conventionally, metallurgical processes are modelled with deterministic equations (eg regression models) based on limited data. The SBPE approach allows for the modelling of process performance uncertainty using geometallurgical sampling fully. Multiple outcomes of SBPE are passed through financial modelling, which can also incorporate stochastic components, thus allowing full quantification of the risks and opportunities of a set of project alternatives. The value of the SBPE system is that once a base case has been established, multiple engineered alternatives coupled with external scenarios are easily evaluated and compared in terms of incremental value.A new case study of SBPE is presented that shows how, by analysis of the various aspects of variability and uncertainty, project managers are able to focus on the areas that have the greatest ability to reduce risk and/or add significant value. This can lead to sufficient flexibility being built into operations that allow operators to cope with the real orebody delivered to the plant.CITATION:Jackson, S, Vann, J E, Coward, S and Moayer, S, 2014. Scenario-based project evaluation – full mineral value chain stochastic simulation to evaluate development and operational alternatives, in Proceedings Ninth International Mining Geology Conference 2014 , pp 21–32 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 18, 2014

By I Sherrell, R Jain

Worldwide iron ore feed grades are trending downwards and will continue to do so with the increasing difficulties of upgrading ores. This has led to operations looking for ways to capture current tailings that still contain valuable material. In the past, these were acceptable to dispose of, but this practice is no longer economically feasible. With the increasing trend of re-mining previous tailings deposits that could be decades old, new equipment designs have been introduced to upgrade current or historic beneficiation plants. These designs can effectively upgrade these tailings to saleable products.Outotec conducted test programs for upgrading iron ore tailings from flotation rejects, thickener underflow or tailings dumps on samples provided by customers around the globe. The studies utilised Outotec’s SLon vertically pulsating high-gradient magnetic separator in combination with preprocessing equipment such as low-intensity magnetic separation, screen or scrubber and flotation for downstream processing of the magnetic concentrate. A review of the equipment required to economically process these tailings is provided, along with testing data and industrial implementation examples. The effect of different operational and design parameters on Fe grade and recovery from processing each tailings sample has been highlighted.CITATION:Jain, R and Sherrell, I, 2015. Iron ore tailings reprocessing to maximise ore production, in Proceedings Iron Ore 2015, pp 149–158 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 13, 2015

By E Rubio, N Morales

A common practice in the mining industry is to decompose the planning process into different tasks, so the overall process and specific schedules can be constructed easily. Nevertheless, currently there are some adverse effects, such as not capturing the real value of a project by not taking into account the construction of several underground drifts and general infrastructure. Then the common practice is to compute mining sequence and cut-off grade profiles over the life of the mine without constitutively integrating the development schedule as a means to measure the constructability of a given mine design and sequence. Thus, the investigation summarised in this paper shows a novel, integrative way of treating an underground mine sequence and production schedule while considering drift development scheduling. Moreover, it is thought that, because of this original model, the whole underground production scheduling exercise must concentrate on combining the development and the production scheduling to compute a robust and a feasible production schedule.In order to quantify the effect of the conventional way of viewing the planning, the concept of the building information model (BIM) needs to be used, which was postulated by Charles Eastman and has been used extensively since the late 1970s. BIM takes other aspects of a project into account, considering at the same time the spatial relationships, quantities and properties of building components, but especially some kind of model visualisation, which is the advantage to be incorporated. This paper presents the basis for an optimisation model that allows for defining the sequence of the mining development so that the production plan can be achieved. For this, the model considers the space dimensions, time, pattern or strategy, cost or benefit, precedence and resources available. Tests were performed considering a block caving and sublevel open stoping method. Finally these tests showed the main conclusion, that production sequence changes when the building capacity is considered.

Sep 26, 2011

By G Phillips

The Merlin project is situated 130 km south of Cloncurry in North West Queensland, Australia. It is located within the Pre-Cambrian Mt Isa Inlier and is grouped within the Eastern Fold Belt. The host rocks are metasedimentary rocks of the Proterozoic Kuridala and Staveley Formations adjacent to the Mount Dore Granite.Merlin zone represents part of the Mount Dore polymetallic deposit containing copper, zinc, silver, gold, lead, cobalt and most recently has been found to host molybdenum mineralisation. This is intimately associated with economic grades of rhenium, a naturally occurring metal that is an important component of high temperature aircraft engines. The host rock sequence is a 200 m thick zone of metasediments sandwiched between competent granite in the hanging wall and brittle quartzite in the foot wall. A distinct shear marks the contact between the granite and metasediments. The host rocks are comprised of three main rock types: black shale, phyllite and altered banded calc-silicate.Mineralisation dips to the east at approximately 45° in a package of fine grained pelites and banded calc-silicates. The top 150 m of the sequence is typified by black shale and phyllite. The lower 50 m is typified by pink banded calc-silicate. The main molybdenite zone is located at and parallel to the pelite-calc-silicate contact. Down dip, the zone splits into two or three veins hosted by the calc-silicate rock suite and haloed by thin, steep dipping, stylolitic molybdenite veinlets.The deposit was discovered in 2008 by routine infill reverse circulation sampling conducted for the Mount Dore copper deposit. One hole penetrated below the main target Cu horizon and intersected visible molybdenite. During 2009 and 2010 a 50 × 50 m diamond drill pattern delineated a total mineral resource of 6.7 Mt @ 1.3 per cent Mo, 23g/t Re, 0.3 per cent Cu (mostly Indicated Mineral Resource with minor Inferred Mineral Resource). The resource has been estimated using ordinary kriging within grade domains. Access to the deposit has commenced via a decline and production through the nearby Osborne flotation concentrator (70 km south) is expected in 2012. All facilities and resources are fully owned and operated by Ivanhoe Australia Limited, a public listed company on the Australian and Toronto stock exchanges.

Aug 22, 2011

Development of a global failure criterion for rocks has been a desired goal in rock mechanics. Due to variations in factors affecting rock specifications and their mechanical properties, proposing a single failure criterion suitable for all rock types has proven to be unachievable. The theoretical failure criteria do not fit the real data correctly. Amongst empirical criteria, the Bieniawski criterion has demonstrated an acceptable agreement with laboratory generated data. It has been experienced that the ability to estimate rock strength via the modified form of this criterion is significantly improved. Based on the modified Bieniawski criterion and using VB.net, an associated Microsoft Windows program named 'RAMOCE' has been developed. The inputs of RAMOCE can be triaxial compressive strength data, Bieniawski parameters of a specific rock or the type of given rock. Based on input data, potential outputs of the program are Bieniawski's rock parameters, sensitivity analysis of the effective parameters, rock failure prediction and defining the type of given rock.

Nov 25, 2010

By Voss Smith F, Matters C. W, Slee R. T, Coldham JC, Davies HW, Wallman H. H

The Committee desires to thank the managers of the various mines along the line of lode for their hearty co-operation in its labours. It would also extend thanks to Messrs. J. O. Moulden, Howchin, Twelvetrees, and the West Australian Geological Survey for various information; to Messrs. J. G. Dreyer, S. Pope, T. Read, P. Moncrieff, R. Williams, and W. J. Rose for analyses; and to a number of local gentlemen for advice and help. Professor Skeats, of the Melbourne University, gave much valued assistance in petrology, and Mr. Herbert Lavers kindly undertook the study of the garnets.INTRODUCTIONThe famous Broken Hill lode is situated in a low range of hills, the Barrier Ranges, near the western border of New South Wales. It has been worked since 1884-first for, silver, then for silver and lead, and at present for lead, silver, and zinc. No excuse seems necessary for placing before members even an imperfect report on the geological features of this notable ore deposit, since so little work has been done on the subject as to constitute almost a national reproach. This is the more deplorablesince the evidence laid open by mining operations is destroyed almost as soon as it is exposed, and there exists the real need of a continuous and connected record of geologieal developments.

Jan 1, 1911

By Fourney W. L, Weaver T. A

A large number of single borehole crater-forming shots were analyzed in terms of correlating the crater parameters with explosive weight. The objective was to determine a scaling rule for which the explosive weights varies over many orders of magnitude and covers many different geologic materials. Included in the data base are type and weight of the explosive, geologic medium and degree of saturation, charge depth-of-burial, crater dimensions, and crater rim (lip) measurements. An alternative scheme to the usual plot of scaled depth-of-burial versus scaled volume removed was desired. The proposed technique uses a plot of the logarithm of the explosive weight, Y, versus the logarithm of the slant length, R', calculated from the known depth-of-burial of the explosive and the measured crater radius. A plot of Log Y in kilotons versus Log R' in meters from all the crater tests in this data base resulted in a straight line with a of slope 0.31 and showed good correlation between the variables Log Y and Log R'. Since the crater data includes many geologic materials, different explosives (including nuclear tests), and large differences in charge weight, the straight line fit suggests that the type and strength of the geologic materials play a subordinate role to explosive energy in crater formation.\

Jan 1, 1990

By T J. Grandfield

Paste fill has been used successfully at Henty Gold Mine for the past five years. It has allowed 100 per cent extraction of the orebody, stabilised poor ground and enabled wide sections and offsets to be mined safely. However, there are a number of inefficiencies in the current paste fill system. These include the low output from the drum filter, the addition of aggregate to the paste to compensate and the trucking of paste from the plant to the portal. These inefficiencies have increased the operating cost of the paste fill system and caused a number of operational challenges such as blockages and increased pipe wear. These challenges have been partly overcome by taking ownership of the paste fill process, improved quality control and better communication. Henty is currently developing two new orebodies, the Mt Julia and the Darwin and has an opportunity to build an efficient paste fill operation. This is likely to be a high density paste system without aggregate, either located above the new orebodies or located at the plant and pumped to the new site.

Jan 1, 2002

By F Rashidinejad

Iran has had an active mining sector for some 7000 years. Exceptional in terms of its mineral diversity, Iran produces 62 minerals, and is ranked among the world’s 15 most mineral-rich countries. Many people around the world know Iran as one of the major petroleum exporters. Oil and natural gas dominate Iran’s economy, and oil exports provide the principal source of income, contributing more than 80 per cent of foreign exchange earnings. Transformation of Iran from an oil exporter to an independent country to oil has been on the table for many years, even before the Islamic Revolution of 1979. Development of the Iran’s mineral industry is one of the major replacements for petroleum exports. In the last decade, Iran invested billion dollars in the mining and mineral industry sectors and to increase the added value, tried to export processed minerals instead of the raw materials. In accordance with the ‘20-year Perspective 2025’ that targeted by the Supreme Leader, Iran will be a country with the first rank in economy, science and technology in its region. The objectives over this perspective include briefly increasing annual production to 55 Mt of crude steel, 800 000 tonne of copper cathode, 1.5 Mt of aluminium, 200 Mt mineral products, 300 000 tonne of zinc and 5 000 kg of gold. These goals are achievable in normal circumstances, but concurrency of the 20-year Perspective 2025 with commencement of the UN Security Council sanctions against Iran, frustrated objectives of the perspective, at least the ones related to the mining and mineral industry sectors. This paper tries to elaborate the development programs and following challenges for the mining activities of Iran by 2025.

Nov 22, 2011

By J S. J van Deventer

"Conventional wisdom is that gold not assayable is not recoverable or does not exist. There has been no formal study on the possibility that gold assays using advanced spectroscopy such as mass spectrometry and neutron activation could grossly underestimate the gold recoverable by proprietary extraction techniques. Such gold is not considered here to be æinvisibleÆ to detection but rather æabnormalÆ or ædistortedÆ at atomic level. Large-scale extraction of gold from æabnormalÆ ores has not been demonstrated, hence this emerging field still lacks credibility and acceptance. For fear of harming their reputation, few academic researchers or companies are expected to venture into this field until it is well proven. This paper aims to create awareness amongst metallurgists of the potential of æabnormalÆ gold ores by reviewing unconventional observations, the pseudoscience mainly available in non-peer reviewed web sites, and hypotheses for the recovery of ænon-assayableÆ gold, including: the occurrence of high levels of nano-sized gold in clays detectable by high-precision analytical instruments, which represents æinvisibleÆ gold accounts of ambient transmutation of elements, mainly using thermal methods orbitally rearranged monoatomic elements (ORMEs), which are virtually undetectable by conventional means, and their conversion to normal metals the possibility of a æhigh spinÆ state of transition metals the formation of microclusters altering the chemical behaviour of gold and the possibility of clustering with other elements. It is suggested here that gold in ores displays a range of clustering, from ænormalÆ gold amenable to conventional extraction to the ORME state. The concepts of æintermolecular waterÆ in forming complex salts locking up precious metals, electro-dissolution in strong acids, and electrowinning at both the anode and cathode are discussed as a means of treating æabnormalÆ gold ores. It is also possible that the gas phase extraction of gold chlorides under controlled temperature and pressure conditions, as well as transferred-arc plasma fuming of gold through carbothermic reduction of sulfides, could be used as a basis for extraction of gold from æabnormalÆ ores.CITATION:van Deventer, J S J, 2013. Is there gold that we do not recognise?, in Proceedings World Gold 2013, pp 27-34 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Sep 26, 2013

Exploration for uranium in Australia commenced only during the 1940s, but in this short period has been very successful as one third of the world's low cost uranium reserves have been discovered in Australia. Total uranium exploration expenditure in Australia up to the end of 1983 was $A(1983) 554 million; this discovered 20 potentially economic deposits and official reserves of 560 000 tonnes of uranium oxide at an average cost of $1 per kg of U 0 . An exponential 8 eserves indicates distribution of uranium r that there could be 54 undiscovered uranium deposits in Australia, each with reserves of 20 000 tonnes U308 or more, in addition to smaller deposits. Using a constant uranium price of $A(1983) 79 per kg, no deposit is economic at a grade below 0.12 per cent U 08 or with reserves of less than 3 000 tonnes. Selecting deposits with reserves of 5 000 tonnes U 0g or more as prime exploration targets, only 39 per cent of discoveries will yield a real internal rate of return (IRR) of 10 per cent or more. After committing a minimum exploration budget of $10 million to this search, an explorer has one chance between 7 and 12 of discovering a deposit that will repay the exploration investment.

Jan 1, 1984

Portfolio management tends to separate the functions of Asset Allocation and Stock Selection, so the person responsible for reviewing an expert's report on a company would typically be choosing between companies rather than between a company and cash or bonds. How these choices are made depends on the investment time horizon, philosophy and style. Two styles, momentum investing and value investing are contrasted and the role of valuation methods within the framework of each style is evaluated. Finally, pricing is distinguished from valuation.

Jan 1, 1994