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By B Flynn, P Knights

Low-loaders or 'floats' for relocating equipment in surface mines are limited to a capacity of approximately 350 t. In the iron ore industry it is desirable to be able to rapidly relocate excavators in order to maintain production rates within appropriate quality limits. In addition, the ability to rapidly relocate heavy equipment raises the possibility of improving the quality of repairs by performing maintenance in controlled shop conditions. However, many iron ore operations operate hydraulic excavators in the 600 to 800 t range, with newly released excavator models exceeding 800 t. These excavators are too large to float using conventional technology. This paper examines the potential for using multi-bogie transporters to relocate large hydraulic excavators in surface mines. Recent innovations have seen the development of modular transporters which can be coupled together to achieve larger platform areas. When separated, and with their drive bogies neutralised, these units are able to be towed behind prime movers and relocated between mines via public roads. The potential cost savings for relocating a Terex RH170 excavator in an open pit coal mine are examined. In the first six months of 2008, the analysis showed the potential for a 38 per cent reduction in total travel time with a corresponding revenue increase of approximately $350 k. The paper recommends that a feasibility study be conducted into offering a heavy equipment relocation service within the Pilbara region.

Jan 1, 2009

By L Ventura, M Almond

The Pueblo Viejo project in the Dominican Republic installed an innovative sample system on its reverse circulation (RC) drilling rig during commissioning and subsequent commencement of operations. As knowledge of the orebody increased with mining and plant production, cost pressures became apparent that raised questions concerning the continued use of RC drilling versus blasthole sampling for ore control.To justify the continued use of RC drilling for grade control, an in-depth study was undertaken to determine the quality of the sample and prove its value-add to the operation.To investigate the differences in sample quality, a complete bench trial was initiated across both ore pits to compare RC drill results with blasthole assays on a side-by-side basis. The results indicated that based on ore block comparison between RC and blasthole sampling, RC identified an additional 20 per cent of high-grade (+ 4.5 g/t Au) ounces.Previous work indicated that Au, Ag and Cu were all elevated in the drill fines at Pueblo Viejo (Goers and Almond, 2012). This previous test work did not consider the quantity of fines in an RC sample therefore new test work was undertaken to include particle size distribution analyses. This study would determine if the inclusion of fines in the sample was occurring and compare the quantity of fines in the sample against other sample systems and blasthole samples.Comparisons between RC samples and blasthole samples indicate that for the RC samples a range of 30–35 per cent of the sample passed 300 mesh as compared to blastholes where the range of the sample passing 300 mesh was 15–30 per cent.This paper includes a case study on the importance of accurate samples and how they have impacted throughput through the pressure oxidation process plant at Pueblo Viejo. The accurate samples provided by RC allow for improved stockpile and blending strategies, showing the importance of accurate samples to manage risk and create value, against the perception that savings can be made at the risk of poor sampling performance.CITATION:Almond, M and Ventura, L, 2017. Adding value with reverse circulation drilling at Pueblo Viejo, in Proceedings Tenth International Mining Geology Conference 2017, pp 277–284 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 20, 2017

By T Day, I G. Robertson, G J. Lyman

"Various approaches are used in the industry for establishing procedures (sample mass estimation and method of subsampling) for sampling and analysis of gold ores. The key factors that determine the accuracy of the results that can be expected for a given set of procedures are widely misunderstood.Recent developments in sampling theory show that the estimation of the accuracy that can be expected for a given gold ore as a function of sample mass is actually a simple matter. For a given sample mass, the accuracy that will be achieved depends only on the grade of the ore and the range of masses of the grains of the gold in the ore. This, of course, demands that a reasonable estimate of the distribution or spread of gold grain masses in the ore be known. But this is something that should be known if the gold is to be efficiently recovered in the processing plant.This paper provides a simple explanation of the real facts about sampling of gold, either in the field or in the plant, and provides results for a number of cases of combinations of fine and coarse gold in an ore. The prerequisites for accurate gold sampling are:correct sampling with no loss of sample or contaminationsample preparation procedures that recognise the impact of the gold grain mass spreadpractical analysis of the sample masses required to provide acceptable accuracy.Issues of corporate governance are also discussed.Citation:Lyman, G J, Robertson, I G and Day, T, 2016. The Simple Facts about Sampling Gold Ores, in Proceedings 13th AusIMM Mill Operators’ Conference 2016, pp 159–172 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Oct 10, 2016

By J Westh, S Rashleigh, L Gallagher

Mining companies are moving towards automated haul trucks and other equipment. One reason for this is that if automated trucks can operate in a standard pattern over and over again without variation, then human error is reduced, if not eliminated.The challenge for mining production leaders/managers is to ensure operators follow standard operating procedures for load and dump operations, with each operator doing the same thing, every time. However, operators are only human and inconsistent performance is rife at every mine site. The finger may be pointed at the operators for not doing as instructed. The clarity and variability of trainer instructions may be considered causal to the problem. Herein lies the problem. Almost all operators believe they are following the procedure very closely; moreover, they all demonstrate a strong desire to conform to instruction.Using video analysis and feedback, each operator can be shown where and by how much they differ from the benchmark set by their company. Operators, often for the first time, can see definitively what they are doing, compared to industry best practice.The technology utilised by real-time video (RTV) crews measures time, distance and angles. It can overlay the video of the operator at the load site, with video of the perfect pass. Operators are amazed when they see how near to, or how far they are from best practice.The footage and data gathered by RTV assists operators in understanding exactly what adjustments are required to increase proficiency. It also assists load and dump superintendents to identify where in the process they are losing time. When translated to overburden removal or mineral/resource extraction, the result is large production economies without the need for large capital investment in new automated technology.CITATION:Westh, J, Gallagher, L and Rashleigh, S, 2012. Improving safety and mine productivity using real-time video technology, in Proceedings International Mine Management 2012, pp 173-188 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 20, 2012

By J Harris, M Shi, S Vink, P A. Kirsch

Across the life-of-mine, water is both an essential commodity to mining, and one of the most significant hazards. In Australia, a land of drought and floods, availability of water is a critical strategic risk for mine sites and neighbouring stakeholders, with both insufficient water leading to curtailed operations and contested space, and extreme water closing operations through flooding of mine sites, transportation infrastructure and unplanned regulatory restrictions. In addition to these major strategic risks, water must be addressed in operational risk management activities in many different ways.This paper develops a set of categories for classification of water risks based on academic papers from the water in mining literature. These categories are applied to media content analysis of articles in International Longwall News (ILN) (an online coal industry news site) obtained with the search terms ‘water’, ‘rain’ and ‘flood’. Identified risks are discussed within the context of the life-of-mine. The paper uses these same categories to analyse the treatment of water risks in a new coal industry risk management body of knowledge called RISKGATE (http://www.riskgate.org, Minerals Industry Safety and Health Centre, The University of Queensland). The discussion of water risks in both INL and RISKGATE is compared and contrasted to pinpoint opportunities (and a roadmap) for further development of a specific RISKGATE water module for site-based operations. The media review also identifies areas for development of RISKGATE expansion topic(s) that would address other strategic water risks, eg severe weather events.CITATION:Shi, M, Kirsch, P A, Vink, S and Harris, J, ?2014. Water as risk in mining – media analysis and the RISKGATE body of knowledge, in Proceedings Life-of-Mine 2014 , pp 205–218 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 16, 2014

By T Trott, G Lumley

"The mining industry suffers from a shortage of professional and other workers. Research and analysis has demonstrated a close correlation between high performance in productivity, maintenance and safety. There is also a significant correlation between engagement and performance. It is the hypothesis of the authors that mines can use a strategy of establishing themselves as a high-performance mine to attract and retain high caliber professional people: step 1 is to become best practice in equipment performance (productivity, maintenance and safety) step 2 is to brand the mine as æbest practiceÆ by sharing what has been confidential performance and outcome information with the general industry.Previous research has shown that many professional people are attracted by the prospect of a high achieving site because of the learnings and the support for continually doing better. In addition, a link has been established in previous research between productivity and safety. Operators and drivers are attracted to sites which have fewer dangerous people operating or driving. Good management delivers exceptional performance and a work site which high caliber managers and operational personnel people want to work at. The strategy requires commitment and proper execution but it can work. The strategy needs a specific approach and this paper will discuss this. A case study is provided from a mine which over a nine month period increased dragline performance by 15 per cent and reduced stress on the boom by 30 per cent. This mine paid the employees (professional and operational) $25 000/a less than the major mines but the operators and professional people would not leave; in fact, people were happy to be paid less to work there.CITATION:Lumley, G and Trott, T, 2012. Using best practice operations as a strategy for attracting and retaining professional people, in Proceedings International Mine Management 2012, pp 35-52 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Nov 20, 2012

By R Goater, P Kirsch, S Goater, I Goater

With staff productivity and retention a crucial factor in the longevity of AustraliaÆs mining industry, some mining companies are increasing their focus on the health and well-being of their people, to minimise the risks of deteriorating health in an ageing workforce. Many of AustraliaÆs mining operations rely heavily on long distance commuter (LDC) rosters, which are argued to have a significant impact upon worker health, wellbeing and lifestyle choices. The potential impact of workforce health on mine safety performance, efficiency and operating practice is an interesting additional line of enquiry. Food choice, exercise and recreation initiatives offer living and working conditions that æempower healthy choicesÆ in the shift worker community, but do not guarantee improved worker wellbeing. This paper explores first-hand the experiences of one individual over two and a half years of employment at different mine sites, under different shift conditions and across different operating crews. Novel insights and recommendations concerning the LDC lifestyle are offered through integrating reflections on one individualÆs fly-in, fly-out (FIFO) experiences in open pit mining operations from personal, family, professional and academic perspectives.CITATION:Goater, S, Goater, R, Goater, I and Kirsch, P, 2012. This life of mine - Personal reflections on the well-being of the contracted fly-in, fly-out workforce, in Proceedings Eighth Open Pit OperatorsÆ Conference , pp 31-40 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 18, 2012

By R Norris, M Dunne

Substantial efforts by the industry, as well as by process and equipment designers, have resulted in many innovative developments that provide cost effective reductions in water usage. This paper showcases four emerging best practices in industry including examples of recent installations. Belt press filters are a small fraction of the operating and capital cost of alternative ædryÆ tailings technologies. This gives operators who must ædryÆ their tailings a competitive advantage and makes such operations much more sustainable. The new generation of belt filter presses use less energy, produces lower cake moistures and better disposal stacking properties. The need for tailings storage facilities may be eliminated or in some cases high-grade tailings can be dewatered and sold as a low value product. Mining applications include sand tailings, sinter plant waste, coal tailings and power station fly ash. Flip-flow screening machines are proven worldwide in the dry classification of coal and other minerals, reducing the size of beneficiation plants, whilst reducing energy, water demand and media consumption. They also allow the screening of wet/sticky materials not able to be sized using conventional screens. Lamella separators are used for toxic water clarification and/or sludge thickening in many downstream metal industries with the underflow often dewatered in a belt filter press. Such low cost, high capacity thickeners could also be used instead of conventional thickeners at smaller mines. The simple and reliable continuous washing upward flow (CWUF) sand filters have been used for treatment of waste water from coal preparation plants and steel works as well as in the production of potable water. The filtered waste water from mining processes can then either be reused or discharged from site. Other installations include cleaning mine water to prevent the blocking of dust suppression spray nozzles.

Jan 1, 2006

By E Asakpo, S Chaffer, A Heath

Newmont has had continuous production at their Ahafo operations, Ghana, since 2006. In 2013, Ahafo initiated an efficiency programme to improve mill performance and reduce energy consumption. Following this assessment, a Turbo Pulp Lifter (TPLTM) was installed in the Ahafo SAG mill in April 2015 to replace the existing radial pulp lifters. Plant operational data showed delivery of a power saving of 10 per cent, an improvement in throughput of 3.3 per cent, with no loss of grind size. Pulp lifter life was also doubled from 11 to 22 months.However, during subsequent relines when the grates were removed it was found that one in four of the outer pulp lifters were wearing at a faster rate than the remainder. This was investigated by Discrete Element Method (DEM) modelling, which predicted some overtopping and internal recycle within the pulp lifter. Significantly, the model predicted that the recycled material would pass back down every fourth outer pulp lifter, matching the field observations. Subsequently, the DEM investigation was continued and became an R&D project to improve the TPL design. The results are summarised here, leading to the development of the next generation Spiral TPLTM.CITATION:Heath, A, Chaffer, S and Asakpo, E, 2018. The development of optimised pulp lifter design for the Ahafo SAG mill using discrete element method modelling, in Proceedings 14th AusIMM Mill Operators' Conference 2018, pp 585–594 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 29, 2018

The program, WASTRT 70, was set up specifically to handle the design of tunnel liners and underground structures where inter- action between rock and structure significantly affects the design. It may however be used for any mass/R.C. structure capable of being simulated by straight line elements between modes and with loading restricted to nodes. The analysis system adopts typical elastic/stiffness matrix methods. Two main mass/R.C. design segments are utilized (1) Design of section depth based on maximum required stresses and optimum steel/concrete ratios. (2) Design of reinforcement for a given section depth with concrete stresses given for mass and water code structures. Each design segment covers shear, minimum principal stress on ~ , heavy compression as per code (columns), heavy compression one-face steel (tunnel liners), tension and water code requirements for all moment/thrust/section depth ratios on rectangular sections.

Jan 1, 1976

By D J. Williams, A K. Kho, A Shokouhi, N Tucker

The disposal of dewatered coalmine tailings and coarse reject within spoil piles is gaining popularity as a means of eliminating separate surface tailings storage facilities or dams. The contrasting characteristics of coalmine spoil, coarse reject and tailings are somewhat complimentary, making the co-disposal of dewatered tailings within spoil piles geotechnically feasible and environmentally attractive. However, the impacts of mixing plant rejects within spoil piles are not well understood; in particular, the effects of water draining from the mixed plant rejects on the moisture content of the surrounding spoil. Changes in moisture content can cause additional collapse and degradation settlements of the spoil pile. A series of laboratory tests has been undertaken on mixtures of dewatered coalmine tailings, coarse reject and spoil. The results of these tests have been incorporated into a spreadsheet-based settlement prediction tool to investigate the effects of incorporating mixed plant rejects on total spoil pile settlements. This paper presents the laboratory tests undertaken, the incorporation of the test data into the settlement prediction tool, and settlement estimates for the various mixtures at different stages of construction.CITATION:Kho, A K, Tucker, N, Williams, D J and Shokouhi, A, 2015. Impact of co-disposing mixed plant rejects on spoil pile settlements, in Proceedings Tailings and Mine Waste Management for the 21st Century , pp 51–62 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 27, 2015

The Mt. Sisa Orebody on Misima Island, P.N.G., consists of gold-silver mineralization associated with massive carbonate and amor- phous iron-manganese oxides in fractures and breccia matrix. The orebody forms the north- ern extension of the Umuna deposit. The mineralization lies within the three kilometre strike length of a northwest trending, 300 metre wide, high angle fault zone. The fault zone structure is deeply oxidi- sed, with the manganiferous oxide material resulting from oxidation of carbonate. The wallrocks are metamorphosed basement psammopelites and basic volcanic rocks, exten- sively intruded by microgranodiorite. These are dominantly epidotized and sericitized. The precious metals are associated with anomalous Cu, Zn, Pb, Mn, As, Ba, Ga, Sb, and. Mo. Many of the features of the Mt.Sisa mineralization are characteristic of volcanic- hosted epithermal deposits of western North' America. Lithologic and textural gradation is ob- served between the carbonate hydrothermal breccia-fill at Mt. Sisa, and the quartz domi- nated dilational fracture-fill mineralization which forms most of the Umuna deposit to the south. This gradational relationship is ana- logous to that within the Amethyst-OH vein system at Creede, Colorado, where it is shown to be indicative of deposition from laterally migrating fluids.

Jan 1, 1987

The Mount Isa mine in North West Queens- land produces a total of nearly 10 million t/yr from separate copper and silver lead zinc orebodies. Sampling information is mainly obtained from diamond drilling on 30 to 40 metre centers in both types of orebodies. For the copper orebodies the majority of the core is analysed for copper content using a non-destructive bulk analyser developed by the Australian Atomic Energy Commission. The diamond drill core in the silver lead zinc orebodies is usually sam- pled as sawn half core and assayed in the com- pany laboratory using a variety of methods dependent upon the level of metal content and/or the elements required. Underground development is sampled where additional information is required to improve the ore reserve estimate. The copper areas are sampled using a standard 2.0 m by 2.0 m chip sample of the wall. The chips are taken on a 250 mm spacing. Lead areas are sampled using a 100 mm wide by 4 mm deep channel over intervals determined by the area geologists. The massive, irregularly shaped copper ore bodies are mined as large sublevel open stopes and pillars. Ore reserve estimation on both a production unit and global scale is routinely carried out using a geostatistical system developed in-house and running on a Sperry 1100 mainframe computer. Copper grade, tonnes and the Kriging var- iance are estimated at points on a user defined grid. The Kriging program uses 10 m assay composites from diamond drill core and underground chip samples. One average (rela- tive) variogram is used throughout the main copper orebodies. The validity of using an average variogram was verified by the original geostatistical study undertaken in the late 1970's.

Jan 1, 1987

By R Norris, M Dunne

Mining and mineral processing is expected by society and obliged by law to operate in an environmentally friendly fashion, minimising the impact on and avoiding damage to the environment. Substantial efforts by the industry, as well as by process and equipment designers have resulted in many innovative developments, which show that operating in an environmentally responsible manner can be achieved in a cost-effective way. This paper showcases five emerging equipment best practices in industry including installation examples. Flip-flow screening machines are proven worldwide in the dry classification of coal and other minerals, reducing the size of beneficiation plants whilst reducing energy, water demand and media consumption. They also allow the screening of wet/sticky materials not able to be sized using conventional screens. The belt press filter is a small fraction of the operating and capital cost of alternative dry tailings technologies. This gives operators who must dry their tailings a competitive advantage and makes such ægreenÆ operations much more sustainable. The filtercake is disposed with other plant rejects, eliminating the need for tailings dams to be constructed and thus also often increasing mine reserves. Mining applications include coal tailings, sand tailings, sinter plant waste and power station fly ash. Screen-scroll and vibrating centrifuges are widely used in the coal, potash and salt industries to dewater the product to low surface moistures. Inclined plate Lamella separators are used for toxic water clarification and/or sludge thickening in many downstream metal industries with the underflow often dewatered in a belt filter press. Such low cost, high capacity thickeners could also be used instead of conventional thickeners at smaller mines. The simple and reliable continuous washing upward flow (CWUF) sand filters have been used for treatment of waste water from coal preparation plants and steel works as well as in the worldwide production of potable water. The filtered waste water from mining processes can then either be reused or discharged from site. Other installations include cleaning mine water to prevent the blocking of dust suppression spray nozzles.

Jan 1, 2006

By Sans H

The geostatistical Discrete Gaussian (DG) model is demonstrated to be capable of providing an effective means of implementing change of support for Enterprise-style mineralisation and thus providing reliable global recoverable resource estimates. At Enterprise, sample grade distribution proves to be highly positively skewed, therefore significant deskewing of the histogram and reduction of variance occurs when going from sample to block support. The DG model was experimentally tested in'the Southern Primary Zone (SPZ) at Enterprise, where high anisotropy ratios and pronounced short range structures are observed in variograms. The experimental test was run for a change of support for which the variance reduction was. approximately 60 per cent. This reduction is similar to that predicted by Krige's Relationship ('the volume-variance relationship') for the practical situation of a change of support from 5 m vertical blasthole samples to 3 m x 8 m x 5 m selective mining unit (SMU) blocks. The DG model was found to correctly predict the grade tonnage relationships for a wide range of cut off grades. The experimental test indicated that, given a representative histogram and variogram, the DG change of support provides a computationally efficient and practical means of reliably assessing global mineable resources at the early stages of a mining project. Further, it allows a range of selectivity strategies to be meaningfully and comparatively considered prior to mining.

Jan 1, 1995

By A Mooney, J Marsden, H Grosser, G Dunstan

Carrapateena is a copper-gold deposit hosted in a brecciated granite complex, located 500km North of Adelaide, South Australia. The deposit is being mined using the Sub Level Caving (SLC) Mining method at a rate of 4.25 MTPA. The Carrapateena SLC construction was completed in Q4 2019, with ramp up to a mine production rate of 4.25 MTPA completed within 12 months; ~ 6 months earlier than originally planned (OZ Minerals, 2020b). Traditional SLC designs have had issues with safety interactions on production levels, namely at the perimeter drive, as well as presented challenges for the application of automation due to frequency of activity required to achieve ring turnover rates. Safety in design provides an opportunity to learn from experience at recent modern SLC operations and by considering hazards early in the design process minimise exposure and improve safety, productivity and automation of mining activity. This paper discusses the work carried out during the Carrapateena feasibility study and optimised during project execution; to update the SLC production level mine design, with a layout known as the Carrapateena Crows Foot Level Layout. This paper focuses on: • An introduction to the Carrapateena Operation and mine plan. • An overview and historical challenges of traditional level layout. • An introduction to the Carrapateena Crows Foot level layout, including production level design parameters as well as development metres and productivity comparisons. • Outlines the benefits of the Crows Foot design for safety in design of SLC operations. Provides a roadmap for improved production efficiency, level operational philosophy and the application of automation within the SLC.

Mar 15, 2021

By T D. H McGrath, R Byleveld, W P. Staunton, J J. Eksteen

"The Gold Technology Group at Curtin University through the AMIRA P420 series of projects has recently developed the integrated liberation leach model (ILLM) for optimisation of gold plants. The model encompasses recovery by both gravity (batch centrifugal concentrators or BCCs) and leach adsorption (CIP/CIL) circuits. The ILLM essentially combines the Group’s well-known standalone models (ie gravity and SIMCIL) to create a robust simulation package.The ILLM process model provides a tool for sites to determine optimum set points for operations to optimise recovery (eg target grind size). It can also be used to predict the effect on gravity recovery, leach recovery and overall recovery when changes are made to circuit design, either temporarily (eg a leach tank taken off-line for maintenance) or as part of a circuit expansion (eg expanded gravity circuit capacity, or addition of leach tank capacity).This paper discusses the capability of the ILLM process model by highlighting a recent case study. The paper also addresses the test work and plant data required as model inputs, as well as limitations and the application of the ILLM to greenfield projects.Citation:McGrath, T D H, Staunton, W P, Eksteen, J J and Byleveld, R, 2016. Application of an Integrated Liberation Leach Model for Process Optimisation, in Proceedings 13th AusIMM Mill Operators’ Conference 2016, pp 173–178 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Oct 10, 2016

By P Jere

Mechanically coupled rock bolts encapsulated in cementitious or polyester cartridge resin grouts have been widely adopted for various underground rock reinforcement applications. Resin grouts are considered a superior product, however, both systems have their advantages and limitations, with the relative performance, quality installation cost and cycle time as the most notable parameters. Both applications have optimal rock bolt combinations and preferred ground conditions. Cementitious grouts are favourable for use with secondary deep embedment anchors. These are installed using various equipment with a series of autonomous tasks required to complete the installation cycle. The cartridge resin system can be utilised by a bolting or face boring rock drill to complete the full support installation cycle. This reduction in equipment changeouts mid-cycle generally deems it the more practical application and popular choice for primary support. Self-drilling anchors (SDAs) and hollow bolts have been a viable alternative to traditional rock reinforcement in variable and challenging ground conditions. Using a pumpable post installation grouting system, SDAs have proven to aid the quality of installation, but due to the additional equipment and cycle steps associated with application, the cycle time is increased. In recent years, fully mechanised bolting equipment designed to utilise a combination of self-drilling anchors and a thixotropic pumpable resin installed in a single pass has entered the market. This innovation is anticipated to deliver the advantages described above, with fewer limitations, and significantly improved development and rehabilitation rates. St Barbara Mining and Byrnecut Australia, supported by Master Builders Solutions, were first to conduct extensive trials and implement this rock bolting approach in an Australian hard rock underground mine and record the actual performance.

Mar 29, 2023

By J Gould, T Elkington

Mine operation strategies are commonly optimised with a net present value (NPV) maximisation objective. There are well known properties of a typical mining project optimised for NPV, including high production rates and declining cut-off grade schedules. In practice, however, frequently there are operations that diverge from such NPV-maximising properties. Although a range of reasons for this can be at play, one possible explanation is that operators intuitively adjust their strategies to compensate for the flaws inherent to NPV maximisation. In particular, NPV analysis does not reflect the benefits of managerial flexibility inherent in a mining plan. Real options valuation (ROV) is an alternative approach that addresses this issue. We compare the properties of NPV and ROV optimisation solutions generated for the same scenario. Our simple case study demonstrates that the presence of real operating options in the optimisation model not only entails increased project value as expected, but also tends to encourage lower processing capacity (with lower associated capital cost), higher cut-off grades and greater use of stockpiles.CITATION:Elkington, T and Gould, J, 2012. Real option value optimisation, in Proceedings Project Evaluation 2012 , pp 35-40 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 24, 2012

The current boom being experienced by mining, coupled with a shortage of professionals, will mean those in the industry will have many choices. It may be easy to become carried away and run with the highest bid or the biggest promise. Without planning, however, the ærightÆ opportunity may be missed and there may be some long-term consequences. There are many choices of paths in the industry to suit work preferences, life cycles and to achieve a balanced life. People in mining have changed jobs and companies frequently û which means new leaders need to take greater responsibility in charting their own direction. Career options need to be carefully assessed and aligned to personal values and preferences. Emphasis is given on gaining site experience early on.This paper examines strategies for career planning, which incorporate life cycles, education and what is meant by a balanced lifestyle. Two tools are identified as being helpful in ensuring strategies can be successfully executed. They are ævisioningÆ and æinfluenceÆ.To make the mining industry more attractive, we need more creative solutions around advances in technology and organisation of work. It also needs the input and leadership of new entrants in to the industry to assist in its survival. New leaders are encouraged to voice a vision and effectively influence their companies. New leaders have little authority and need to learn how to effectively influence. We as a mining industry need to listen, be open-minded and give it a go.

Jan 1, 2004