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By A S. Derrington

High-accuracy, solid-state digital reference barometers have proven to be well suited to conducting underground barometric pressure surveys. The only problem is their expense; at least A$4000 each. For this reason, and because barometric pressure surveys are not a routine undertaking, very few mines have been able to justify the purchase of suitable instruments. The author knows of only three Australian metalliferous mines that own them.However, this may soon change given the recent development of low-cost, mass-produced miniature barometric pressure transducers. These transducers were developed to provide an altimeter function in the latest generation of smartphones. The main purpose of the inbuilt altimeter function is to allow the smartphone to be aware of its altitude when the global positioning system satellite signal is lost.This paper describes a prototype barometer that was constructed using one of the most accurate of the latest generation of piezo-resistive smartphone barometric pressure transducers. The prototype instrument was constructed for less than five per cent of the cost of a commercially available digital reference barometer. The prototype was subsequently tested against a reference barometer at the University of Queensland’s Experimental Mine to verify its accuracy and suitability for measuring pressure differences between underground survey stations.It is expected that the instrument’s low cost will pave the way for barometric pressure surveys to become more commonly used in mines. In turn, the resulting improvement in knowledge of major underground pressure losses should allow mine ventilation officers and engineers to optimise their ventilation systems and potentially reduce overall operating costs.An alternative option would be to use a barometer-equipped smartphone as a survey instrument, provided that its inbuilt barometer module is sufficiently accurate.CITATION:Derrington, A S, 2015. Development of a low-cost instrument for barometric pressure surveys, in Proceedings The Australian Mine Ventilation Conference, pp 331–336 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 31, 2015

By D Laurence, L Ge

This paper demonstrates use of remotely sensed imagery in promoting sustainable mining. Remote sensing technology can be used during all phases of a mining project û from evaluating the resource, to making extraction more cost-effective, through to monitoring, mine closure and remediation. Use of the new generation of satellite platforms with the capability of acquiring satellite data with higher spectral and spatial resolution have the capability to emerge as essential indicator for sustainable development in the minerals industry. A life cycle approach to satellite imagery is discussed. The use of an imagery of the site prior to mining activity establishes the environmental baseline, guides mitigation measures and eventual help in suggesting remediation. Remote imagery provides the cost-effective means of monitoring reclamation, including the growth of planted vegetation, of the mine site and surrounding area. The latest advancements in satellite remote sensing are highlighted to meet the newer challenges of sustainable mining practices. Some of the worldwide successful remote sensing applications for the measurement and evaluation of the sustainable development impact of mining operations are described. Presently available source of imagery and its comparative advantages and disadvantages are provided as a guide. Finally, the limitations of this tool are indicated.

Jan 1, 2009

By C J. Pitzer

The prevention of fatal risks is a key objective for the global resources industry, especially considering poor performance with regard to fatality rate reduction and the continued occurrence of mine disasters globally. However, the industry has a credible history, over several decades, of the development and deployment management systems to control potential Serious Injury, Fatal and Catastrophic (P-SIFC) risks. While these systems have had a significant impact on the thinking and approaches to the prevention of fatal risks, fatal accident rates have not shown the desired reduction. Recent fatal and serious injury events in Australia have led to the establishment of several enquiries to further identify improvements that could be considered. Globally, fatal accident rates remain stubbornly high or plateaued in many jurisdictions, and several catastrophic events have occurred, such as tailing dams disasters in Brazil and South Africa, and the recent coalmine disaster in Turkey. Apart from the apparent lack of progress, it is evident that the deployment of critical risk systems has introduced more bureaucracy, slower response systems and additional burdens on already overloaded middle and supervisory levels of management. Organisations are rarely able to effectively tap into the risk source of risk knowledge of the frontline worker and supervisor, for various reasons discussed in this paper. To establish a valid and valuable channel of critical risk information flow from the frontline employee, Debmarine Namibia instigated the development and deployment of a system called SafeSENTRY, where the focus is on the ‘dynamic identification of dynamic risks’. This paper outlines the system, the principles of the design, the range of risk metrics that can be derived from the observations of the frontline operators, and demonstrates how a range of posited shortcomings in critical risk management is addressed how features of the High Reliability Organization (HRO) have been developed.

Mar 29, 2023

By E J. Cowan

Efficiency demands that mine geologists devote the most time to tasks where they can have the biggest effect on production. One of the most time-consuming tasks is geological interpretation of the orebody and turning this into a block model for the planning engineers.The current best practice for mines that require a geologically constrained resource model involves capturing the interpretation of geologists as three-dimensional (3D) wireframes. However, there is significant overhead in the production of valid wireframes from sectional and plan interpretations. This overhead consists of the mundane tasks of digitising polylines, then building 3D wireframes and validating them. While software can simplify this task, the current process is not the best use of a geologist’s time. Under time pressure exerted by planning engineers and the time required for modelling from polylines, geologists are forced to roll-up the presence of other elements or impurities into the interpretation and encode them in the polylines, even though it is often desirable to consider these other factors separately.While it might seem unlikely that mine geologists can produce constrained geological models without the intermediary of wireframes, the technology to accomplish this is getting closer.In this paper, the results of a trial at the Savage River magnetite mine, which is owned and operated by Grange Resources Ltd, are reported. The trial was for a ‘direct-to-block’ implicit geological modelling method. The focus was on creating a geological attributed block model from drill hole geological log data; resource estimates were not determined. The categories modelled were air, waste, low-grade ore, medium-grade ore, and high-grade ore. The block model outputs either resulted in a proportional block model (categories expressed as percentages within equivolumetric blocks) or a sub-blocked model (parent block and one sub-block), which is the preferred block model output at the Savage River mine. When compared to the traditional best practice modelling method, which takes 43 work days, the wireframe-free modelling method took only 26 hours from initial modelling, using both exploration and grade control data. An update using appended drill hole data is achievable within one day. These results represent time savings of more than one order of magnitude compared to the traditional workflow, and, as such, these figures merit serious consideration for the use of the direct-to-block modelling approach at other operations.With these time savings, geological and estimation models can be kept updated constantly; geologists will not need to set aside two months for quarterly or half-yearly modelling of the drill hole data for resource review. Such dramatic time savings will allow for the better use of highly skilled geologists, who are in short supply in the current market, and will also impact directly on downstream mining engineering workflows.

Aug 22, 2011

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 M Scoble

This paper addresses the importance of collaborative approaches to resolving future mining challenges. It attempts to provide some insight into understanding the theory, measurement, mapping and management of collaboration. This is related to the design and planning for successful research and educational initiatives. Reference is made to Canadian and global case studies and personal experiences.

Nov 22, 2011

Newcrest Mining Limited (NML) owns and manages the Ridgeway Gold Mine (RGM) located outside Orange in the state of New South Wales. RGM is a new underground sublevel caving (SLC) operation that is ramping up production to 4 Mtpa. The success of the SLC method at RGM is strongly influenced by production drill and blast practices. Distinguishing features of the Ridgeway SLC operation include choke blasting against broken rock, drawpoint brow preservation, loading of blastholes with different in-hole bulk emulsion densities, precharging of production rings and routine drawpoint fragmentation assessment. These areas are described in the context of RGMÆs required blasting objectives, production drilling and charging activities and innovative practices.

Jan 1, 2002

By Rowlands N. J, Zimmermann D. O

The Engel Model search simulator is described with particular emphasis on preparation of input parameters. The computer has a "black box" role in the same way a telephone or radio is a "black box" in communications. A search technique (sensor) is selected and applied in two stages of'search, namely, reconnaissance and detailed. The model relies on knowing and quantifying the parameters of the target sought and the search technique; this is usually done by analogy studies from available literature and experience. The parameters are then balanced by feasibility studies on the search area. Case histories show that the study makes the user aware of what he is likely to find rather than what he wants or needs to find to be viable. Two case histories are presented: one for Mississippi Valley type lead- zinc deposits and another for stratiform copper. The first study showed particular benefits in the input stage and highlighted the fact that one could expect a lot of encouragement by way of interesting results but with little chance of finding the high-grade,

Jan 1, 1974

By J J. Boshoff

This iron ore mine site, located in the Pilbara region of Western Australia, commenced operations in 1998, with ore derived by mining of open-cut pits in Channel Iron Deposits (CIDs). A portion of the ore extracted at the mine is processed at wet processing plants that produce both ore saleable product and waste fines (i.e. tailings) slurry. The waste fines produced at the wet plants are presently stored within Waste Fines Cells (WFCs).Waste fines cells A (WFCA) and B (WFCB) are located within an Autonomous Haul System (AHS) area and consist of embankments that span the width of the pit in east-west alignments. Technical studies and design analyses were carried out to support embankment raises and ongoing development of the WFCs. During operation and development of the WFCs, a multitude of simultaneous activities took place to the immediate north and south of WFCA respectively. These activities included the construction of the embankment raises using the AHS fleet, mining of the CID to not only mine the ore but to also create future deposition space for WFCB, blasting next to the WFC embankments as part of the mining activities, seepage collection and dewatering of the pit in the vicinity of the WFC.This paper discusses the material characteristics, design approach, construction staging and equipment requirements, blasting near embankments, water management, facility consequence category and closure concept.CITATION:Boshoff, J J, 2018. A waste fines cell with a multitude of concurrent activities, in Proceedings Mine Waste and Tailings Stewardship Conference 2018, pp 39–49 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 23, 2018

By B Reid

"Since the commencement of mining operations at the Cowal Gold Operations (CGO) in 2005, reverse circulation (RC) drilling has been the preferred method for grade control (GC) sample collection. This method was selected because it allowed:for multibench drilling (20 m hole depths for two benches of mining) to aid mine planning increased data density for comparison against the wide spaced ore reserve model angled drill holes to intersect perpendicular to the strike and dip of the shallow dipping mineralisation ability to take two metre sample intervals to enhance the understanding of the mineralisation’s short-scale variability and provide the ability to flitch mine.From June 2008 to December 2013, RC GC was performed using a UDR rotary cone splitter. The field duplicate data over the period displayed strong precision, with a correlation coefficient of 0.94 and an average relative per cent difference (RPD) of 21 per cent for gold. Up to 66.1 per cent of field duplicate data greater than 0.1 g/t fell within ±20 per cent RPD. This is within limits of industry best practice. The Mine to Mill reconciliations over the same period showed the estimated GC grade was 7.7 per cent lower than the calculated head grade (CHG).In December 2013, the Progradex sampling system (PGX) was introduced at CGO due to its advertised ability to capture 100 per cent of the drill cuttings for the complete sample interval, inclusive of fines. Analysis of field duplicate data indicates that since the introduction of the PGX, the sample precision has drifted. From January 2014 to February 2016, the correlation coefficient was 0.92 and up to 51.2 per cent of field duplicate data, greater than 0.1 g/t fell within the ±20 per cent RPD. Over the same 26 month period, the Mine to Mill reconciliation improved to one per cent lower than the CHG. Granulometric analysis of the RC samples collected from the PGX indicated the fines material(<212 µm) averaged up to 22 per cent of the samples mass and following assay determination, the fines material represented a weighted average of 31 per cent of the total gold content within the sample.This paper highlights the:importance of the complete capture of all drill cuttings during an RC drill programinfluence of fines material on the sample quality and accuracyimpact sampling of the fines material has on the Mine to Mill reconciliation performancechallenges experienced in commissioning a PGX system.Citation:Reid, B, 2016. A Fine Looking Sample - the Importance of Fines in Grade Control Sampling to Mine to Mill Reconciliation, in Proceedings Ninth AusIMM Open Pit Operators' Conference 2016, pp 28–38 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Nov 15, 2016

By A Kamaraj, M Mohanasundaram, R Kumar, P Tikare

This study presents a comprehensive thermodynamic optimisation and sustainability analysis of the secondary copper smelting process for Waste Printed Circuit Board (WPCB) recycling. The study investigates various scenarios with different proportions of WPCB in the input stream, ranging from 0 per cent to 100 per cent. Through thermodynamic modelling using FactSage™ version 8.1, the optimisation process is conducted in three stages. The results of the thermodynamic modelling indicate that the best-case scenario for WPCB recycling is achieved with a 40 per cent proportion of WPCB in the input stream. This case exhibits a maximum copper recovery of 99.93 per cent while minimising the formation of other waste. In addition to the thermodynamic analyses, environmental factors such as the carbon emission index and resource utilisation efficiency are studied. The 40 per cent WPCB recycling case exhibits a resource utilisation efficiency of 93.055 per cent and a carbon emission rate of 0.133. The present investigation highlights the significant benefits of a 40 per cent WPCB recycling scenario through a secondary copper smelting process in terms of base metal recovery and energy efficiency, thus emphasising its potential for sustainable PCB waste management and resource utilisation.

Aug 21, 2024

By A Van Kersen, J Hodson

Waihi Gold Mining Co Ltd [WGM], operated by Normandy Mining, has been internationally recognised for its achievements in environmental management at the Martha Mine at Waihi. In a proactive approach to dealing with community concerns regarding blast vibrations on the North Wall cutback, trials were performed using the Cardox System [Cardox], to determine feasibility of achieving economic fragmentation of andesite overburden whilst bettering management levels of 5 mm/s peak particle velocity. Cardox is a non-explosive pressure breaking system which uses high pressure CO2, Results against conventional Ammonium Nitrate/Fuel Oil [ANFO] using a variety of delays showed that conventional blasting techniques could produce marginal fragmentation within the management levels with occasional excursions, whereas Cardox produced the required fragmentation while not registering on the vibration monitoring equipment. Fragmentation to enable normal excavation by a Hitachi EXII00 hydraulic excavator was achieved with a yield of 16m3 per round. The trails indicated that fragmentation with Cardox at the yields required of over 18m3 per round was possible with further product development. The trial demonstrated that non-explosive pressure breaking is feasible and its application warranted where environmental concerns affect the cost-benefit economics of production blasting in sensitive areas.

Jan 1, 2001

By Y Xie, L O’Connor, S C. Dominy

"Sheeted vein gold deposits are characterised by multiple subparallel veins and free milling gold. In situ heterogeneity of mineralisation results in grade and process parameter variability, which will increase project risk. Measured variability is often enhanced by poorly designed sampling and test work protocols. Protocols that are optimised within the framework of the theory of sampling to suit the ore type, together with quality assurance/quality control systems, will reduce variability and provide fit-for-purpose results. The geometallurgical approach requires spatially distributed samples within a deposit to support variability modelling. Diverse attributes from core logging, mineralogical/textural determination and small-scale tests are used to measure variability. This contribution emphasises early stage geometallurgical intervention during project development. It presents a discussion of representative sampling in the context of the theory of sampling. A case study presents a protocol that exemplifies how data can be gained from a well-designed and planned program to support a resource estimate and prefeasibility study.CITATION:Dominy, S C, O’Connor, L and Xie, Y, 2016. Sampling and Test Work Protocol Development for Geometallurgical Characterisation of a Sheeted Vein Gold Deposit, in Proceedings The Third AusIMM International Geometallurgy Conference (GeoMet) 2016, pp 97–112 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Jun 15, 2016

By M Runkel, J Hammerschmidt, A Holmstr÷m, A Charitos, J Gnntner

"Roasting of sulfide concentrates and refractory ores is an important process step in the production of metals and chemicals. Sulfides of iron, zinc, copper and other metals are oxidised with air between 600 and 1000¦C into metal oxides or sulfates and gaseous sulfur dioxide. Roasting of gold concentrates and ores is a typical processing step used to produce a porous calcine suitable for cyanide leaching. During roasting, elements posing problems are removed through: oxidation (carbon, sulfur, arsenic and antimony) or volatilisation (mercury, chlorides and tellurides, as well as arsenic and antimony).This paper focuses on the environmental aspect of roasting using fluidised bed technology. The approach is to show that roasting is an attractive solution for refractory ore pretreatment since, on the one hand, it is an efficient technique yielding high gold recovery rates, while on the other it is able to comply with current stringent international environmental regulations. In that respect, roasting is compared to alternative processes, ie pressure oxidation (POX), bio-oxidation (BIOX) and ultra-fine grinding (UFG). Roaster high gold recovery rates are ensured through roasting-leaching test work, which allows the derivation of respective roasting parameters that are easily achieved in an industrial plant. On the other hand, key elements of the roasting process are analysed, which make it an efficient and sustainable technology, ie the possibility for energy recovery, the removal of off-gas impurities during the different gas cleaning steps (handling of arsenic, mercury emissions and further hazardous dust and gas emissions) and the treatment of the SO2-gas in order to produce sulfuric acid, and finally the treatment of the effluent produced. The processÆs environmental aspects are summarised by listing roasting emission values that comply with international regulations.CITATION:Charitos, A, Runkel, M, Gnntner, J, Holmstr÷m, A and Hammerschmidt, J, 2013. Roasting - a study on environmental aspects, off-gas, effluents and residue treatment, in Proceedings World Gold 2013, pp 509-518 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Sep 26, 2013

By J Nell, J Petersen, X C. Goso

The feasibility of increasing the deportment of titanium species and the stability of the pseudobrookite solid solution (M3O5) in a titaniferous slag was investigated, to facilitate the valourisation of titaniferous slags. Thermochemical simulations using FactSage™ software, ver 8.3 (by Thermofact/CRTC and GTT-Technologies), and equilibration-quench experiments were conducted using an appropriate synthetic titaniferous slag composition in an oxygen partial pressure (pO2) ranging from air to 10-16 atm under non-isothermal conditions. The temperature-pressure phase stability diagram for the synthetic slag containing 37.19 per cent TiO2, 19.69 per cent SiO2, 13.12 per cent Al2O3, 16.00 per cent CaO and 14.00 per cent MgO showed that the spinel solid solution (M3O4) was the primary phase until a pO2 of 10-10.5 atm, thereafter M3O5 was the primary phase until a pO2 10-13.2 atm. M3O4 again was the primary phase between a pO2 10-13.2 and 10-16 atm. The changeover of the primary phase coincided with an increase in the liquidus surface. When cooling the slag in a pO2 of 10-16 atm, M3O5 crystallised as a ternary phase that showed a rapid increase in mass while that of the primary M3O4 phase decreased and that of the secondary perovskite (CaTiO3) phase increased at a slower rate. At 1300°C under sub-liquidus conditions, the contents of M3O5, M3O4 and CaTiO3 were about 20 per cent, 15 per cent, and 11 per cent, respectively. Experimental results showed that the Ti3+/Ti4+ mass ratio in the M3O5 phase, ie a measure of the reduction of titanium species, is not considerably sensitive to equilibration temperature in the reviewed range. Slow cooling and minimum/no oxidation during cooling of titaniferous slag would increase the deportment of titanium species to, and the growth and stability of the M3O5 phase.

Jun 19, 2024

Rather like the mythical "Economic Man" "an employer" in this context must necessarily be an abstraction, and the views possessed by such an abstraction, a composite of many views known to have been expressed. Not even the complex Conciliation and Arbitration legislation in this country provides any helpful specifications, except in one peculiar particular. The Australian Conciliation and Arbitration Act provides an almost totally tautological definition, except in that one oddity referred to above. It is this : "An employer means any employer in any industry, and includes any person who is usually an employer in an industry, and also includes a Club." No doubt there is some perfectly justifiable reason for such specific and unique particularity in an otherwise meaning- less definition. That need not trouble us in this exercise.

Jan 1, 1982

By X Dahe

SLon vertical ring and pulsating high gradient magnetic separators possess excellent mineral processing ability and have been widely applied to process oxidised iron ores. SLon centrifugal separators are applied to clean the SLon magnetic concentrate and remove quartz and other gangue minerals associated with a small portion of magnetite.This paper introduces the application of this technology in Hai Nan, Da Hong Shan and An Shan for processing oxidised iron ores.

Jul 11, 2011

By C Balci, D Tumac, A Sheterpour-Mamaghani, E Dogan, A Kocbay, T Erdogan, A Gumus, H Copur, E Altintas

Excavation of vertical and/or inclined shafts in the underground structures requiring careful design and planning. Raise Boring Machines (RBMs) are commonly used for excavation of shafts for different purposes such as ventilation, orepass, and human-material transportation. Proper selection and accurate performance prediction of RBMs are two main parameters affecting the cost estimation and planning/scheduling. Indentation test is one of the most preferred methods that can be used to predict advance rate of RBMs. This study aims at suggestion of new prediction model for instantaneous penetration rate of RBMs based on indentation tests. Different rock (core) samples (with different geological origins) are obtained from the raise boring application projects in Turkey; then, the indentation tests are carried out on them by using a real-life insert (button), which is used in reamerhead cutters investigated in this study. Finally, the statistical relationships between the field performance and the indentation indices are investigated. The study indicates that the brittleness index (the ratio of maximum applied force to corresponding penetration) can be used to predict instantaneous penetration rate of RBMs used in the vertical raise bored shafts excavating rocks having uniaxial compressive strength lower than 100 MPa.

Nov 29, 2022

The Fosterville Goldfield has a modest past production (0.3 Moz), but is now emerging as a significant goldfield (2.6 Moz resources, including 1.1 Moz reserves) with implications for exploration within the orogenic gold provinces of the Lachlan Fold Belt in Australia and the Buller Terrane on the West Coast of New Zealand. Fosterville is located 20 km east of the 22 Moz Bendigo Goldfield and is geologically similar to other Victorian goldfields, however the nature of the gold mineralisation differs significantly. Unlike other Victorian goldfields there is no primary free gold at Fosterville. The gold occurs in as sub-SEM resolution particles, in fine grained arsenopyrite and pyrite crystals disseminated through the wall rocks in fault controlled quartz-carbonate vein stockworks. The Fosterville Goldfield comprises several subparallel fault systems striking 340¦ over an exposed strike length of 28 km. The Fosterville Fault system comprises the west dipping (~75¦), reverse Fosterville Fault and several less steeply west dipping splay faults formed in the footwall. The splay faults extend through east dipping beds from the Fosterville Fault across a syncline hinge into stratigraphically controlled positions on the west dipping limb of the syncline. The predominant control on gold mineralisation is the intersection of the bedding on the east dipping limb of the syncline and faulting which, is in turn controlled by the orientation of bedding in the west dipping limb of the syncline. The mineralised shoots are thus subparallel to the plunge of the syncline and show a plunge reversal about a culmination in the footwall syncline. This provides a very powerful exploration tool with bedding û cleavage intersection lineations measured in outcrop and oriented core indicating the plunge of mineralisation. Mineralisation is also, albeit less commonly, controlled by local variations in strike and dip of the host fault and at metre scale by host lithology. As the faults and mineralisation are stratigraphically controlled, detailed stratigraphic interpretations are essential to provide control on structural interpretations for resource modelling. Compared to other Victorian goldfields, the Fosterville Goldfield formed later (385 Ma to 360 Ma cf 440 Ma), at lower temperatures and at shallower depths (fluid inclusion studies of Au associated veins suggest vein formation at ~270¦C (range 140¦C to 385¦C) and at depths of 2.6 - 5.7 km).

Jan 1, 2005

By G J. A Dewar

The Australian Corporations Law generally requires Independent Expert Reports to be presented in support of capital raising or in defence of mergers and takeovers. The introduction of the VALMIN Code in 1995 (and its recent revision issued as the VALMIN Code, 1998) made Assessment and Valuation Reports in these circumstances much more comprehensible than before because of its key requirements for transparency and materiality. By forcing the Independent Valuer to provide an explanation of the reasoning behind the estimation of a particular resource asset, VALMIN allows the reader to clearly see any error or illogicality in the valuation methodology used and to seriously question or even reject the resulting value. Even though many elements of resource asset valuation practice are undeniably subjective, there must be some basis of objective rationality to it. Independent resource asset Valuers are the essential link between mineral explorers/miners on the one hand and brokers/analysts/fund managers/investors on the other. The minerals and financial industries both expect them to not use inappropriate or invalid valuation methods and illogical steps within these methods. This paper examines some of the less sensible ways in which some of the main techniques that Valuers commonly use to assess the fair market value of mineral properties have been applied in recent instances. The authors hope to discourage the adoption or perpetration of the æWhat-number-did-you-have-in-mind?' approach. It is MINVALÆs view that as many methods as possible should be used in any resource asset valuation. If any of the resulting estimates are in approximate agreement (particularly if they were derived using the less subjective of the available methods), ie if they cluster, they are probably more persuasive as being the Preferred Value of the asset than outlier values within the Valuation Range.

Jan 1, 1999