Search Documents

By Ren Xiangwen, Shi Xuefa, Shao Mingjuan, Ye Jun, Yang Yaomin, Li Bing

"The Mid-Atlantic Ridge (MAR), one of the archetypes of slow spreading ocean ridges, extends from the Arctic Mid-Ocean Ridge southward to the Bouvet triple junction making up a significant proportion (~ 40%) of the global oceanic ridge system. During the past few decades, many hydrothermal fields like TAG, Logatchev, Ashasze were discovered along the northern part of the MAR, whereas the southern part, which makes up one third of the ridge (6000km), shows little documentation of hydrothermal mineralization, except for three sites: Site 4°48! the Nibelungen Field, and Lilliput. During March to May 2011, following discovery of three new hydrothermal fields during the 2nd Leg of COMRA's 22 Cruise of the R/V DayangYihao, the 3rd and 4th Legs found another two high temperature hydrothermal fields (SMAR15°S, SMAR26°S), one low temperature field, and several fields with strong turbidity and temperature anomalies in the water column. In this study, we present a preliminarily study of the mineralogy and isotopic geochemistry of the sulfides from SMAR 15°S and SMAR26°S.SMAR 15°S is situated in a SE-NW offset depression of an axial neovolcanic ridge in the median valley, with water depth of about 2793m. In the water column around this field, strong turbidity and temperature anomalies were detected. Ten-meter tall venting chimneys, hydrothermal mounds, as well as a large amount of hydrothermal vent shrimp were also observed and recorded by ROV and deep-tow camera surveys. The samples collected from this field include sulfide chimney fragments, massive sulfides and basaltic rocks. Based on the major metal and the mineral assemblages, three types of sulfides have been identified: 1) Zn-Fe rich sulfides with abundant wurtzite and pyrite zoned fragments, 2) Cu-Fe rich sulfides with much isocubanite and pyrite assemblage, 3) Fe-rich sulfide with massive pyrite fragments. These indicate that this field has undergone at least three phases of mineralization during the venting history."

Sep 1, 2014

By R. Fedors, T. Ghezzehei, D. Or

The phenomena of dripping into cavities (e.g. tunnels and drifts) within an unsaturated fractured porous medium under ventilated conditions is studied to improve estimates of dripping rates, drop sizes, and chemical composition of droplets that could affect the integrity of high-level nuclear waste packages placed in drifts. The sensitivity of dripping rates and water chemistry to ventilation is analyzed at various flow rates using analytical expressions linking flow on fracture surfaces to drop formation and evaporation. The model was tested using laboratory experiments involving machined aluminum slabs designed to represent a simplified morphology of a fracture face intersecting a cavity and using natural fracture surfaces from a welded tuff. Comparison with ten years of data on dripping in natural caves showed good agreement with model predictions. In particular, for low dripping rates, evaporation due to ventilation leads to larger drop sizes and alters drop chemistry by increasing the concentration of solutes in the drop relative to that in the water flowing on the fracture face.

Jan 1, 2000

By Paul Richardson

This paper will review several projects completed during the period from 1976 through 1984 which have been carried out utilizing big hole drilling concepts. The projects discussed will be from various industries to demonstrate the extent that big hole drilling methods are being used along with the current state of development. There will be a discussion of projects planned for the future where big hole drilling methods are the only technology being considered. Also included in the discussions will be an overview of the most recently completed heavy oil recovery project. During the next decade, big hole drilling methods will be used more and more in all industries where underground access is required. The safety, speed and economics associated with shaft sinking using drilling methods are becoming more and more recognized and the technology is rapidly becoming an accepted shaft sinking method.

Jan 1, 1985

By Steve J. Czehura

The Butte quartz monzonite is the host rock for early porphyry copper style mineralization and subsequent mesothermal-epithermal, enargite-gold style veining that transects the district. The east-west Anaconda system veins sustained mining for over a century. They include the Emma, Anaconda-Original, Syndicate, Badger-State and Alice-Rainbow veins, each with strike lengths of more than 3,660-m (12,000-ft) and vertical continuity in excess of 1,370-m (4,500-ft) with mining widths from 1.5- to 15-m (5- to 50-ft). These characteristics are unique to Butte. The incredible dimensions and tenor of these veins have yet to be surpassed and Butte is still touted as being the “Richest Hill on Earth.” The Anaconda Company was formed in 1895 to develop underground copper reserves in the district. It eventually consolidated all operations under one company. Production from underground mining continued through the mid-1970s. Openpit mining in the Berkeley pit began in 1955 with the extraction of supergene ores, along with the remnants of deeper horsetail zones inaccessible to the underground mines.

Jan 1, 2006

By R. J. Snoby, M. A. Short, A. Jungmann

In processing coal, the low concentrate value requires high capacity production and sharp classification/separation techniques to reduce specific production costs. The allflux separator meets these criteria with a unique two-stage design. Through a combination of rising current and fluidized bed technologies, the allflux has extended the state of the art by expanding the particle size range that can be efficiently processed. Using concepts that have proven successful in processing concrete sands, small-scale industrial testing with coal feed stocks looks very promising. Attractive applications for the allflux are projected in fine coal recovery from old settling ponds or as a retrofit in existing fines circuits.

Jan 1, 2001

By S. K. Kawatra, A. K. Bakshi, T. C. Eisele

An on-line rheometer, suitable for use with slurries, has been developed at Michigan Technological University. This rheometer can be used with both Newtonian and non-Newtonian slurries, and produces complete shear-rate/shear stress curves which characterize the time-independent rheology of the slurry. The sensor utilizes the Hagen-Poiseuille equation and Boyle's Law to calculate the shear rate, slurry flowrate, and shear stress from a series of pressure measurements. The design of the unit allows the measurement sample to be continuously collected from operating process streams in the often-hostile on-line environment. The shear rate/shear stress curves can be used to conveniently calculate the apparent viscosity at any given shear rate, and also to measure any yield stress or other deviations from Newtonian behavior.

Jan 1, 1999

By P. Sangurmath, C. Gundewar, M. Riyazulla, V. Vasudev, N. Shadaksharswami

Dharwar craton in the southern Indian shield, comprises the Neoarchaean foreland in the west and a relatively younger accretionary complex composed of granitoids and intervening gold-bearing volcano-sedimentary belts. The Hutti schist belt hosting a major gold producing mine is situated in the northern part of the eastern Dharwar craton. It is a horse-shoe shaped structure comprising predominantly of pillowed metabasalt of tholeiitic composition with minor amounts of clastic sediments and felsic volcanic rocks. The belt is intruded on all sides by circular to tabular bodies of granites and granodiorite. Important gold deposits are located at Hutti, Hira-Buddini and Uti villages. Felsic volcanics in the Hutti belt occur as tabular bodies of quartz porphyry and breccia. Two of the gold-bearing reefs in the Hutti mine, Viz., Middle and Strike reefs are intimately associated with tabular sub-vertical sheets of mylonitic quartz-feldspar porphyry intruding pillowed metrabasalt. In Uti mine area, the felsic volcanics occurs as a tabular body. At Hira-Buddini, the felsic volcanic occur as a irregularly shaped sheet in pillowed metabasalt. Mineralogical and geochemical studies suggest that the felsic volcanic rock in Hutti mine area is a rhyolite and at Uti and Hira-Buddhini it is of dacite composition. Scheelite occurs as veins, veinlets, stringers and blebs along fracture planes of felsic volcanics in the Hutti mine area, whereas at Uti and Hira-Buddini it is insignificant. On the basis of spatial association of metabasalt and felsic volcanics and on geochemical grounds, we interpret that the felsic volcanics might have originated by the partial melting of basalt. REE patterns of the granite, granodiorite and metabasalt of Hutti are similar to each other indicating that they could be co-magmatic. However, REE in the Hutti felsic rocks is significantly higher than in Uti and particularly Hira-Buddini mine areas. The two felsic volcanic samples drawn away from the mineralized zone from all the three mine areas were analyzed for tungsten. In Hutti one sample assayed 0.15% and another 0.062%. At Uti, in one sample it assayed 0.056% and another less than 1 ppm, whereas at Hira-Buddini, it is less than 1 ppm in both the samples. The spatially associated basalt analyzed 23 to 235 ppm tungsten, whereas granites and granodiorites have very low (<1 ppm) tungsten. Therefore, the source of tungsten in the felsic volcanics of Hutti area could be traced to metabasalt. The absence of significant amount of tungsten in the felsic volcanic of Hira-Buddini could be attributed to the lack of REE enrichment compared to REE in Hutti and Uti felsic volcanics.

Jan 1, 2007

By William W. Edgerton

The California Department of Transportation (Caltrans), the Contra Costa Transportation Authority (CCTA), and the Alameda County Congestion Management Agency (Alameda CMA) are involved in a unique partnership on the planning and design of the fourth bore of the Caldecott Tunnel, located on State Route 24 in Alameda and Contra Costa counties. The project will add a two-lane bore north of the existing three bores. The project will alleviate traffic congestion in the non-peak direction. This paper provides background on the existing facility, summarizes the need for the new fourth bore, describes the proposed improvements, sets forth the approach for project delivery, and lists some of the challenges that are expected during construction.

Jan 1, 2008

By F. Díaz-Fierros, D. Rubinos, M. T. Barral

The present work explores the reutilization of red mud, an industrial waste arising from the production of alumina, as a component of isolation technologies for hazardous substances. The work involved the study and optimisation of the geotechnical properties of red mud in conjunction with adsorption experiments of As(V) and Hg(II). The results from both types of experiments were integrated in a dispersion-diffusion model to calculate migration curves and minimum thickness of the red mud compacted layer. The geotechnical studies showed that compaction increased the stability and decreased the hydraulic conductivity of red mud barrier. Red mud sorbed high amounts of As (up to 44 mmmol kg-1) and Hg (up to 9.2 mmmol kg-1). The calculated minimum thickness of the red mud barrier was 1-10 cm for As and 2-19 cm for Hg, for an operation period of 35 years. The results obtained let to conclude that the reuse of red mud as a component of isolation systems of hazardous substances represents a viable alternative use of this residue.

Jan 1, 2011

By J. C. Poulos

The West Elk Mine is located near Somerset, Colorado approximately 70 miles southeast of Grand Junction, Colorado and 72 miles southwest of Glenwood Springs, Colorado on state highway 133 (Figure 1). The West Elk Mine was opened January 20, 1982 as the Mount Gunnison #1 Mine operated by the West Elk Coal Company, a division of ARCO Coal. In the early 1990?s ARCO changed the mine name to West Elk Mine and the operating company was renamed Mountain Coal Company. Arch Coal, Inc. purchased the West Elk Mine in 1998. West Elk Mine has produced coal from three different seams. Coal was first mined from the F Seam, the upper most seam in the stratigraphic sequence, from 1982 through 1991. Coal was produced from the B Seam, the lower most seam, starting with continuous miners in 1991 and transitioning to longwall mining in 1992and continued on through October 2008. The development of the E Seam, which is the middle seam in the stratigraphic column, started in 2004 with longwall production commencing in 2008. The ventilation conversion from exhausting to forcing for the E Seam portion of the West Elk Mine was implemented in late October 2009.

Feb 27, 2013

The Midvale Slag Site covers 300 acres in Midvale, Salt Lake County, Utah. Midvale (population 10,000) is part of the Salt Lake City metropolitan area (population 936,000). Between 1902 and 1971, United States Smelting, Refining and Mining Co. smelted ores on the site to produce copper, gold, lead, and silver. Figure 1 shows a picture of the historical Midvale smelter operations. [ ] When operations ceased, the site was estimated to contain 2 million tons of slag from these operations. The smelter no longer exists. In 1971, Valley Materials, Inc., acquired the site to process the slag into materials for railroad beds and asphalt highways. During the 1980s, the U.S. Environmental Protection Agency (USEPA) raised concerns regarding environmental impacts associated with the historical site operations. The Midvale Slag Superfund Site was listed on the NPL in 1991. The Site consists of two Operable Units (OUs): OU1 covering the properties north and adjacent to former ore smelting operations; and OU2 covering the smelter site itself. OU1 had historically been affected by wind blown slag dust and stack emissions occurring on OU2 and the Sharon Steel site further to the south. These emissions resulted in elevated levels of arsenic and lead in the native soils. The EPA issued the final Record of Decision (ROD) for the OU1 Site in 1995. The OU1 ROD required the implementation of institutional controls for the undeveloped portions of OU1 in order to restrict future land use to commercial/industrial purposes unless additional remediation was performed. Hence, the land comprising OU1 was originally considered in the ROD to be suitable for commercial or industrial purposes without the need for remedial action. However, development of OU1 for other land uses, including residential or recreational, would require additional assessment and probable remediation. The OU2 parcel was remediated by EPA to allow future land development, and the Sharon Steel site was remediated by EPA and deleted from the NPL. PROPERTY TRANSACTION AND REDEVELOPMENT In February 2006, a private development company, Mercer Bingham Junction, LLC. (MBJ) purchased 130 acres of the OU1 property for the purpose of performing environmental remediation, and developing mixed residential and commercial real estate. Development of the property was conducted in cooperation with USEPA Region 8 (EPA), the Utah Department of Environmental Quality (UDEQ) and Midvale City. The guidelines under which residential development could occur were defined by EPA. The 130 acres was to be developed for open space, residential and commercial use as part the Midvale City Bingham Junction development. Figure 2 shows the general layout of the proposed land uses. [ ] In May 2005, MBJ began pre-acquisition due diligence activities to purchase the 130 acres of OU1 north of 7200 South Street, which now comprises the Bingham Junction Development. This included the completion of Phase I and limited Phase II investigations. The Phase II investigations were performed to evaluate arsenic and lead concentrations in the planned residential areas of the site, and to explore the contents of the historic landfill on the property. The historic landfill area was on the far west side of OU1, adjacent to the Jordan River. Soil samples collected during the Phase II investigation showed that the planned residential parcels did not currently meet the criteria established in the Tech Memo and that additional placement of fill or soil excavation would be required for residential development in this area. An evaluation performed by the previous owner of the property, Littleson, Inc., showed similar results.

Jan 1, 2009

Over the past seven years a large database of coal self-heating rates under adiabatic conditions has been developed at The University of Queensland. Coals have been tested from Australia (Queensland and New South Wales), New Zealand (North and South Island), Indonesia and more recently the United States. As a result of this work, definitive relationships and trends have been established for the effects of various intrinsic coal properties on self-heating rates and anomalous coals have also been identified. Previously held views on the effects of coal rank, type and inorganic constituents are examined in this paper. Many of the published relationships do not hold true in terms of coal self-heating rates. A propensity rating scheme has also been developed which is routinely used in Australia for assessing coals and identifying appropriate mining analogues for spontaneous combustion management planning. A selection of examples will be presented in the paper, which shows the significance of this assessment strategy.

Jan 1, 2009

By Alok Garg, Rajeev Kumar Dayal

The Himalayan ranges have complex geological formation induced with locked up tectonic stresses and squeezing ground conditions. High overburden, steep slopes, perennial snow, and forest cover restricts accurate prediction of geological features, resulting in surprises during excavation. The tunnel planning under high altitude, extreme climatic, and unfavorable approachability conditions requires elaborate detailing. The construction technique and working faces for excavation are influenced by site accessibility/high overburden conditions, restricting the provision of access tunnel or shaft. The paper discusses site constraints influencing construction method and working faces for 8.9 km long highway tunnel at elevation 3,000 m under 1,900 mover burden through quartz-mica-schist formation.

Jan 1, 2001

By Thom Seal, S. J. Jung

This paper will combine three SME annual meeting presentations on reducing gold inventory in cyanide heap leaching. Information on Part I – Side slope leaching (SME 2003), Part II – Determining the dry zones using geophysical resistivity (SME 2004), and Part III - Presents a new technology “Hydro-Jex”, to introduce the required lixiviants to the un-leach or under-leach zones in heaps (SME 2005). This paper will describe how Newmont Mining Corporation continues to improve the economics of the heap leaching process for precious metals recovery.

Jan 1, 2005

By Thomas A. Simpson

Traveling through the moors and valleys of Cornwall, England, one is reminded of the extensive mining activities of the past. Abandoned shafts, remains of granite block wheel houses and engine houses, battered brick stacks, old calciners, overgrown water wheel pits, count house remains, overgrown waste pits, and old portals are gaunt monuments to a once flourishing mining industry. Cornwall is bordered on the north by Devon and occupies the south-western most tip of Great Britain. The Atlantic Ocean borders the promontory; to the north, the mouth of the famous Bristol Channel faces the open sea; and to the south, the English Channel separates the land masses of Great Britain and Europe. This part of England is probably the most extensively mined ground in all of Europe. Such great mines as Dolcoath and Wheel Vor, Consols and South Carodan, Levant and Bottalack, remain legendary in the annals of metal mining in the nineteenth century. Many US mining districts hold close ties with Cornwall, Devon, and Wales through ancestors who emigrated from there to work in US mines in the eighteenth and early nineteenth centuries. Their descendants can be found in many major US mining districts, and their terms, expressions, customs, and methods have left an impact on the US mining scene that remains with us today.

Jan 9, 1981

By C. Pritchard

John Marks said in his acceptance of the Hartman Award in 2008 ? ?I guess that without the occasional complaint, your mine is probably over-ventilated? (Marks, 2008). Miners are seldom in this situation and often spend much of the time trying to find enough air to keep the operation running. With examination there are some things that can be done to make the best use of ventilation systems. Should there be surplus air, in which some of these options may result - financial and other benefits can be obtained. Some of the issues mine operators have needed to address recently are increased airflow requirements to dilute diesel particulates in metal and non-metal mines. Also, operations are faced with demands from reserves that are deeper, hotter and further away from fans and shafts, not to mention increased production demands. Mine ventilation air is a costly commodity, especially by the time it has been heated or cooled and moved to the bottom of the shaft and through the mine airways. Most of the options presented in this paper are useful for metal non-metal operations but some may be applicable to coal too. OPTIONS FOR IMPROVEMENT Some of the areas to be addressed are shop ventilation methods, auxiliary equipment areas, dedicated intakes and returns, optimizing development, examination of mine airway utilization and alternative ventilation methods. UNDERGROUND SHOPS First, examine what is being done with the underground shop air. If it is being coursed directly to the returns there may be some potential to better utilize this, in most cases, relatively contaminant free air. Research the legal options for ventilating mine shops. MSHA regulations in 30CFR 57.4761 (1) allow the following options: To confine or prevent the spread of toxic gases from a fire originating in an underground shop where maintenance work is routinely done on mobile equipment, one of the following measures shall be taken: use of control doors or bulkheads, routing of the mine shop air directly to an exhaust system, reversal of mechanical ventilation, or use of an automatic fire suppression system in conjunction with an alternate escape route. The alternative used shall at all times provide at least the same degree of safety as control doors or bulkheads. Discussion This regulation gives some operators flexibility in ventilating underground shop facilities. If shop air is to be coursed through the work area, and then directly to the mine return, the question should be asked ? is the quality of air good enough to be reused in the mine, and if so, what are the risks? Can the risks be accommodated and managed to accomplish the change? If so, a considerable increase in mine level airflow could be attained by reusing shop air. Clearly, regulations are a minimum standard, and can be exceeded. Metal non-metal mine regulations are not as specific as coal due to the multitude of different mining methods and conditions utilized. Risks must be thoroughly examined and addressed to assure a safe environment. Issues Determine what contaminants are being produced in the work area ? welding fumes, diesel exhaust, paint fumes, chemicals and solvents, etc. Survey the area and determine exposures. MSHA requires exposure monitoring in 30 CFR 57.5002 (1) of dust, gasses mists and fumes to assure air quality is being met. Perform surveys and examine existing data to quantify personal and area concentrations of contaminants. Often there is adequate circulation such that exposure levels in shop work areas are low. After sending shop air back into the system any contaminants would be further lowered by dilution with other mine intake air downstream. Look at the shop work schedule. If only on day shift, the other two shifts and possibly weekends have no activity or source of contamination to affect the ventilation system. The worst case planning scenario would be a shop fire. Study and simulate how this would affect the mine and shop area. MSHA regulations require an escape route and a fire suppression system be installed and maintained as follows in 30 CFR 57.4671 (1): (d) Automatic fire suppression system and escape route. If used as an alternative, the automatic fire suppression system and alternate escape route shall meet the following requirements: (1) The suppression system shall be? (d)(1)(i) Located in the shop area; (d)(1)(ii) The appropriate size and type for the particular fire hazards involved; and (d)(1)(iii) Inspected at weekly intervals and properly maintained. (2) The escape route shall bypass the shop area so that the route will not be affected by a fire in the shop area. Case Study In an underground room and pillar mine, active mine workings were advancing further away from the mine shaft with deteriorated returns and leakage having a negative effect on ventilation airflows to the face. Mine level airflows were 236 m3/s (500,000 cfm) and shop airflows were 24 m3/s (50,000 cfm) (see Figure 1A). No additional capacity was available at the main surface fan. A solution was to utilize the shop air then send it to the mine areas instead of directly to the return. Considerable information on shop air quality and exposures from many years of operation was examined and no negative data was discovered. A risk analysis determined that moving forward with a shop air reuse program was desirable. A plan was developed, analyzed and decision to proceed approved by mine management. The change was simulated on the computer with the USBM/MTU MFire program before being implemented. This included utilizing fire scenarios to examine potential exposures to inby mining sections and plan escape routes. A monitoring system was designed and installed in cooperation with the US Bureau of Mines to monitor carbon monoxide

Jan 1, 2009

By K. Awuah-Offei

An aggregate plant may have difficulty balancing product stockpile inventories if hot mix asphalt (HMA) design engineers do not account for aggregate inventory during mix design. Yet HMA design engineers do not, often, take this into consideration during asphalt mix design. This is due to the lack of tools that enable the lab technician or engineer to optimize the mix for good performance while helping the aggregate plant manage its stockpile inventory levels and reducing the aggregate cost. This work presents a linear programming model of the asphalt mix design problem that helps aggregate plants manage their inventory levels while meeting HMA customer demands. The algorithm is implemented in MATLAB as an Asphalt Mix Design Optimization (AMIDO) program. The program is successfully validated with real-life data. The results show that AMIDO can be used to successfully produce any mix design while reducing the cost of aggregates by using the cheapest stockpile materials. The application of AMIDO will increase aggregate plant profitability when serving HMA customers and could potentially be modified for concrete aggregate customers too.

Jan 1, 2009

By Augustine O. Orumwense

Ball mills are commonly used for regrinding operations in the mineral processing industry. But, in recent times, efforts are being made at the introduction of stirred mills particularly for those instances where very fine grinding is required. Media type (steel shot, glass beads, alumina balls and crushed quartz), media size, mill speed and the number of passes required to obtained the target product size are studied. The product size and energy consumption are used in the evaluation of the test results. The grinding media size, shape, density, filling ratio, mill circumferential speed and grinding time play a distinct role in product size fineness.

Jan 1, 2005

Many of the world?s largest existing mines are considering substantial step changes in production volumes, compensating for declining ore grades while trying to address increases in world demand for resources. The natural configuration of coal deposits allows for many mine development openings along the strike to access the ore body and thus increase volume. Similarly, with iron ore the nature of the deposits means that additional capacity can easily be added by opening up new mesas and providing extensions to infrastructure. On the other hand most of the non-ferrous metaliferous deposits form vertically and additional extraction volume comes from increasing depth. Underground mining from the base of the strata allows for large extraction rates, but block or panel caving operations develop at rates dictated by the geophysics of the overlying strata and the need for massive tunnelling developments to establish sufficient extraction points for high volumes. For really big mine production capacity, open cast mining still allows the easiest development of more massive mining techniques. But there remains the question of whether there are limits to how large an open cut mine can become in terms of throughput?

Feb 27, 2013

By W. E. Roscoe, K. N. Spence

In the Canadian mining industry, there are at present no comprehensive regulations or standards for valuation of mineral properties. In January 1999, the Mining Standards Task Force of the Toronto Stock Exchange and the Ontario Securities Commission recommended that the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) establish a committee to review and advise on approaches and methodologies for the valuation of mineral properties. The authors were subsequently appointed Co-chairs of the CIM Special Committee on Valuation of Mineral Properties (CIMVal). A committee of experts from the mining industry, consulting, financial and legal communities was established with the task of reviewing available information, investigating various valuation methodologies and practices, soliciting input from interested parties, and recommending a Canadian code or standards plus guidelines for the valuation of mineral properties. As an initial stage of its work, the CIMVal Committee organized a one day session at the Mining Millennium 2000 Convention in Toronto in March 2000 on valuation of mineral properties. The 10 invited papers have been published by CIM. As a second stage, CIMVal has requested input and comments from all interested parties. The next stage will be to prepare a preliminary draft with a recommended code or standards and guidelines. This will be circulated for further input and comments prior to revision and publication of another draft. The final CIMVal report should be completed in early 2001. A variety of methods are in common usage for the valuation of mineral properties, depending on the stage of development of the property, the data available and the experience of the valuator. For example, the discounted cash flow method is commonly used for properties in production or at the feasibility stage, but is not generally considered appropriate for exploration properties. Market approaches such as comparable transactions are in wide general use, and various cost approaches are used for exploration properties. The option pricing approach has promise for valuation of marginal properties, but is not commonly used.

Jan 1, 2001