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In mineral asset valuation the use of any valuation method requires the input of competent and independent technical professionals. A resource valuation must be as transparent as possible to allow others to assess the validity of their underlying assumptions. Materiality is a dominant factor in all valuations and a valuer should set out the basis for the subjective decisions made in this regard. Any valuation methodology must comply with the requirements of the law, practice notes and guidelines issued by the various relevant authorities and professional bodies. The valuation methodology chosen to value a mineral asset depends upon the amount of data available on that asset and the reliance that can be placed upon those data. Mineral assets generally fall into one of three broad categories, depending upon their state of development, ie whether they are at the exploration, development or operating stage. Naturally there are transition phases. Hence, there are ""Grass Roots"" Exploration Areas and Advanced Exploration Prospects; Pre-Development Projects and Developing Mines; and Operating Mines. The features of each of these mineral asset status categories are described, mainly in terms of the confidence in the contained identified Resources/ Reserves. The various subjective methodologies available for the valuation of ""Grass Roots"" Exploration Areas and Advanced Exploration Prospects -are specifically reviewed. The pitfalls in adopting a ""recipe"" approach are noted. It is the author's view that the Expected Value Method (based on the probability adjustment of the output of a Discounted Cash Flow/ Net Present Value model) has little application in the valuation of exploration mineral assets, so it is only briefly addressed. The methodologies reviewed are listed below. ò Multiple of Exploration Expenditure Method (expenditure based). ò Joint Venture Terms Method (expenditure based). ò Geoscience Rating Methods (eg Kilburn - area based). ò Comparable Market Value Method (real estate based). ò Rules of Thumb (eg $/Resource or production unit; % of in situ value). Some recent Prospectuses are used to provide examples of their misinterpretation and misapplication.

Jan 1, 1994

By Inoue T, Takahashi N

To construct the accessing railroad line to the northern portal of Seikan Undersea Tunnel, nine tunnels amounting 7.4km in their total length were excavated through soft mudstones of young- er tertiary era with use of smaller-sized mechanic al excavators. Rocks were classified in four classes to which the tunnel support was designed respectively. Of several combinations of driving equipments stu- died comparatively, the method using the mechani- cal excavators was estimated to be the best choi- ce. The efficiency of the excavator was traced in every construction section and the data colle- cted was reviewed numerically. The result showed that the efficiency of the excavator dropped wh- ere the rocks were as hard as over 200kg/crif for compressive strength. And a few technigues in tunnelling i.e. contr- olling dusts in shotcreting, lattice arch, evaluati- ng measured deformations were tested and review- ed too.

Jan 1, 1987

By Hellsten K, Eshuys E

The best long-term approach to exploration involves the use of extensive quality data and the integration of many different factors, methods and techniques. The successful exploration manager needs to integrate people, area selection and exploration methods, with the use of descriptive and genetic geological models. Based on a syn-metamorphic genetic model for Archaean gold, successful exploration in Western Australia requires the integration of data on anomalous gold, alteration, lithology and structure. Many other parameters such as geophysics, geochemistry and regolith studies provide additional, indirect information that needs to be integrated into the overall exploration programme. Timely access to research findings and ability to integrate these into immediate exploration has contributed considerably to the success of the gold industry in Western Australia since 1980. Extensive and deeper drilling, and the ability of computers to handle the volume of data generated have enabled effective testing of many more geological targets.

Jan 1, 1996

Some of the major factors affecting ore reserve estimation in gold mines are discussed together with their impact on computational methods.The major priority in ore reserve estimation is to get sampling and geological problems resolved. Poor basic information cannot be remedied by mathematical methods.Generally the more complex a deposit becomes the greater the need for subjective assessment and the less applicable are more complex ore reserve methodologies.

Jan 1, 1984

The basic issues of education for the mineral industry which emerge from experience and from a study of relevant literature are presented with the object of promoting. discussion. The subject is considered primarily from the university point of view and relates more to the disciplines of mining and mineral processing than to geology or perhaps metall- urgy, but the conclusions have wider implic- ations. Continuing education, being the subject of a separate paper, is only briefly discussed. The important and particularly relevant training and industry role of the technician engineer and technician are not considered.

Jan 1, 1974

By Torres F, Cerda I, Gimenez P, Gonzalez G, Castelli L

Slurry density measurement, specially in cyclone feed streams, is fundamental to grinding circuit control. With the purpose of increasing the availability of such a measurement, the design of a soft-sensor in an actual grinding plant is addressed in this paper. The system is designed to substitute the momentary unavailability of the real density sensor, either because it has failed or because it has been removed for any other reason. The ARMAX model structure is determined using the stepwise regression method. Starting with a list of the candidate variables, the method selects, one by one, and in a systematic manner the variables which best model the measurement to be replaced, choosing them from the set of presumably correlated candidate variables. In this paper not only the single measurements are included in the list of candidates, but also combinations of such measurements having physical significance. A phenomenological model has been built with the purpose of determining these combinations. It turned out that in most of the cases the components of combined measurements having physical significance were selected by the stepwise regression method, instead of the single measurements. Actual grinding plant data is used to determine the model structure, to estimate the model parameters and to test the predictive capability of the developed soft-sensors. Good results are shown to be obtained during periods of up to 30 hours of the density soft-sensor operation.

Jan 1, 1995

The source and origins of the hydrothermal fluid of orogenic, or quartz-vein lode-gold deposits remain uncertain and disputed: Resolution would likely have a significant affect on exploration strategy. The gold-carrying fluid is interpreted to be a low-salinity mixed aqueous-carbonic fluid of near ambient pH and redox state, that may be derived either magmatically through crystallisation of granites at depth in the crust or through metamorphic reactions in a range of rock types. Classic isotope and geochemical tracers of fluid source have not differentiated these possibilities and have produced conflicting conclusions. Mass balance calculations show that fluid composition will be modified by wallrock reaction between source and deposit, and tracers should not be expected to give clear indications of fluid source. Fluid oxidation state can also be modified along flow paths. Tracers should be interpreted with care and with view to possible modification. Modelling of full flow paths and examination of the hydrothermal histories of proposed source rocks may be alternative approaches to determining fluid source.

Jan 1, 2002

By B Sno, P A. Cockburn, R C. West, C U. Jones

Clyde Materials Handling (CMH) and WorleyParsons have developed a concept for a flash furnace feed system using the specialist pneumatic conveying equipment expertise of CMH and the flash furnace process experience of WorleyParsons. CMH has developed a proprietary volumetric feeder (called a Rotofeed), which is extremely accurate and overcomes many of the problems inherent with loss-in-weight screw feeders and drag chain conveyors, previously regarded as state-of-the-art. Initial indications are that the Clyde-WorleyParsons feed system could deliver the following benefits to flash furnace operation: accurate pulseless delivery of feed material to the head of the burner leading to improved combustion performance and process stability; highly accurate split to the individual quadrants of a conventional burner tube, or provision of a smooth hollow curtain to a burner without guide vanes; decreased pressure pulsation in the furnace due to improved combustion control and performance; and decreased temperature fluctuations in the furnace due to improved combustion characteristics and hence reductions in refractory thermal stress and wear.

Jan 1, 2005

By Hosking IA, Mirkov P

Among the solutions currently being considered for improving traffic flow in Sydney are the construction of major road tunnels, principally the Eastern Distributor Tunnels, leading from the end of the Cahill Expressway to Drivers Triangle and South of Taylor Square and the Sydney Harbour Tunnel, which incorporates sections of driven tunnel at the northern and southern sides of the harbour. The Eastern Distributor Tunnels, known as Stages 2 and 3 of the Eastern Distributor Scheme comprise: Stage 2 - A south bound two lane tunnel from north of William Street to Driver's Triangle. The southern end includes two Y junctions (locally 3 to 4 lane widths) with exits into South Dowling Street, Anzac Parade and Moore Park Road. Stage 3 - A north bound, two lane tunnel from Taylor Square to Palmer Street just north of William Street. Further details of the Eastern Distributor Tunnels are given in the paper by Baxter, Chappel and Fishburn (1986) which is included in this conference.

Jan 1, 1987

By P N. Martens

In the course of the development of the Report of the World Commission on Environment and Development (WCED) in the 1980s an expression was introduced in the public discussion on environment and development that influenced the international and national policies of the last 20 years in all areas: sustainable development. The UN decided in 1992 to implement a program with the Agenda 21 which contains the demand for developing indicators for sustainable development. In this context an indicator is understood as a quantitative or qualitative measure that can be measured or described throughout time and which moreover is able to depict the current status and changes. In order to enable for a simple holistic assessment of sustainable development, highly aggregated indicators are required, which integrate the criteria identified as relevant within a framework to be defined. In the presented paper, sustainability indicators for the mining industry are developed that account for the allowances of the sustainable development concept and the Agenda 21. The indicators are quantifiable and traceable through time so that developments can be traced and assessed. Furthermore, the indicators account for the multidimensional aspect of sustainable development. They are designed to allow for the integration of several dimensions in one indicator. The premises that are underlying the development of the indicators are the minimisation of negative impacts on the environment and society while simultaneously considering the maximisation of social and economic factors. Moreover, the participative momentum that is part of the sustainability idea is safeguarded in explicitly integrating the social acceptance of certain measures into the assessment. The indicators presented are based on the logical combination of statements through the use of Boolean algebra. Starting with basic statements for which the logical value is oriented on the sustainability paradigm, complex multidimensional statements can be constructed and assessed.  

Jan 1, 2009

Performance driver trees or KPI trees are reasonably well-known tools for analysing performance in mining operations. However, the tools are often not user friendly. They may be technically correct but they are often clunky. This means they donÆt promote simple management decision-making and donÆt encourage businesses to make them an integrated part of optimising their operations. This paper describes a simple but effective driver tree process and tool that has been successfully implemented and used to aid decision making across a number of mining and processing operations. The important aspects of employing driver trees to assist in management of operations are to ensure that the chosen solution:includes a reporting solution, provides the bottom line impact of the performance indicators, automatically gathers the necessary data that reconciles with existing reports, and is built around a review process that fits with existing management processes. An adequate solution enables operators to identify where there are performance gaps and to quickly prioritise the urgency for addressing these issues. Two case studies are chosen to illustrate the critical success factors of implementing a performance driver tree solution. The first is a large, complex open pit operation. The driver trees, reporting and management processes were initially established for the mining and processing aspects of the operations. Once the initial solution was bedded down, a follow-up project was carried out to establish the equivalent solution for the support areas of the business. The final solution covered stand alone performance driver trees for mining, processing, engineering, maintenance, health and safety, human resources and finance. These individual driver trees were integrated into a total solution that showed how all of the identified KPIÆs impact profit and quantified the dollar impact of all variations. The reporting solution that was put in place automatically creates prioritised lists of variances for the business to address. The second case study is a performance diagnostic project where driver trees were used to assess where gaps in performance were occurring, and then to evaluate the impacts of proposed initiatives.

Jan 1, 2007

The author presents various procedures for the choice of dri-ving systems for mining, including the method of indeterminate Lagrange factors and linear programming.The possible application of the points-awarding method is demonstrated.It allows for taking into account both surd and commensurable characteristics of a driving system for mining. Also, the method of economic efficiency factors is outlined.All these methods make possible the best choice of a driving system, from the as-pect of electric energy saving. Two examples are given.

Jan 1, 1985

By R E. Hobbs, O Grabandt, C Das

Mine hoisting is carried out from depths of up to 4 km. At extreme depths, the ropes are so heavy that a large part of their capacity is employed in lifting themselves. Consequently, deep mines have an intermediate winding station. Even at lesser depths, the weight of steel wire rope reduces the possible payload. Of course, steel wire ropes have, over the years, demonstrated exceptional reliability and acceptable lifetimes. The use of steel is supported by well established operating rules and sound NDT methods. However, lightweight ropes made from synthetic fibres could be of great benefit to the industry, with the prospect of eliminating two-stage winding and substantially increasing the payload. Initial tests, in cycling over sheaves, have demonstrated that an aramid co-polymer fibre, Technora« is a potential candidate for this type of service. This paper presents results of testing carried out on aramid co-polymer and other synthetic fibre ropes. These results hold out the prospect of exceptionally long lives. Possible NDT methods are explored including optical fibres with optical time domain reflectometry or with Brillouin scattering, plus a method based on carbon fibre continuity. The introduction of aramid co-polymer ropes will require extensive testing and a program is proposed in the format of a Joint Industry Project.

Jan 1, 2005

A generalised mathematical model for hydrocyclone classifiers was developed by the author (Nageswararao, 1978) using dimensionless groups which include phenomenological characteristics as independent variables. This model is incorporated in JKSimMet, the steady state mineral processing simulator developed by JKTech.Recently, when this model was rewritten (Lynch and Morrell, 1992), in terms of variables other than those used by the author, a few errors have crept in. For example, while the exponent of (Du/Dc) in the equation for d50e should be negative (-0.47), it was recorded as positive (0.47). Also, the exponent of (DoIDe) in the equation for pressure drop should be 0.67 and not 0.60. In the same equation, the exponent of Dc would turn out to be -0.10 and not 0.15. These are clearly attributable to typographic and rounding off errors, while transforming the original equations.More recently, Cilliers (pers comm) has done a comprehensive evaluation of the major semi-empirical models for hydrocyclones.He observed that the major difference between the cyclone model developed by the author and other models lies in the method of quantifying the effect of spigot diameter on d50e. He noted that while all other models predict an increase in d50e with a decrease in the spigot diameter, the model as cited by Lynch and Morrell (1992) predicts just the opposite. However, he conjectured correctly that the discrepancy could be due to a typographic error. As the model is still unpublished, it is felt that the original model equations should be recorded with the correct exponents, so that errors in predictions other than those due to the limitations of the model itself could be avoided. They are given hereunder.

Jan 1, 1995

The complete life cycle of a production facility has many phases requiring many different skills and many different personalities. It is not unlike the life cycle of a person and many parallels can be drawn from it. I leave some of these analogous situations to your fertile minds. The author, having worked in operations, plant design, plant commissioning, marketing and many other interesting situations through the industry has drawn from this experience and examples given by many associates in the industry.The phases seen are as follows: Concept Studies û someone has a bright idea of how to make a dollar. Scope Studies û what possible processes/options that could make a dollar. Prefeasibility Study û the æviableÆ scope options are studied to develop feasible options. Feasibility study û defines the concepts that should be designed to make a viable project thus enabling financing and project commitment to be made. Detailed Design û an intermediate step that consolidates the inputs to give a robust plant that can be constructed.Construction û people can see what they thought was going to occur and start to understand the plant. Commissioning û the hand-over of æownershipÆ from the conceiverÆs to the operators. Operations û the ætoyÆ has become reality and money must be made. De-commissioning û the plant has seen out the useful life of the ore deposit, it now goes through a further process required by society.Across these phases of plant design run several countervailing management requirements that can influence the outcome of the plant design. Some of the management rigours that have to be applied to the various phases are as follows: costing basis of the various phases; operational and maintenance reviews; sustainable development; risk assessment; reliability reviews; equipment availability; commissioning time; and environmental review.This paper endeavours to awaken people to the phases that projects require for a successful outcome and the management rigour that has to be applied throughout the phases to ensure the correct intellectual horsepower is applied at the right time to ensure the best outcome.Many of you would be parents and realise this is not unlike the development of children, teenagers, adults, retirees and ongoing.

Jan 1, 2002

By P Cheluszka, M Jaszczuk, P Sobota

This paper refers to a new idea of stereometry of cutting drums of longwall shearers designed to get medium and hard to mine coals. A new way to place picks on a drum enables to readjust a number of picks being in contact with the body of coal to shearer haulage speed. Owing to this a remarkable increase in depth of a cut within the low range of haulage speed has been obtained. On comparing operating characteristics a considerable reduction in the specific energy consumption has been shown when using the units machined as per the new idea, in comparison with the units produced in series.

Jan 1, 2003

By U Briem, R Verreet

The level of wire rope technology used in mine hoisting applications has a significant effect on the overall efficiency of the hoisting system. This paper discusses the effect that a reduction in rope mass per unit length and an increase in rope breaking strength can have on rock skip capacity and hence mine shaft output. A 20 per cent reduction in rope mass per metre for a typical 48 mm hoisting rope, while maintaining the breaking strength, increases the skipÆs capacity by circa 30 per cent at a suspended rope length of 3000 m. Such gains in shaft output, without any significant changes to the shaft or winder design, can have major implications for the feasibility of future deep mine projects. The technical challenge for rope manufacturers is how to get rid of 20 to 30 per cent of the rope mass while keeping the breaking strength and modulus of elasticity of the whole rope constant. CASAR are currently developing steel wire rope constructions where the steel IWRC has been replaced with high strength, high modulus fibres such as Kevlar«, Spectra« and Dyneema«. One of the key aspects of such composite rope designs is to ensure equal load sharing between the different rope components, ie in proportion to their area. If there is a significant difference in modulus between the fibre core and the steel outer strands, the core may not carry its proper proportion of the load and the outer strands would be overloaded. Some technical aspects of the design of composite steel wire ropes are discussed. A design and operational issue that needs careful consideration is the safe non destructive testing (NDT) of composite ropes. Traditional magnetic NDT would only be capable of inspecting the steel wires. Techniques therefore need to be developed that would give operators a reliable indication of the condition of the load bearing fibre core. This paper also discusses possible solutions to this very important NDT question.

Jan 1, 2005

Prefeasibility planning and cost estimation of conveyor systems has historically been undertaken by comparing fi xed plant transport requirements to that of similar systems in service. This paper describes the development of a prefeasibility conveyor technical design and cost estimation application using Microsoft Excel Visual Basic for Applications (VBA) platform. The application tool known as D-Convey (Dachshund Convey) was developed with the goal enabling the end user: to develop a technical model for conceptualised conveyor systems, to perform economic analysis on the developed technical model, and to conduct a comparative and risk analysis. An Excel VBA based platform was utilised to draw upon both the analytical and graphical capabilities of a spreadsheet. Some of the features of D-Convey system include a revolutionary dynamic graphical help system, known as the 'information pane' in lieu of traditional help fi les as well as the use of familiar graphical user interface elements such as the MS Offi ce 2007 task ribbon. The D-Convey system incorporates material database allowing for mass handling prefeasibility estimation in other industries; it has been validated at a local quarry.

Dec 6, 2010

There is very little in Australian mining law that sets out the rights of mining tenement and exploration licence holders as against other parties who wish to carry out ground or aerial surveillance over those areas.There have already been several legal actions arising out of this lack, and more can be expected as the public places more rigorous constraints on corporate and individual behaviour. Field personnel, who are mainly fairly junior and less experienced, are entitled to some guidance from the minerals industry, guidance which up to now appears to have been either lacking or covering such a wide range of standards from corporation to corporation as to be virtually useless.Because each State writes its own laws there is no consistency, and the laws generally are lagging behind developments in the industry. In particular, the practice of granting mining tenements for sporadic exploration, a practice that is a leftover from much earlier mining law, has dotted the Australian continent with unattended and unmarked or poorly marked tenements that are difficult to find but confer on the holder prior rights to the minerals under them. Entry onto those areas in most jurisdictions is an offence and their existence compromises the efforts of regional explorers.This clearly unsatisfactory situation requires remedying, which is the purpose of these proposals. A more systematic approach to the granting of reconnaissance, regional and detailed exploration, mining, and retention rights will eliminate much of the problem. For the rest, a code of practice needs to be adopted as soon as possible.

Jan 1, 1996

By Randall C

Energy studies have been undertaken at a number of open coal mines in the Hunter valley. A range of energy efficiency benchmarks and targets have been established, which, when applied across coal mines, will assist in leading to a significant improvement in energy efficiency in the coal mining industry in NSW, thereby leading to an improvement in environmental performance. Typically, energy efficiency improvements of 20 per cent and higher appear possible at many mines leading to a commensurate reduction in this controllable operating cost, ie energy. On the basis that annual energy costs and net profit are similar for many mines, a reduction in energy costs by 20 per cent will lead to increase of 20 per cent in net profit.

Jan 1, 1995