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A direct comparison has been undertaken between laboratory wind tunnel experimentation and computational fluid dynamics simulation of a 3D manufactured analogue for a body of fractured broken rock, created with CAD/CAM techniques. Detailed descriptions of the ?design? of the analogue (using a discrete element analysis multi-body simulator), its manufacture (using computer aided design and 3D printing technology) and the laboratory experimentation (inserting the physical analogue into a laboratory scale wind tunnel) are presented. The agreement of the results of direct experimental observations on the manufactured analogue with the values from CFD simulations of those experiments justifies the utilization of a CFD environment for the practical investigation of geometric factors controlling air flow and heat exchange in complex assemblages of broken rock blocks. The ultimate goal is described, that of developing functional relations between bulk properties of such assemblages (such as their porosity and bulk density) and the low-level geometric factors that dictate the air flow behaviour, such as the equivalent perimeter length of the cross-sectional area available for flow, or average flow path tortuosity. A practical application area of the work in the mining context is also described; equivalent continuum air flow and heat transfer constitutive models developed on the CFD tool from such functional relations are useful in characterization of seasonal heat storage in large scale bodies (approximately 1 km3) of broken rock.

Aug 1, 2013

By A. Bouajila1

Minerals processing organisations will be more and more under intense competitive pressure. Major changes are being experienced with intense respect to resources, processes, production strategies and markets. As result of international competition, only the most productive and cost-effective operations will survive. That is why operators in the minerals industry have always aimed to obtain better performance from their processes along the mineral extraction cycle starting from exploration up to the smelting step if any. A principal ingredient and perhaps the most important one in the process of evolution toward improved productivity is the achievement and implementation of an error-free production synonym of an ignorance-free operation. This is, at the same time, a guarantee for quality, a minimising factor for waste materials production, handling and disposal, and a maximising factor for labour utilisation. The notion of ?error or ignorance-free? -usually identified as a ?made in Japan? manufacturing mythology, will sound, at first impression, like a pious ideal, to be striven for but impossible to attain. Nevertheless, the introduction of measurement and detection technology in the minerals industry along the last century should benefit from the today?s sensors and control systems that explosively expanded beyond their traditional production base into far-ranging commercial ventures. The fastness and spread of those technologies will play an important role in the survival of innovative plants. Their role in information assimilation, and control of operations to maintain an error-free production environment, will help many plants to stay effective on their competitive course. In this paper the feasibility of the zero process ignorance concept as applied to the comminution circuits will be discussed and the challenge behind this ambitious move toward improved productivity will be outlined. Examples of pre-competitive R&D projects started at COREM in order to fulfil this prerogative will be presented.

May 1, 2001

By A. C. Gagnon, H. Saroglou

"The focus of this paper is on the analysis of geometrical discontinuity properties for the rock mass located within an open pit mine located in Western Africa. Discontinuity data were collected using various techniques including oriented core logging, borehole televiewer surveys, surface pit wall mapping and photogrammetry. The geological setting was initially studied prior to the data analysis to produce threedimensional ground models of the regional and mine site geology along with block diagrams illustrating predicted fracture patterns. Stereographic and statistical discontinuity data analysis of the geometrical properties of the rock mass was subsequently performed to identify unique structural domains throughout the open pit area. The discontinuity data collected throughout the studied open pit area were primarily discontinuity orientation, frequency and spacing and the investigation focused on the reasons for observed differences between the various data collection techniques. Stereographic analysis was used to assess the preferred geometry of discontinuities filtered by lithology, data collection technique, borehole, discontinuity type and pit wall (footwall or hanging wall). The observed fracture pattern is explained adequately by the geological setting. The need for accurate ground models for the design of open pit slopes is highlighted.INTRODUCTIONThe Tasiast Mine is an open pit operation located in north-western Mauritania, approximately 300 kilometres north of the capital Nouakchott. The Tasiast mine, which is owned and operated by Kinross Gold Corporation (Kinross), began commercial operations in 2008. The Tasiast mine is located in an area characterized by flat desert terrain within the western reaches of the Sahara Desert region. The current mine site includes mill buildings, shop facilities, waste dumps, tailings facilities and two main open pit operations (Piment and West Branch). The West Branch pit is the focus of this paper. The current open pit plan for West Branch indicates a final pit measuring approximately 2.5 km long by 1.4 km wide and 510 m deep."

Jan 1, 2015

By Christopher R. Lattanzi

"Discounted cash flow analysis provides a means of relating the magnitude of expected future cash profits to the magnitude of the initial cash investment required to purchase an asset or to develop it for commercial production. The objectives of discounted cash flow analysis are to determine:.. The net present value of a stream of expected future cash revenues and expenditures... The rate of return which the expected future cash flows will yield on a given level of initial cash investment.In the case of mineral properties, discounted cash flow analysis is generally accepted as the preferred method of valuation, whenever sufficient data are available to permit its reasoned application. Sufficient data are required to support estimation of all of the individual elements of cash revenue and cash expenditure which will be associated with the development and operation of the property, up to the end of its estimated life. It is the accuracy of these input estimates which determines the validity of the resulting determinations of profitability and rate of return on invested capital.In undertaking any discounted cash flow analysis, it is important to recognize certain fundamental attributes of the mining industty:.. The basis of any mineral development is the existence of an ore reserve... Costs are determined by the number of tonnes mined and processed, while revenues are determined by the number of pounds or ounces of metal produced. The two are related by the recovered grade of the ore... Profit is typically more sensitive to changes in revenue than it is to changes in cost... Commodity price is a principal determinant of revenue, but it is also the factor with which is associated the greatest level of financial risk.In the end, of all of the factors which must be considered in the discounted cash flow valuation of a mineral property, the most significant are the reliability of the reserve estimate, particularly with respect to recovered grade, the price at which the product is to be sold, and the risk of not maintaining the projected level of price."

Jan 1, 2003

By A. Noël, R. Lapierre, M. Provencher

"Modem aluminum smelters are facing significant operating cost pressure. Key methods used by smelters to manage this pressure are automation and production-information systems to optimize processes, manage quality, anticipate problems and reduce operating costs. In 2002, Aluminerie Alouette Inc. began its Phase II Expansion project, and retained the joint venture of SNC-Lavalin and Hatch (SLH) as its engineering, procurement and construction management (EPCM) team. Alouette had the distinction of being one of the most efficient aluminum smelters in the world. Alouette already understood the importance of systems integration in project delivery. For Phase II, key objectives were identified to ensure ""a state of the art"" integrated architecture that would support Alouette's production goals to integrate the existing facilities with the expansion, to form a single efficient facility and meet project schedule and budget targets. Achieving those objectives within the context of a large project often creates major challenges due to the nature of the traditional EPCM delivery model, which relies on several vendors and third-party-systems integrators. In this case, an integrated Alouette-SLH team was made responsible for all aspects of the systems integration, taking over the task from most suppliers. The integrated team was responsible for delivering an automation system and plant-wide-production IT system for the new facilities while accommodating migration for the existing systems. Through the use of rigorous methodology and advanced state of the art technology, the IT and automation strategy led to significant value creation and is recognized today as one of the key factors of the project's success. The primary results were: fast and efficient start-up of facilities, due to quality programming and implementation; a plant able to operate as a single entity; automation and IT systems delivered before time and under budget; standard programming methods implemented throughout the plant; and reduced and simplified maintenance."

Jan 1, 2006

By H. J. McQueen

The irregular history of Mg wrought products is briefly described. The temperature and strain rate dependence of microstructural evolution, flow stress and ductility of Mg alloys in hot working, are described. The flow curves rose rapidly to a peak stress which was lower as temperature T rose and strain rate e declined and above 300°C the curves extended into plateaus until failure. Clearly grains not oriented for slip undergo mechanical twinning in the initial stages (a 0.15) at all temperatures. Basal slip proceeds in suitable grains and in the twins. The stress concentrations at grain and twin boundaries lead to slip on non-basal systems and to the formation of subgrains with greater dynamic recovery (DRV) at higher T or lower e. With increasing strain, misorientation builds up resulting in dynamic recrystallization (DRX) first at twin intersections and later at grain boundaries which have become quite serrated. Even after extensive straining at high temperatures, the new grains are found mainly along the boundaries of the original grains, leaving their centers with only basal slip except when nucleation at twins leads to completion of DRX throughout a grain. Despite similar shear modulus and melting point to Al, hot mechanical forming behavior of Mg alloys differ due to differences in crystal slip systems, twinning, and second phases. Moreover, the influences on forming of alloy additions (solutes, segregation in casting, dispersoids, precipitation) and impurities are not as well catalogued as for Al. Despite the benefits from dynamic recrystallization, varied grain orientation effects, heterogeneous substructures and the resulting stress concentrations result in considerably lower ductility for Mg alloys at the same stress level as for Al materials. Application of these theories to extrusion, rolling and forging and the effects on product properties are surveyed.

Jan 1, 2006

By N. A. White

Whereas the ultimate world supply of energy minerals-defined as fossil fuels and fissile materials - is controlled by geological factors, the actual supply at any particular time is controlled by economic feasibility, technological innovations and /or political decisions. This paper identifies and discusses the principal uncertainties surrounding the international availability of energy minerals from now until the end of the century. A brief comparison is also made between energy and non-energy minerals. Genuine shortage s of energy minerals are now of a very long-term nature, whereas artificial ones may occur at any time and have a serious effect on the world economy due to the dependence of most OECD countries on imports of energy mineral . This paper argues that events over the last decade, such as the demand for a New International Economic Order, the OPEC increase in crude oil prices and the growing international lobby on environmental issues especially relating to nuclear safety - will progressively lead to a major, long-lasting transformation of the energy scene world wide. This transformation will encompass demand, in terms of conservation and efficiency, the supply mix of the various energy minerals , the supply system and the structure of the different energy industries . It is already affecting the role of governments and reaching into the question of national sovereignty both of developed countries, such as the U.K., Norway and Australia, and the developing countries, thereby making energy minerals a key area of international relations.

Jan 1, 1978

By M. Bélanger, H. -L. Jacob

"The province of Quebec has a strong tradition in industrial minerals. Ten commodities are produced and the annual total shipments have exceeded $600 million in recent years. Quebec is a world renowned producer of chrysotile, titanium slag, graphite, and ilmenite. Quebec is an important North American producer of mica, talc, and peat moss. This paper reviews the main minerals and commodities that have been the object of exploration or development in recent years, namely graphite, wollastonite, dolomite, and silica. Some of the leading projects concerning magnesium minerals and apatite-ilmenite are described. IntroductionQuebec has a strong tradition in industrial minerals. It goes back to the second half of the 19th century when the first graphite and apatite mines in the Gatineau area and asbestos mines in the Eastern Townships were opened. Since then, more than 25 commodities have been produced in Quebec, making industrial minerals an integral part of the Quebec mineral industry. Today, industrial minerals and building materials count for one third of the total mineral production in Quebec.Present industrial mineral production includes 10 commodities (Table 1). In the last five years, the value of industrial mineral shipments has varied between 500 and 700 millions dollars annually, which represents 20% to 25% of Quebec’s total mineral production. For many years, Quebec has been a major producer of chrysotile and titanium slag, the only producer in eastern North America of mica, graphite and ilmenite, and a leading Canadian producer of talc and peat moss. Quebec also produces, mainly for domestic markets, dolomite, limestone, salt and silica.Quebec’s industrial mineral sector has been quite active in the recent years. Exploration by government geologists and companies has led to the outlining of new deposits, some of which are now in production; others are currently being evaluated. Technical and economic studies are also underway to determine the feasibility of various development projects."

Jan 1, 1999

By Paul L. Broughton

"IntroductionThe coal deposits, all of lignite rank, of economic interest in Saskatchewan are associated with the Ravenscrag Formation (Paleocene). Several Cretaceous formations have less significant lignite accumulations (Broughton, Irvine and W'hitaker, 1974). The Swan River Group (lower Cretaceous) and Judith River Formation (upper Cretaceous) have the only coalbearing strata in the shallow subsurface of central Saskatchewan. The Swan River Group coalfield is relatively small and underlies only 15 sq km of the surface approximately 40 km south of La Ronge, Saskatchewan. An estimated 36 billion short tons are within 45 m of the surface. No reserve estimates are known to have been calculated for the coal-bearing Judith River Formation exposed at the surface in the vicinity of the South Saskatchewan River valley in west-central Saskatchewan. Although no coalfields have been delineated, lignite beds up to 1.8 m thick have been intersected in test holes. The coal-bearing upper Cretaceous and lower Tertiary strata of the northern Williston Basin extends the full width of southern Saskatchewan for 650 km, and from the United States border 120 km north to 50° latitude (Fig. 1). Only the coalfields of the Ravenscrag Formation, because of their economic interest, will be considered further. There are four major coalfields. They are, from east to west: Estevan, Willow Bunch, Wood Mountain and Shaunavon (Cypress) coalfields. Cumulative lignite seam thickness for each basin is 10 -15 m (Figs. 2 and 3). The origin of each coal basin, resource calculations, seam stratigraphy, and mining activity are discussed. Regional Setting The Williston Basin is an ellipsoidal depression in the Precambrian basement, centered in western North Dakota and marginal to the exposed craton of northern Saskatchewan and central Manitoba (Fig. 1). The sediments of the basin range from Cambrian to Pleistocene in age and have a maximum known thickness of 4614 min western North Dakota. A maximum of 3200 m is recorded in southern Saskatchewan. Most structural deformation is late Cretaceous to early Tertiary (Paleocene) in age, coinciding with the Laramide Orogeny. The pre-Laramide Williston Basin, with a depocenter near Williston, North Dakota, began developing during the middle Ordovician, or possibly earlier."

Jan 1, 1985

By The Mine Staff

THE PROPERTY of the Lamaque Mining Company, Limited, ?is located in the Town of Bourlamaque, seventy miles east of Noranda, in Bourlamaque township, Abitrbi county, north western Quebec. Gold production commenced at Lamaque in April, 1935, with an initial mill capacity of 250 tons per day. The capacity was doubled in November of the same year, and in December, 1937, it further increased to 1,200 tons per day. During the war years the mill operated at a reduced tonnage, but in 1951 milling units were added along with complementary crushing and shop facilities to bring the capacity to 1,500 tons per day. Finally, in 1953, the capacity was raised to 2,000 tons per day, which rate is being maintained at the present time. The total production at Lamaque from April 2nd, 1935, to December 31st, 1956, has been 9,168,901 tons of ore from which 2,208,168 ounces of gold was recovered. The total value of this production , excluding E.G. M.À.*, was $77,869,653.

Jan 1, 1957

By W. A. Gow, J. A. Vezina

"A new process for treating scheelite for the production of tungstic tri-oxide is described. The novelty of the process resides in that an ion-ex-changer is used to convert sodium tungstate to either ammonium tung-state or tungstic acid.The process consists of a conventional hydrochloric acid leach of the scheelite concentrate, and the dissolution of the impure tungstic acid thus produced with sodium hydroxide at pH 8. The sodium tungstate solution is clarified and passed through a column of Dowex 50Wx8 ion-ex-change resin to exchange the sodium ions for either hydrogen or ammonium ions, both being suitable. The tungsten-bearing column effluent is evaporated to crystallize the tungsten as ammonium tungstate; the crystals are washed with nitric acid and water and decomposed by heat to pro-duce tungstic trioxide of high purity.Ninety-six per cent of the tungsten in the concentrate may be re-covered as tungs tic trioxide (W03), and the reagents consumed are 0.7 g HCl, 0.41 g NaOH and either 1.73 g NH.Cl or 225 g HCl per gram of tungsten."

Jan 1, 1966

By J. Xie

In underground coal mining, the potential for an outburst of coal and gas is considered to be one of the major hazards. As such, considerable emphasis is given to understanding and preventing such events. A number of indices are used in the prediction of the outburst in a coal mine. The main indices include initial gas desorption rate, gas pressure, gas content, coal strength, gas flowrate from a borehole drilled in a coal seam, and combinations of the above. Some of these indices are considered to be inadequate, inappropriate or impractical for some coal seam conditions, such as those with soft and friable coal. The Huainan Mining Group (Huainan) in China and the Commonwealth Scientific and Industrial Research Organisation (CSIRO) in Australia have been jointly developing gas content based technologies to predict the risk of the outbursts. One of the major progressive achievements is a new method for determination of outburst gas content threshold values. The method utilizes empirical analyses, numerical modeling, and seam-specific knowledge . This paper describes the method and its application for the #11 Seam at Guqiao mine, Huainan.

Aug 1, 2013

By W. A. Lang

RESEARCH has been defined as the link between the present and the future. Science, wonderful though its achievements may be, has but scratched the surface of the unknown. Research is directing its attention to winning new facts in order that their application to the processes of today may open up new sources of wealth for the common benefit. Two classes of research investigations are often recognized-fundamental and applied, but these classes merge into each other and it is often hard to distinguish one from the other. Fundamental research is carried out primarily to develop basic facts, but frequently these are found to have immediate economic value, while applied research, specifically aimed at economic values, often necessitates a preliminary fundamental investigation. Both are essential and both should proceed by scientific method. It is obvious in fuel technology that a knowledge of the physical and chemical constitution of the various coals is fundamental to their industrial utilization, and further, a knowledge of the way these coals react under different conditions of temperature, atmosphere, etc., is necessary in solving such problems as storage, combustion, carbonization, gasification, or con-version to liquid fuels. The wide range of coals, the complexity, of their constitution, and the many uses for coal, makes fuel research no simple subject but one with unending possibilities. The Research Council of Alberta, formerly known as the Scientific and Industrial Research Council of Alberta, was established in 1919, to promote the development and conservation of the natural resources of the Province. The work of the Council was arranged in six major divisions: Fuels; Geology; Road Materials; Soils; Natural Gas; and Forest Products. The office and laboratories are located in the University of Alberta. The Council was financed until the depression of 1933 by a separate vote of the Legislature, but since then has been continued, though on a much smaller scale, as one of the activities of the University. It might, however, be noted that although the Council is now in abeyance, a skeleton organization has been maintained so that it can be brought back to active service as soon as conditions warrant. Annual reports are still submitted to the Legislature. Funds have not been made available, however, for the publication of the last five reports.

Jan 1, 1942

By J. M. Ríos

"Without conscious effort and understanding, a number of factors unique to mineral exploration often hinder building sustainability in host communities. These include the episodic and transitory presence of an exploration team in the community and the inherent uncertainty of outcomes— most projects fail from an exploration perspective. Experience in rural communities across Mesoamerica, however, has shown that it is possible to go beyond pragmatic philanthropy and infrastructure improvements to promote positive, sustainable outcomes in communities. Examples are provided of lessons learned and proven practices that improve quality of life and support a strong social license to operate.RÉSUMÉ Sans une compréhension et un effort réfléchis, de nombreux facteurs uniques à l’exploration minérale nuisent souvent à l’établissement d’un développement durable dans les communautés d’accueil. Ces facteurs comprennent la présence épisodique et transitoire d’une équipe d’exploration dans la communauté et l’incertitude inhérente des résultats – la plupart des projets échouent après l’étape de l’exploration. L’expérience dans les communautés rurales à travers la Méso-Amérique a toutefois démontré qu’il est possible de dépasser la philanthropie pragmatique et les améliorations des infrastructures pour promouvoir des résultats positifs et durables dans les communautés. Des exemples qui améliorent la qualité de vie et soutiennent un solide permis social d’exploitation sont présentés; ils sont tirés de leçons apprises et de pratiques éprouvées."

Jan 1, 2015

By G. L. Zhu, Y. F. Wu, H. Nagaumi

A novel eutectic-type alloy Al12Si-HTC with high thermal conductivity has been developed by strict chemical composition control and heat treatment. The thermal conductivity of the alloy is about 30 % higher than that of current commercial Al12Si alloy. The Al12Si-HTC alloy has a silicon content of 10~12 wt.%, which provides excellent castability. Trace element strontium or calcium is added to modify eutectic silicon, and contents of transition elements such as copper, manganese are controlled in a low level. By appropriate heat treatment, thermal conductivity of the castings increases by 7.5 % and finally reaches 172 W/(m·K). It is found that eutectic silicon modification which makes average particle size finer than 2µm plays a dominant role in improving thermal conductivity, as well as further spheroidization of eutectic silicon and reduction of lattice defects in a-Al microstructure in subsequent heat treatment process. The alloy is successfully applied to produce a certain communication enclosure with complex finned structure by die casting process in industrial scale. The results of numerical simulation and thermal analysis experiments show that when manufactured by Al12Si-HTC alloy, the surface temperature of chips in the enclosure is reduced by 2.0~4.5 ? and the temperature distribution is more homogeneous compared with traditional Al12Si alloy.

Jan 1, 2015

By A. Dreimans

Tracing of 'float' against the latest ice-flow directions ha!' led to or assisted in discoveries of several mineral deposits in Canada at lP.ast since 1891, e.g., fluorite and corundum in eastern ?Ontario, Steeprock and Josephine iron ore in western Ontario, Malartic, Fisher-Quebec, and Lamaque gold ore, and Vendome zinc ore, in western Quebec, Sullivan zinc and lead sulphides in British Columbia, Orvan Brook or New Calumet sulphide deposit in New Brunswick, Lynn Lake nickel sulphide de-posit in Manitoba, etc. Pebbles or ore boulders whose source has not yet been found include diamonds in the Great Lakes region and ?sulphides in several localities in Ontario and Quebec. Complexity of transport of ore boulders, including non-glacial transport, may be the explanation. Tracing of ore boulders requires knowledge of the Pleistocene history of each particular area (ice flow directions, their ?changes during glacial oscillations, existence of pre-glacial lakes with ice-rafted boulders, later interference by streams, lakes, mass movements). Important also is distinction of till from similar non-glacial deposits and knowledge of the bed-rock geology. Quantitative methods, e.g., pebble counts, maybe applied while tracing magnetite, hematite, or goethite. Fragments of sulphide ores are less abundant in indicator trains, and quantitative methods are less suit-able for tracing them. Heavy-miner-al investigations may give good results for minerals resistant to weathering. Geochemical methods are of value only in the vicinity of ore deposits.

Jan 1, 1958

By Unknown

With the present-day trend of rising labour costs and a lowering of production efficiency of workmen, it has become imperative that every effort be made to use manpower to the greatest advantage and to mechanize mining as much as possible. During the past few years this trend has gained much prominence in the Porcupine camp. In view of this, the executive of the Porcupine Branch considered that the Mechanical Movement of Muck would be a very timely subject for a Symposium. Accordingly a Committee was formed, with A. K. Douglass, Mine Superintendent for Delnite Mines, Ltd., as Chairman, and the Symposium was held in the Auditorium of the McIntyre Community Building, Schumacher, on March 25th last. Papers dealing with shovel loader and mechanical scraper operation at six of the larger mines of the camp were presented and discussed, and a tabulation was prepared giving data on the machines in operation at a total of eleven mines. The papers and tabulation, reproduced below, will doubtless be of considerable interest to operators of mines in all parts of Canada.

Jan 1, 1948

By C. G. Harris, R. Sluyter

The purpose of an undercut is to undermine a block of ore which will then proceed to cave into draw holes just below the undercut. Undercut-ting is the final and most vital phase in the development of an ore block. Since its purpose is to undermine and induce caving into a block of ore, great care must be exercised to avoid premature caving by removing only enough rock to permit undercut development to proceed. Several undercutting methods, used over a twenty-year period, are re-viewed and their suitability is com-pared with ideal requirements.

Jan 1, 1960

By C K. Bell, L. S. Collett

An AFMAG survey was flown in 1968 over the Upper Nelson River area, Manitoba. The flight direction was northwest-southeast and flight spacing was 2 miles. In the Cross Lake Subprovince, AFMAG showed that an isolated peridotite outcrop was part of a dike that extended over 80 miles. Diabase dikes are not always marked by an anomaly, but isolated cross-overs, when used in conjunction with geological and magnetic data, permit their extrapolation. Anomalies coincide with areas of sulphide mineralization. In the Flin Fion Subprovince, known and unknown northeast-trending faults are detected. The Berry Creek fault was extended south through Tramping lake, then under the Paleozoic cover. Conductors were detected at, or near, the axes of major synclines within Amisk and Snow Group sediments. Granitic terranes have low conductivity and, because they are characterized by smooth AFMAG profiles, they can be delimited. AF.MAG is being recognized as a geophysical method that can aid geological mapping and interpretation. Its most important contribution to the geologist will be in regions where out-crops are sparse.

Jan 1, 1971

By L. Kilburn

"A survey of 281 mineral exploration agreements examines the ratios among three ways that may be used to purchase an interest in a mineral property, viz: pay cash, pay shares and make future expenditures on the property.The dollar value of the future expenditures exceeds that of cash or shares by about nine times in most of the 110 agreements that contain cash-expenditure or share-expenditure components. Results suggest that cash and shares are treated about the same in terms of value.Buyers and sellers have opposing priorities for the way that they prefer to purchase a mineral property. These opposing priorities should give rise to a perceived 50:50 balance between cash/share payment and future expenditures to satisfy the idealized situation described by most definitions of fair market value (FMV). This balance between cash/share payments and future expenditures appears to be rationalized in negotiations to a FMV when expenditures are nine times greater than cash and/or payments.On this basis, it is proposed that the FMV of a property may be determined by aggregating the dollar amount of the cash/share payments plus one-ninth the dollar value of future expenditures, as set forth in the respective purchase agreement, and proportionately applying such aggregate to full property value."

Jan 1, 2005