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By O. C. Gaspar

The mineralogical and textural characteristics of the volcanogenic massive sulphide ores from the Aljustrel and Neves-Corvo deposits have been studied by ore microscopy techniques since 1977. Several ore types have been recognized, and the ore paragenesis, ore textures, and behaviours of different ore types during grinding and concentration processes, have been determined. An ore classification was established for use in metallogenetic studies, ore reserve calculations, selectivity during mining, and control of the ore beneficiation processes. In addition, an empirical method was developed for supplying, on time, the qualitative and semi-quantitative information needed for processing the Aljustrel ores and for optimizing the Neves-. Corvo copper and tin concentrators.

Jan 1, 1991

By W. S. Szolga, M. Moser, M. D. Soderstrom, L. Cohen

"CYANEX® 272 is a phosphinic acid-based solvent extraction reagent used commercially since the early 80’s to recover and purify cobalt from sulfate solutions. Historically, the design of CYANEX 272 circuits has involved the selection of an optimal pH profile during pilot-scale testing using mixbox pH control. The desired pH profile is required to be carefully controlled in the same manner during commercial operation. To assist operators in the design and optimization of their circuits, Solvay developed CYANEX 272-specific solvent extraction modeling software, which has enabled determination of the ideal pH profile and staging configuration. Solvay’s recent advances in modeling capabilities have allowed the simulation of circuits without direct mixbox pH control. Modeling has indicated that circuits operated without direct pH control can achieve the desired metal separation while simplifying the commercial operation significantly. This paper reviews a number of potential circuit configurations for the use of CYANEX 272 and demonstrates the separations achievable under the right design and operational conditions, some of which have historically been considered too difficult.INTRODUCTION CYANEX® 272 is a phosphinic-acid based reagent designed specifically for the separation of cobalt from nickel by solvent extraction from weakly acidic sulfate solutions (Rickelton, Robertson, & Burley, 1982; Rickelton, Flett, & West, 1984; Rickelton & Nucciarone, 1997). Following commercial introduction in the 1980’s, CYANEX 272 has been used in a number of hydrometallurgical flowsheets for cobalt purification and/or recovery. CYANEX 272 metal extraction occurs by means of a cation exchange mechanism. Extraction of a divalent metal ion M2+ is represented by the following equation where RH represents the CYANEX 272 ligand and MR2 represents the ligand-metal complex."

Jan 1, 2017

By T. P. Weldum, W. Conger

"These studies address the relationship between mill media sizing and its grinding efficiency. Starting with the results from a review of the literature, the issues of initial media sizing for a new ball milling circuit, and then optimal media sizing for an existing milling operation, were studied. The Functional Performance parameters “Mill Grinding Efficiency” and cumulative “Mill Grinding Rates” from both plant and test-scale equipment were used, and provide valuable new insight into this topic. A plant media sizing diagnostic tool is presented, as are newly developed testing equipment and evaluation methods, and recent case studies. REVIEW OF MEDIA SIZING LITERATURE For a plant metallurgist to answer the question “How can I maximize plant profit by manipulating this grinding circuit variable?” she must know what effect the variable has on grinding circuit efficiency. Despite the significant cost of grinding media and its potential effect on production capacity, the ‘best’ media sizing remains ill-defined for any given ball mill circuit in the industry today. The underlying reasons for this will be discussed. But the importance of this issue drove Metcom and its industrial partners to take on the challenge of how to engineer the ball charge for an existing grinding circuit. In the absence of any proven method, the first step was a review of the literature. Sponsored by Cleveland-Cliffs, Inc., a broad review of the literature was undertaken, producing “The Effect of Media Sizing on Ball Milling Efficiency” (McIvor, 1997). Among hundreds of publications that were reviewed that discuss the topics of media sizing or wear, forty-five were studied in detail. These were grouped into: plant experiences; laboratory and pilot plant investigations; media wear studies; population balance modeling studies; and general papers on ball milling which included the topic of media sizing. The reader is encouraged to refer to that review. The findings remain unchanged, although some relevant papers have been written since (e.g. Staples et al, 1997; Banasi et al, 1999; Orford et al, 2006; LaMarsh, 2015). The main findings of the review were as follows."

Jan 1, 2018

By E. R. Maize

[?he scconG rcport of :his st?rI.org 8cdt with o3servatioi:s of conver- gence of roof an4 floor at t!x*re: ?.cc.-.tioris iri til~ ClVucible mine of kke Cru- cib1.o Fuel Co. Data on sl:'ociacnce ?.rd Lztcrcl mwe:~cnt cf the surface were .:lven for two of these areas, cnS it was mentioned that ~lr~~ilar data were being obtained on a ?art of Pe:sc:rlvtzr.ia Fii~l?trr.y FE:, ~i!lic;l pcser: over the third area. 'I'hie hichwc :LEO FasseE over t!lc ITenncoli::. :.line of the Bnckeye Coal Co. 9 milcs to ';he so-lth, cnd at P. l~tcr C'..att: ~.nr?r.,cc?r:cntS *.rere mnd.e to make similar observati on3 there. This y: pr mrnmri:.c n Czto obtnino? at those two locetionn,]

Jan 1, 1941

By Pim van Geffen, Dave Lawie, James Cleverley

A growing problem facing geoscientists, metallurgists and process engineers is the lack of knowledge transfer between the exploration and production teams. This siloing is generally unintentional, as a typical project may change ownership several times over several decades before it reaches the feasibility and operation stages. Many exploration projects generate vast amounts of high-quality, quantitative data with great spatial resolution, but unfortunately these data are often ignored in subsequent deposit modelling. Instead, deposit models tend to rely on subjective, non-standardized, qualitative classification of geological materials (e.g. rock type, mineral abundance) and processes (e.g. alteration style and intensity), obtained through visual logging of drill core. When projects advance to feasibility studies, the required quantitative data are obtained through expensive metallurgical test work and detailed quantitative mineralogical analysis, such as QEMScan or qXRD. These detailed tests are generally only performed on a small number of large composite samples and the results are extrapolated throughout the deposit, inherently underrepresenting their true variability. Geochemical data obtained during all stages of the project provide comprehensive data coverage at much greater detail and spatial resolution, which allows for the estimation of key metallurgical performance parameters that are required for accurate deposit modelling and domaining.

Jan 1, 2015

By A. M. Ozbayoglu

Gross calorific value (GCV) of coals was estimated using artificial neural networks, linear and non-linear regression techniques. Proximate and ultimate analysis results were collected for 187 different coal samples. Different input data sets were compared, such as both proximate and ultimate analysis data, and only proximate analysis data and only ultimate analysis data. It was observed that the best results were obtained when both proximate analysis and ultimate analysis results were used for estimating the gross calorific value. When the performance of artificial neural networks and regression analysis techniques were compared, it was observed that both artificial neural networks and regression techniques were promisingly accurate in estimating gross calorific values. In general, most of the models estimated the gross calorific value within ±3% of the expected value.

Sep 1, 2012

By Milton Camino

El presente texto describe los antecedentes geológicos del yacimiento orogénico El Gigante, el cual presenta una mineralización filoneana del tipo relleno de fracturas asociada a estructuras de un lineamiento principal NW-SE. posicionándose como una de las franjas metalogenéticas de oro más importantes de la región y del mundo. De forma que se busca difundir los últimos resultados de la exploración a través de los nuevos descubrimientos en profundidad y los nuevos sistemas de vetas al borde Este del Batolito De Pataz. Así como formular un modelo que integre geología, mineralogía, cronología y geoquímica del yacimiento El Gigante, que permita mejorar el entendimiento de los procesos de formación de los yacimientos orogénicos de la franja metalogenética de Pataz y oriente al descubrimiento de nuevos recursos minerales.

Oct 21, 2015

By C Tapia Cortez, A G. Dempster, R Fradet, S Saydam, T de Roche, R Shishko, J Coulton

Human ventures into space are entering a new phase in which missions formerly driven by government agencies are now being replaced by those led by commercial enterprises – in launch, satellite deployment, resupply of the International Space Station and space tourism. In the not-too-distant future, commercial opportunities will also include the mining of asteroids, comets, the Moon and Mars. This research examines the role of off-Earth mining in a growing space economy. In this investigation, the term ‘mining’ is taken to embrace minerals, ice/water and other in situ resources. As the off-Earth mining initiative could be the engine that drives the space economy, it would be useful to understand what off-Earth mining market conditions and technology requirements are needed for that economy to prosper. These specific elements are studied in the wider context of creating an economy that could ultimately support a sustainable Mars colony. The methodology for developing the model focuses on the extraction of ice from the surface of Mars to produce propellant and water for life support for a possible colony.CITATION:Saydam, S, Shishko, R, Tapia Cortez, C, de Roche, T, Fradet, R, Coulton, J and Dempster, A G, 2015. An integrated economics model for in situ resource utilisation in support of a Mars colony, in Proceedings Third International Future Mining Conference, pp 305–312 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Nov 4, 2015

By J. S. Dunning

Recent developments in energy conversion, mining and minerals processing, pollution control, and chemical equipment have placed in-creased demands on heat-resistant alloys. Higher corrosion rates from oxidation, hot corrosion, and sulfidation have increased consumption of materials that contain critical and strategic minerals and in many cases have limited productivity. The Bureau of Mines is conducting re-search on substitute materials having greater resistance to high-temperature corrosive atmospheres above 6000 C compared to austenitic stainless steels such as AISI 304, 316, and 310, with the goal of conserving critical metals such as Cr and Ni. The substitute materials are based on Fe-Cr-Ni-Al compositions. Aluminum additions to Fe-Cr-Ni alloys significantly improve high-temperature corrosion resistance, particularly sulfidation resistance. In the alloy, devised by Bureau researchers, aluminum additions are held in the form of a second-phase precipitate, 8NiAl. Minor additions of Ti, Mn, and Si improve workability.

Jan 1, 1984

By P. Gelfi, J. Vanderbeek, J. Enriquez

"The Cerro Verde copper-molybdenum mining complex is located near Arequipa, Peru. A 108,000 t/d copper concentrator (C1 concentrator) commenced operation in late 2006 and was debottlenecked to a 120,000 t/d capacity in 2011. A feasibility study, initiated in May 2010, assessed the potential for expanding the processing rate of the large Cerro Verde sulfide reserve via the installation of a second, stand-alone, concentrator (C2 concentrator) capable of processing a nominal 240,000 t/d ore. The feasibility study was successful and the project advanced through engineering, permitting and construction. Ramp up to nameplate capacity was ahead of schedule. The overall project was completed on schedule and within budget. The details of the project and supporting components are described. The design philosophy and design basis of the concentrator facilities are discussed as are factors that influenced the concentrator layout. Risk mitigation features included in the design are reviewed. The factors that drove the successful and rapid ramp up to nameplate capacity are discussed. Operational experiences in the first year of plant operation and project lessons learned are described. INTRODUCTION/BACKGROUND Sociedad Minera Cerro Verde S.A.A. (SMCV) operates a copper mine near Arequipa in southern Peru. Small scale operations operated intermittently until 1970 when the deposit reverted to the ownership of Minero Perú S.A (Peruvian government). Minero Perú S.A. commenced mining and processing of oxide reserves in 1972 and placed an SX-EW plant into production in 1976. The ownership of the property has changed hands several times over the years. Minero Perú sold Cerro Verde to Cyprus Climax Metals in 1994. Cyprus was acquired by Phelps Dodge in 1999. Freeport-McMoRan (FCX) acquired Phelps Dodge in 2007. Several studies were undertaken during the 1990’s that tried to establish the economic justification to process the large primary sulfide resource that underlies the surface oxide deposit. None of these studies produced an economic conclusion until a feasibility study was completed by Phelps Dodge and SMCV in 2004. This study provided the economic justification for the construction of a 108,000 t/d concentrator during 2005 and 2006. The key to the success of this study was identifying a water source that was sufficient to support processing economies of scale. Concentrator operations commenced in late 2006. The original design production rate of 108,000 t/d was achieved on a 30 day moving average basis on the 266th day after ore was first introduced. During 2009, studies and evaluations were performed that had the objective of addressing observed concentrator bottlenecks to allow a production rate of 120,000 t/d to be achieved. The 120,000 t/d figure represents the sustainable production limits associated with the installed primary crusher and tailing thickeners which would have been prohibitively expensive to upgrade. Debottlenecking activities were implemented during 2010 allowing sustained production rates of 120,000 t/d to be achieved."

Jan 1, 2017

By N. Ripepi

"The Langmuir model has been widely used for the coal-methane sorption process via an isothermal test. However, even though the temperature-dependent Langmuir model were recognized theoretically and experimentally, the quantitative relationship between the Langmuir’s constants (a & b) and temperature have not been clarified and confirmed by lab test data. This paper collects 158 methane-coal sorption data under different temperatures, which apply the Langmuir model to consider the relationship between Langmuir’s constants (a & b) and temperature (see APPENDIX I). Even though the Langmuir model cannot be used to show the physical state of methane adsorption on coal, it is widely used because of its simplicity and the reasonable explanation of its parameters (a & b). The results from these published isothermal tests confirm that 1) there is no consistent relationship between Langmuir’s constant-a and temperature; 2) the Langmuir model is a temperature-dependent model, and the temperature-dependent feature is mainly shown by the relationship between Langmuir’s constant-b and temperature; 3) The relationship between Langmuir’s constant-b and temperature can be described by both the exponential and linear relationship with dried coal. This paper provides a database for temperature-dependent Langmuir’s model, which can be used for reservoir simulation of coalbed methane reservoir, coal seam degasification modeling for underground coal mines considering the heating effect induced by geotherm and heat injection (via hot water, hot steam, ultrasonic, etc.). INTRODUCTION The isothermal test for gas sorption on coal is one of the fundamental tests in Coalbed Methane (CBM) recovery fields, such as underground coal mine methane degasification, CBM gas-in-place estimation, and carbon dioxide sequestration in un-minable coal seams. Generally, two methods, volumetric and gravimetric, are employed to obtain isothermal data (Bush, A. & Gensterblum, Y., 2012). Based on these two approaches, a series of commercial and self-assembled instruments are built and several calculation methods are used to obtain isothermal data (Bush, A. & Gensterblum, Y., 2012, Gasparik, K., 2014; Goodman, A. L., et al, 2004; Zhang, L., et al, 2013). In the post-processing stage, many models are provided to analyze isothermal data in order to understand the storage mechanism of gas in coal. Common models include the Langmuir model (and its extended forms), the pore-filling model, multilayer adsorption model (BET), and the Gibbs’ model. Among these models, the Langmuir model is the most widely used for its simplicity and functionality. The Langmuir model is expressed as follows:"

Jan 1, 2016

By Jean Philippe Santos Gherardi de Alencar

O fenômeno de colagem é a formação de aglomerados de pelotas, denominados clusters, devido à sinterização do ferro gerado durante o processo de redução. O resultado disto é a elevação da perda de carga nos reatores de redução direta. Tal fenômeno vem sendo estudado por vários pesquisadores, pois as práticas operacionais dos reatores têm priorizado o uso de temperaturas de bustle gas (BG) cada vez maiores, o que potencializa o aparecimento dos clusters. Uma alternativa para controlar a colagem é por meio de utilização de agentes de coating (AC’s). Em relação às matérias primas utilizadas como AC´s, as questões que surgem agora são as seguintes: Como se comportam os AC’s em temperaturas muito elevadas de BG? Qual seria a maior temperatura possível de BG? A fim de começar a entender a melhor maneira de responder a estas questões foram realizados alguns testes de caráter exploratório e não convencionais para avaliar o comportamento de alguns materiais de coating a elevadas temperaturas de redução. Os resultados destes testes mostraram a possibilidade dos AC’s funcionarem a temperaturas maiores que a de inicio do amolecimento da carga e que, nestas temperaturas, a sua granulometria pode ser parâmetro determinante para seu desempenho. O aprimoramento dos ensaios de simulação do processo de redução em reatores de redução direta é fundamental para responder as questões que se apresentam em relação ao tema.

Aug 2, 2018

By Jerry C. Tien, Yingjiazi Cao

"Coal spontaneous combustion (SponCom) is a natural phenomenon in underground operations, which can either happen naturally or be triggered by human activities. For underground operations, espe-cially in coal, SponCom can happen frequently as a result of air leakage, although its incubation period may vary depends on types of coal and surrounding environment, resulting in uncertainty in control. In China, most of the underground coal operations now use longwall mining method because of its superior safety, high productivity and efficiency. With an increased popularity, there is also an increasing necessity to study spontaneous combustion, its occurrence and management. There have been many theoretical analysis and experimental studies over the past half century hoping to understand the occurrence of coal combustion and its control measures to better understand the occurrence and to design controlling measures to limit the dam-age it causes. In this paper, research on coal spontaneous combustion fundamentals from these three aspects will be reviewed, gaps highlighted and possible directions for future studies. INTRODUCTION The history of anthropic development is the history of human's energy utilization progress. From the first usage of fire, people have been continuingly seeking energy resources on earth. Coal, as an abundant, economic and convenient source of fuel quickly became indispensable and made significant contribution to economic growth worldwide. With technology and societal development, people are becoming more and more coal-dependent, but at the same time, problems of fossil fuel combustion came into sight. In global coal mining industry, spontaneous combustion has now presented one of the most challenging safety issues, it is also believed that it has contributed significantly toward the climate change. It is essential that more effort be invested to examine the cause of SponCom and its control measures. Coal SponCom is a complex process, with both physical and chemical inter-actions among various interrelated factors such as local airflow distribution, ventilation pressure, methane emissions (if any), and physical surroundings underground. With the advent of powerful computers, simulation techniques and af-fordable modelling packages in recent years, significant advances have been made in understanding sponta-neous combustion. But because of the complex nature of combustion and varying underground conditions, there are still areas that need further examining. This paper will focus on illustrating the current research of coal spontaneous combustion and addressing research gaps and future study areas."

Jan 1, 2019

By David L. Hill

Newmont Gold Company's Mill No. 4 is located along the Carlin trend, about 25 miles North of Carlin, Nevada. The plant consists of a primary grinding circuit using a 7.2 m (22 ft) diameter by 2.6 m (8 ft) long semi-autogenous mill along with a 2.3 m (7 ft) diameter cone crusher. Secondary grinding is performed in a 4.8 m (14.5 ft) diameter by 9.2 m (28 ft) long overflow ball mill in closed circuit with a set of 66 cm (26 in) diameter cyclones. The ground product is fed to a typical carbon-in-leach gold leach circuit. The grinding/crushing circuit operation and control scheme are the topics of this paper.

Jan 1, 1993

By B. R. Mohal, S. Chander

"The adsorption and wetting behavior of freshly ground and aged coals has been determined in the presence of a nonionic surfactant. The amount of surfactant adsorption changes with the concentration and ""age"" of the coal. The freshly ground coal has smaller amounts of adsorption at lower surfactant concentrations than the ""aged"" coal whereas at large surfactant concentrations, the order is reversed . In the latter case, more surfactant is adsorbed on fresh coal than on the ""aged"" coal . . It is proposed that at low concentrations, the surfactant adsorbs through both hydrophobic and hydrophilic interactions with the molecule lying parallel to the· surface, whereas at higher concentrations surface micelles form at the hydrophobic sites. The wetting behavior correlates well with the adsorption behavior.INTRODUCTIONNonionic surfactants have many applications in the coal and mineral processing industry. They can be used as dispersing agents to modulate flotation, flocculation and filtration of particulates (1). They can also be used to increase the wettability of hydrophobic solids such as coal and can hence be used as dust suppressants (2,3). Although the adsorption of representative nonionic surfactants such as Triton N-101 (an ethoxylated nonylphenol with 9.5 moles of ~thylene oxide and HLB equal to 13.4) have been studied extensively on substrates such as calcium carbonate (4), silica (5) carbon black (6) and graphite (7), very few studies are available for coals. Coals differ from other substrates with respect to two important characteristics: 1) coal are porous and 2) coals consist of a patchwork of hydrophobic and hydrophilic sites (8). Since the adsorption characteristics of a surfactant are influenced significantly by the nature of the substrate the characteristics of the coals must be taken into consideration."

Jan 1, 1989

By D. X. Chen

Comprehensive utilization of the copper associated with the complex lead and zinc sulphide ore is a recognized and difficult technical issue in ore dressing field. Qi Baoshan lead-zinc mine is a typical complex copper-lead-zinc polymetallic ore deposit and difficult to process. The application of the. traditional process is not able to make the substantive progress. According to its mineralogical characteristics, the association of copper minerals with lead minerals is very close, and their particle sizes are very fine, and the copper and lead minerals are partially oxidized. Based on the laboratory tests and comparison between different process flowsheets, preferential flotation of copper minerals, being suitable for this ore, was chosen to recover copper. The separation of copper from lead applies the following technology: regrinding middlings with cyclones to classify, which improves copper lead mineral liberation, and increases copper and lead recovery; using new high-efficient collector with good selectivity, which is able to float copper minerals; and non-toxic combined depressant which depresses lead minerals. The above technical innovation, optimizing the process flowsheet, overcoming the complex traditional process flow with high production cost, obtained good technical and economic indicator. The difficult technical problem of copper lead separation was solved smoothly. After successful performance of the bench-scale experiment, commercial-scale test was carried out. In industrial trial, a copper concentrate containing Cu18.60 %, Pb7.40 % and Zn2.50 % was obtained with copper recovery of 58.49%, lead concentrate quality improved largely. The process opened up an unique path for the comprehensive recovery of Cu from similar lead and zinc non-ferrous metals mineral to comprehensively recover copper.

Jan 1, 2014

By S. Perla

Two of Peabody Western Coal Company's mine operations are the focus of this paper ... Black Mesa Mine and Kayenta Mine, both located in Northern Arizona. These two locations are unique for a variety of reasons. ? The two mines have only two customers, both power plants, one the Southern California Edison's Mohave Generating Station near Laughlin, NY, the other the Navajo Generating Station near Page, AZ. Close in proximity, these two locations ships nearly 12 million tons of coal per year. ? Material is shipped to these customers two ways: via a 273 mile underground slurry pipeline, which by the way is longest in the world, and by a 17 mile long conveyor to four storage silos. Product is then shipped via train from the storage silos to the plant sites.

Jan 1, 1995

By Yaming Chen, Gerry Papini

This paper presents a case study of three-dimensional groundwater modeling of a proposed open pit at a gold mine project with historic flooded underground (u/g) mine workings in British Columbia, Canada. The modelling approach for dewatering the open pit included passive dewatering by draining water under natural hydraulic gradients and active dewatering by using active dewater wells, together with residual water drains. Target water level drawdowns behind the pit wall were used to determine the number and depths of dewatering wells to meet the slope stability requirements and in estimation of pit inflow rates. Conceptualizing the u/g mine workings and assigning appropriate flow boundary conditions throughout the life of the mine posed some unique challenges.

Sep 30, 2022

By S-C Shim, H-R Lee, Y Kang, H Shin

Since iron oxide and silicon oxide are major gangue components in various types of ore, FeO-SiO2 base slag, ie fayalite slag, has been often encountered in pyrometallurgical processes of non-ferrous metals. During most matte production processes such as the smelting of Cu, Pb, and Ni, the FeOSiO2 based slag is inevitably formed and plays an important role in refining crude metal as well as engineering aspects. Recently, similar pyrometallurgical approaches have been attempted in the recovery of valuable metals (Ni, Co, Cr) from wasted secondary batteries. Thus, the viscosity of the FeO-SiO2 based slag has great significance in properly controlling smelting processes. However, when molten metal or matte does not coexist with the slag during the measurement, there has been a serious difficulty in maintaining Fe valance and consequently, the slag composition. In the present research, the viscosity of molten FeO-SiO2 slag was measured in 1573~1673 K using a rotational viscometer. In order to keep the state of iron oxides, the oxygen partial pressure was controlled using CO/CO2 gas mixture. The optimised ratio of CO/CO2 could be calculated using Fe/Fe2+ and Fe2+/Fe3+ equilibria at each temperature. The composition of the slag, particularly Fe valance, after the measurement was analysed with the aid of an inductively coupled plasma – optical emission spectroscopy (ICP-OES) and an automatic potentiometric titrator. The measurement showed that the FeO-SiO2 slag has considerably low viscosity values in the molten state, and it sharply increases as the temperature decreases. In spite of the careful oxygen partial pressure control, a part of Fe2+ was found to be oxidised to Fe3+, with a maximal case reaching about 20 per cent. The increase in viscosity of FeO-SiO2 at low temperatures can be attributed to the composition change due to an unavoidable Fe2+ oxidation. In addition, the relationship between the change in the viscosity and the liquidus temperature of FeO-SiO2 based slag was discussed to understand the composition dependence of viscosity.

Jun 19, 2024

By Louis M. Perlman

Quantitative methods are, by now, a standard tool of the mining industry, and are commonly used by Research Departments in their evaluation of production methods and schedules, and their associated costs. Indeed, much sophisticated computer work has been devoted to such evaluation of controllable costs and capital requirements. These data are an important input into the project evaluation formula, which is probably the most important single calculation per formed by a mining company, since the result decides whether a particular project is viable. It is instructive to summarize the broad principles of project evaluation, since they are crucial to the remaining sections of this paper. PROJECT EVALUATION The most widely used method of appraising projects is known as Discounted Cash Flow (DCF) method. Two main variants are used; they are known as the 'not present value' (NPV) approach and the 'internal rate of return' (IRR) approach respectively. The difference between the two is that the former takes the firm's interest rate as given and uses this knowledge to calculate the present value of the project; whereas the latter calculates the highest interest rate the project could tolerate and still just breaks even. The technique is more simply discussed in terms of the first method (NPV).

Jan 1, 1972