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By E Topal

Risk and uncertainty are attached to mining projects, and making decisions, hedging, future investment and evaluation of mining projects depend on forecasting the future price. The future technologic developments in mining will be primarily influenced by the future commodity prices. A few approaches, with different confidences are proposed to predict price movement in the future. This research introduces a new comprehensive version of the mean reverting jump diffusion model for natural-resource commodity prices. The novel model proposes that the historical data of mineral commodities have three terms to demonstrate fluctuation of prices: mean reversion component, diffusion component and jump component. The model calculates each term individually to compute the future prices of mineral commodities. Subsequently, in the second section of the paper, the model is implemented for monthly historical data of gold price from January 1968 to May 2008. This research is investigating the relationship between the historical oil price and inflation with the gold price. This is followed by a future estimation of gold price fluctuations up to 2018. The results from the application of this new method are discussed in the context of how they accurately replicate the historical gold price and how they can predict the future gold price.

Jan 1, 2008

By Van Nostrand J

The resettlement and relocation program that is being carried out at Gold Fields Ghana's (GFG's) Tarkwa Mine is currently the largest of its kind in Ghana, and West Africa as a whole. While such projects have been initiated previously in Ghana, in connection with the development of the Volta River Dam, Tema, and a number of other smaller resource development projects, they were not subject to the statutory requirements of Ghana's relatively new Environmental Protection Agency (EPA). Nor were they subjected to the kind of global scrutiny that is now being applied to such projects by international agencies like the World Bank. This is a result of the international community's criticism of major energy projects like the Three Gonges Dam in China and a number of similar hydro-electric projects in Southern Asia. It has meant that for this project the expectations are considerably more challenging then they have been in the past.

Jan 1, 1997

The development of computers is examined in the context of the mining industry. The risk element is given as a reason for the slow introduction of the computer into mining. Dealing with mining's uncertainty is seen as a major role for computers. The use of computers is traced from early accounting applications to current involvement with all aspects of mining. The problems associated with increasing use of computers and their impact on management is discussed in depth. Disenchantment of management is thought to arise from unfulfilled expectations. Contributory causes are given as overselling of computers, reaction against change, speed and growth of computer technology. The solution is seen to lie in a more dominant role for user management in the development of computer systems and greater emphasis on education. The computer of the future will then become integral to the mining process as an extension of management's planning and control function.

Jan 1, 1974

By S A. Johnson, J Cassidy, J L. Mauk

Geophysical anomalies at Puhipuhi reflect both diverse lithologies and different degrees of hydrothermal alteration. Most significant is a strong negative gravity anomaly (up to 50 g.u.), encompassing but extending beyond areas of known alteration, which is modelled as a deep zone (up to 3 km) of reduced density in the host greywacke basement. This zone, interpreted as being due to alteration (at least in part), closely correlates with the extent of overlying basalt flows. The gravity data indicate that the most intense alteration occurs below the basalts and correlates with the location of previously inferred hydrothermal upflow zones. These observations suggest that the basalt may have acted as a cap rock to a mineralising geothermal system. Aeromagnetic data identify highly variable but typically low magnetisations in the basalts which suggests that alteration may have been contemporaneous with volcanism. These geophysical data at Puhipuhi confirm the locations of centres of known alteration and suggest potential exploration targets below the basalt cap where there is no surface manifestation of alteration. Further implications of these results are discussed in Locke et al. (1999).

Jan 1, 1999

Subsidence issues associated with historic mine workings have highlighted the need for enhanced geotechnical management of the Martha pit over the remaining life. In conjunction with a detailed analysis of pit slope issues a comprehensive geotechnical management plan has been developed at Martha and is being used as the basis for development of similar plans in other Newmont operations.   This paper covers the geotechnical issues facing the Martha operation and the development and application of the management plan.

Jan 1, 2004

THE MORWELL BROWN COAL DEPOSITSTHIS deposits of brown coal in the neighbourhood of Morwell, are of tertiary age, and are represented on several horizons, but, owing to lack of evidence, the exact age cannot be fixed definitely. It is chiefly by reference to the basalt flows of the Older Volcanic series that the brown coal beds have been classified as of Pre-Volcanic and of Post-Volcanic age. The Pre-Volcanic brown coals are less widely distributed, and the seams generally are thin, though near Thorpdale a thickness of 40 tt. has been recorded, and from 10 ft. to 12 ft. in the vicinity of Narracan. Both of these localities lie to the south-west of Yallourn, and it has not been proven as yet whether these older coals and accompanying basaltic flows pass under the Morwell beds.The brown coal deposits have accumulated in an area where extensive faulting in early tertiary times has taken place with oscillations of elevation and depression of the land surface. In the vicinity of Yallourn, Paheozoic strata (probably Silurian) are exposed on either bank of the Latrobe River about a mile above the powerhouse weir, where the river flows through steep banks rising a couple of hundred feet on either side. The Silurian strata are highly inclined, and consist mostly of slates and Illudstones. Resting unconformably on the upturned edges of the Silurian is a conglomerate bed of Mesozoic age, above which occur beds clipping to the south-east of felspathic sandstones, with alternating mudstones at times carbonaceous, and containing thin seams of black coal.The brown coal seams and associated lignitic Clays, sands, gravels, etc, rest on the Mesozoic strata (as proved in the vicinity of the power-house and by boring north of the Latrobe River, near the old open cut), but do not appear on the surface of the Mesozoic, where these beds attain an altitude of more than 50 ft. above the present level of the Latrobe River.Half a mile upstream from the power-house a layer of basalt of the Older Volcanic series, almost resting upon the Silurian strata, is...

Jan 1, 1924

The application of cheap robust microprocessor based units to achieve monitoring and control in an underground mining environment is described. The functional layout of the programmable controller and the methods of multiplexing and processing information from local and remote sources are examined as are features for refrigeration plant control.High noise immunity communication to a remote micro computer uses existing telephone lines and enables display and print of essential data. The development of this system then leads to applications in monitoring compressed air, ore transport and underground fires.In conclusion, the problems of data presentation to different levels of management and the future philosophy of a central multi-reporting system are discussed.

Jan 1, 1985

Warrego copper ore characteristically contains 0.05-0.2% bismuth, which on upgrading produces a concentrate of approximately 1.3% bismuth. Early smelting of this concentrate (1973) was accomplished in a flash furnace (eliminating 92% of the bismuth in the con- centrate) and Top Blown Rotary Convertors (eliminating 85% of the bismuth in the matte). However 1.3% bismuth was considered the max- imLun bismuth level that could be treated. Geological evidence indicated that the bismuth level in~the copper ore would increase and that the bismuth level in the Warrego ore would be 0.3-0.7% bismuth. Treating these ores would produce a copper concentrate with bismuth levels far in excess of those accept- able to the smelter and still produce low bismuth content blister (limit 0.03% bismuth).

Jan 1, 1984

By Chen J, Sun ZY

The present paper gives the design of a new HGMS for magnetic separation of sulphides. The main characteristics of this HGMS are using iron-cladding saddle-shaped magnetic coil for instead of the ordinary magnet, and combining reciprocal-linear motion with vibration to actuate the separation box, and the magnetic field intensity is high up to 2T as well. For improving the magnet system design, a modified finite element method is used to calculate the distribution of magnetic field intensity of separation space of the magnetic coil, and accordingly the calculation results the magnetic leakage coefficient can be determined easily, thus designers apart from the empirical way. KEYWORDS: HGMS, reciprocal motion and vibration, finte element method, saddle-shaped coil.

Jan 1, 1993

Just as Australia is part of the Pacific Rim, so the Pacific Rim should be viewed as part of the whole world. That applies in particular to that scarce commodity û money. There are five main factors of production in any mining development û mineralisation, materials, manpower, management and money. LetÆs focus on the upstream input û mineralisation, and the downstream input û money, especially in the area of communications. Unknown to many, the Competent Person reporting on Mineral Resources and Mineral Reserves has a direct and unavoidable impact on the companyÆs financial statements û the profit and loss account and balance sheet. With respect to reporting of the major asset of most mining companies û the resources/reserves û investors are getting a better deal now than at any time in memory as regards flow and adequacy of information. Australia has been a world leader in this regard. The outlook is for even more informative and useful reporting. The more rigorous reporting requirements for Exploration Results and Mineral Resources/Reserves, which have become a worldwide phenomenon over the last five years, will continue. This will be positive for the mining industry as a whole and for Australia in particular. However competition for the scarce investment dollar will also increase. Put simply, mining has many competitors, unconnected with mining, for the capture of the investment dollar. It behoves all participants to recognise that there are three investment factors which influence strongly the willingness of investors to put money into mining. These are Confidence, Credibility and Consistency. AustraliaÆs investment image stands high in these three respects, but the competition will continue to grow. AustraliaÆs lead must be maintained. However, some investment decisions should not necessarily be based on fundamental, quantifiable facors. Some of these are outlined.

Jan 1, 2004

By Enichlmayr E

Lignin grouts are cheap and easy to get. They have some desirable properties, but they aag less used now because environmental pollution is often caused by Cr from the lignochrome component of the grout. Their usefulness was researched in an earlier paper on lignin as a grout from other viewpoints. A non-toxic grout FUL was made composed of furfural, urea and lignin. After initial tests, including tests by spinning regression design, some response equations in which FUL's properties are described were obtained. Optimum formulations have been established by using optimization methods based on response equations. The engineering quality was assured by formulations whose properties were measured in further tests. The mechanical feature of gelling sand was measured by means of triaxial tests. This provides a basis for using FUL grout in-situ. Finally, an in-situ experiment on FUL was completed successfully. The results were that cracks in stratum were filled or blocked, the gelling of FUL had high strength, and low permeability and consolidation were achieved.

Jan 1, 1988

The Ladolam gold deposit, located on Lihir Island in PNG, is one of the largest known epithermal gold deposits, with a resource of over 37 million ounces. The deposit is characterised by a telescoped porphyry-epithermal system 2-rich sulphidic hydrothermal fluids capable of transporting significant quantities of gold, and the sudden change from porphyry to pithermal conditions caused by removal of the volcanic edifice. As magmatic ore fluids breached the surface, cool surface waters (seawater and/or meteoric) acted as a diluent. Although no other deposit is known with comparable geological characteristics and size, positive features that may be looked for in exploration for other like-deposits elsewhere include magnetite-rich alkalic volcanic rocks, large carbonate haloes, and presence of phreatomagmatic breccias. New discoveries may be recessive or undercover, due to the quartz-poor nature of the alteration.

Jan 1, 2002

Following the `Poseidon boom' of the early-1970s, there was pressure for development of a national body of company law and for the introduction and development of legislation to regulate the securities industry, including the Stock Exchange, trading in securities and securities dealers and advisers.After 20 years, the Corporations Law emerged in effect as Commonwealth legislation implemented automatically by the States.

Jan 1, 1997

A recent boom in the mining and minerals sector has seen the creation of an increasing number of graduate roles. These positions offer varying experiences, many with the larger international mining houses, some with the smaller players. Regardless of the company, and regardless of the program structure, there are a few key points that a graduate can follow to ensure he or she extracts the most from any graduate experience.

Jan 1, 2007

By Staude W, Rosser A

Due primarily to the publication of the Fitzgerald Report the impact of taxation on the mining industry and the amount of taxes actual- ly paid by the industry have become items of intense debate. However, the discussion has been governed more by impassioned rhetoric than considered logic. It is equally as wasteful to the economy for the mining industry as a low cost efficient export earner to be punitively taxed, as it is for the industry to be given excessive taxation assistance. A comparison of the effect of five tax- ation policies on the cash flow of a capital intensive mining project is presented. The policies considered are Liberal 1969, Liberal 1976 with and without the coal levy, Labor 1975 and Labor 1976. The mining project used in the analysis is modelled on published estimates for the proposed Nebo coal project. The analysis is equally applicable to any large mining or petroleum development.

Jan 1, 1977

This paper deals with the Australian taxation laws, and in particular the income tax laws, as they apply to mineral exploration and development both in Australia and off-shore. The Australian tax laws are imposed principally at a Commonwealth level. The most important Commonwealth taxes are Income Tax, including Capital Gains Tax, Fringe Benefits Tax, Sales Tax, Customs Duty, Excise Duty and Bank Accounts Debits Tax. The States of Australia impose Stamp Duties and Financial Duties, Payroll Tax and Land Tax. The Australian Income Tax Law including Capital Gains Tax, is the most significant tax in the country. The principal features of the income tax law are as follows: tax is imposed on a taxable income being the assessable income less allowable deductions; a full imputation system of company tax applies; a foreign tax credit system applies to both companies and individuals; capital gains are taxed as income and subject to income tax rates but the gain is inflation adjusted. Australia has negotiated tax treaties with most of its trading partners based on the OECD model; and special tax concessions apply to the mining industry.

Jan 1, 1987

The Australian industrial relations system is in a state of constant change. We are undergoing a transformation from a compulsory arbitration and an award based system to one which is fundamentally rooted in the concepts of enterprise bargaining. This is true both at the State and Federal level. The structural changes which facilitate the movement away from the predominance of Awards to enterprise agreements has been fostered by both sides of the political spectrum and is a cornerstone of their respective industrial relations platforms.In determining what form or combination of forms of industrial instrument(s) should apply to the individual enterprise, employers must have regard to the viability and sustainability of each form in the changing industrial climate. In particular employers should have regard to the needs and agendas of their employees and unions which may purport to represent Them.

Jan 1, 1998

By Parer W. R

During the last fifteen years there has been a marked change in the demand and supply patterns of coking coal. The world demand, predominantly Japan, has increased from 23 million tonnes of world export/import coal in 1960 to an expected total of at least 100 million tonnes by 1975. In the last ten years Australia has been the main beneficiary in the growth of the export coal trade. This has been brought about by its proximity to Japan and its large econ- omically mineable reserves of coking coal. A feature of the recent coal development in Australia has been the requirement of companies in new areas to provide massive capital for infrastructure costs. The ability of the Australian coal industry to retain a large share of the world export market depends to a large extent on reasonable costs to transport coal from mine to the market place. In some areas of Australia this means that railway lines, loading and unloading facilities, and ports will have to be up-dated at substantial costs. On the long haul to Europe the recent increases in the prices of bunker fuel have made the price of coal less competitive when compared with sources

Jan 1, 1974

The magnesite deposits near Young, N.S.W., occur in decomposed serpentine rock below a soil. and alluvial cover. They show considerable variation in both quality and depth which greatly hampers mining operations. Seismic refraction techniques afford methods of conducting detailed and reconnaissance surveys which yield a depth and velocity analysis of the serpentine/magnesite refractor. The measured seismic velocities may be used as an index of the presence and quality of the deposits. The Seismic Timer which was used in the test surveys is a simplified seismograph which makes use of seismic reciprocity by replacing the conventional seismic shotpoints with geophone stations and the conventional geophone stations with impact points of a sledge hammer. Thi,s enables the use of detailed seismic refraction techniques which yield the depth and velocity analysis of the refractor.INTRODUCTIONThe magnesite deposits near Young, N.S.W., were produced by a process of leaching and enrichment of magnesium in serpentine rock. The magnesite occurs in nodular form emplaced in decomposed rock at shallow depths below soil and alluvium. The depth ranges from close to the surface down to some tens of feet. The deposits are patchy and show considerable variation in both quality and depth, giving riseto considerable difficulties in mining operations.Due to the thorough leaching of the surface material, geochemical tests carried out so far have not proved satisfactory for locating the pockets of magnesite enrichment.It was decided to test the application of detailed shallow seismic refraction methods to the investigation of both the depth and quality of the deposits. The tests were carried out...

Jan 1, 1962

By T Galvin

Drilling and blasting at Westside Mine near Wallsend, NSW, has presented a challenge for Orica Explosives, Australia. The colliery produces 600 000 tonnes of steaming coal per year from two seams using surface mining techniques. Tapping into underlying coal will greatly improve the yield, but there are many issues which make this an enormous challenge. Hunter Valley Earthmoving engaged Orica Explosives to supply the explosives products and to provide much of the blasting expertise that is needed on the minesite. Hunter Valley Earthmoving and Orica Explosives have proven to be an outstanding, unified technical team on this project. The success of the team is based on good communication, progressive attitudes, extensive expertise in blast design and most importantly, care and accuracy in implementing the agreed upon designs.

Jan 1, 1999