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This paper focuses on the significant impact that geological information has in relation to the valuation, both equity market and accounting records, of mining companies. There are many different measures adopted by investors and analysts in valuing mining companies. In particular, focus is primarily on calculation of profit as it is the authors primary expertise. The importance of geological information to the calculation of profit (and to many other measures of a mining company performance) is not always understood by the geologist. The aim of this paper is to raise the awareness of geologists (particularly those who are competent persons under the JORC code) of the impact that reserve statements û and changes to û have on profits. This is the first time that this subject has been presented directly to geologists. Similar versions of this paper have been presented at other forums where other important users (directors, auditors, accountants, analysts, investors) or preparers of financial statements have been made aware of the importance of the geological information. In essence, all mining companies prepare annual financial statements, which are adopted by directors and audited. The major items that require judgement generally revolve around two areas û commodity price outlook and the accuracy of reserves and resources. Reserves and resources are important, and that there is undoubtedly a lack of understanding about the assumptions and accuracy of reserves and resources by accountants, directors and auditors, and a general lack of understanding by geologists as to how the information that they prepare is used. Across the globe the majority of mining companies are listed on stock exchanges (with the main exception being nationally controlled mining companies û eg Codelco). In a very simplistic manner, I have divided all mining companies into three types: exploration plays û these companies are still in the finding or proving modeÆ and typically the stock market and investors rely on geological information and remaining cash in determining their assessment of the company; single mine companies û the major items that investors and the stock market look for are reserves, inferred resources, commodity price outlook and discounted cashflow calculations; and multiple mine companies û the investment community and stock market are looking at reserves, inferred resources (generally to a lesser extent at this stage), commodity price outlook, discounted cashflow calculations and profit and loss accounts. Regardless of the type of company, the equity markets, including analysts, try to determine appropriate valuations for mining companies. In doing this the major two areas that require judgemental consideration are the commodity price outlook and the level of reserves and resources. Generally speaking, most mining companies have a strong understanding of their cost structures û in particular their cash costs as distinct from their accounting costs of production û and therefore this area generally gets less consideration than the other two matters mentioned above.

Jan 1, 2003

The Australian Mineral Industry has to compete on world markets, so its mineral research has to be aware of overseas developments, it must be of world class, and it must utilise as many ideas as possible in order to solve those problems that uniquely affect Australian minerals processing. North American mineral and resource research may be taken as a guide to world government, industrial, contract, and entrepreneurial research trends and ideas. A number of interesting findings are noted that may guide Australian developments and strategies for the future, in minerals research and exploitation.

Jan 1, 1986

By Madgwick J

A novel method for determining viable cells of the mineral leaching bacterium Thiobacillus ferrooxidans has been developed. The cells were collected on 0.45/Lm cellulose acetate filters, washed with artificial minewater, and incubated in the presence of ferrous ion at pH3 in an atmosphere containing radioactive (14C) carbon dioxide. Colonies of bacterial growth were detected by the image formed on X-ray photographic paper (autoradiography). The method was compared with three conventional techniques and shown to detect three orders of magnitude more cells in cultures of Thiobacillus ferrooxidans in the late exponential phase of growth.

Jan 1, 1987

Welcome to this 13th Congress of The Council of Mining and Metallurgical Institutions. It is twenty one years since The Australasian Institute of Mining and Metallurgy last hosted this congress and it is a privilege and a pleasure for The AusIMM to have that responsibility once more. The theme of this congress "The Twenty-First Century - Mining for Mankind" stimulates many thoughts. The first thought that it generates in me relates to the reference to the 21st Century. We are still 14 years away from it and already consideration of the beginning of the next millenium is becoming something of a cliche. If we feel like that about it now, how will we feel at the 14th Congress of the CMMI in 1990, or the 15th in 1994 or the 16th in 1998? If we do all the crystal ball gazing about the 21st Century this week, those poor devils in the 1990s will in fact have nothing to talk about. Of course that is not the case. This is a very appropriate time for those of us concerned with mining and metallurgy to contemplate the next century. Fourteen years is about the extent of forward planning necessary in the mining business. I sometimes feel that most people do not take seriously the need for long range planning in our industry. Politicians, investment fund managers, and others under severe short-term pressure to perform in our hyperactive world may nod in apparent appreciation of our long term plans but their actions in the interests of expediency often betray-them.

Jan 1, 1986

A continuous casting machine, of the Concast curved mould design casting billets in four strands, was commissioned at the Newcastle Works of The Broken Hill Proprietary Co. Ltd., in November, 1967. Quality assessment of early casts from this plant indicated that steel cleanliness was sometimes inferior to that of equival- ent ingot cast steel. Extensive trials to develop a modified deoxidation technique were not successful in improving clean- liness to the desired level. A "contra-flow" gas shroud, to cover the steel stream between the tundish and the mould, was developed, and proved successful in achieving the required levels of product cleanliness. The inclusion content of six grades of steel ranging in carbon content from 0.10 to 0.70 per cent is examined, and an attempt is made to explain theoretically some of the results obtained.

Jan 1, 1972

By G Wood, B Lumsden

A statistical ærandomised block designÆ full plant trial of magnetic conditioning of flotation feed was undertaken at Rio TintoÆs Northparkes Mine in New South Wales. Magnetic conditioning of flotation feed has been shown to improve the flotation of 20 38 ¦m fraction for either metal. Approximately half the copper and gold losses at Northparkes are in the

Jan 1, 2007

By Ribicic M, Kocar F

Surface lakes or water accumulation present a possible threat for the flooding of the underground mining works. Therefore, the criteria that define the conditions under which no flooding of the mining works can occur are of vital interest to the miners. The authors present the criteria that they developed for the Velenje lignite mine, Yugoslavia, and that take into account the elastoplastic behaviour of the rocks and the natural stresses involved in the deformable strata between the bottom of the lakes and the mine works as well as the extent of the direct caving-in process resulting from longwall mining activity. Fi- nally a generalization of these criteria to the other rock and stress conditions is discussed.

Jan 1, 1988

By Reeve JS

Heap leaching is a low capital cost alternative to conventional processing techniques for gold recovery from areas that contain small gold particles in a porous host rock.For successful heap leaching the ores to be leached must maintain good permeability after being stacked into heaps so that the leach solutions can percolate evenly through them.The presence of clays, slimes or excessive amounts of fines can hamper the flow of leach solutions causing channelling and producing dormant or unleached areas within the heaps. This results in unreasonably long leach periods and poor extractions. In extreme cases the clays or fines completely seal ore heaps, causing leach solutions to run off the sides of t'he heaps rather than penetrate the ore.The Northern Queensland Company uses the Agglomeration Heap Leach technique (AHL) to overcome the difficulties associated with clays or fines. This technique involves cementing the fines, by using readily available binders, into a rigid, porous network that greatly enhances uniform flow of cyanide leach solutions through the ore heaps.

Jan 1, 1986

By Willey GJ

A brief test program was undertaken to assess the viability of air-sparged hydrocyclone beneficiation at the Cadjebut concentrator. Three different process streams were processed (lead rougher feed, lead scavenger tail and `mine water' solids) in a small scale ASH unit (one litre volume, feed rate 1000 to 1800 kg solids/hour). Analysis of the concentrates indicated that ASH based flotation was successful, selective and capable of achieving improvements to the overall metallurgical performance of the concentrator. The flow regime inside the device accentuates the selective flotation of the finest particle size ranges generally not recovered to any significant extent in conventional mechanical flotation devices. The testwork proved that the ASH is a viable alternative option for increasing the flotation capacity of the lead beneficiation stage of the Concentrator.

Jan 1, 1993

By G C. Lukey, J S. J van Deventer

The disposal and subsequent encapsulation of mine tailings in a cost-effective and environmentally secure and responsible manner is one of the principal issues facing any modern mining project. A careful assessment of all options available for the capping and subsequent remediation of tailings is important because it can result in large capital, operating and closure cost-savings. For these reasons, the technology of geopolymerisation is receiving increasing attention for the stabilisation and solidification of waste materials produced from mining operations. The first part of the current study investigates the application of geopolymer technology to the capping of hypersaline mine tailings. It has been found that suitable geopolymeric materials which have satisfactory compressive strength, durability as well as low permeability, can be formed using between 60 - 75 per cent of mine tailings as the main ingredient. It has been established that geopolymeric materials have the ability to suppress dust generation and prevent salt precipitation on the surface of the mine tailings. The slurry-like consistency of geopolymers would promote efficient application procedures through established tailings disposal techniques. This is a possible close-out technique for hypersaline tailings storage facilities such as those commonly found in Western Australia, which meets both regulatory requirements and community expectations. The immobilisation of contaminant metals within geopolymers has been investigated in the second part of the present study. In particular, the leaching characteristics of Cu and Pb from geopolymeric matrices derived from different fly ash sources have been examined. Potential breakdown of each geopolymer containing metal contaminants due to the leaching of Si and Al from the geopolymeric matrix has also been investigated.

Jan 1, 2000

By C Smith, D Lilly

The Lafarge Marblehead Plant in Marblehead, Ohio, USA produces 4.2 million tonnes of sized aggregate yearly. In 1997, a program was instituted to maximise primary crusher productivity through the optimisation of blasting variables and procedures. A proprietary blasting shot report database and the Lafarge production database was statistically analysed to provide guidance in the program. Blasting powder factor (kg/m3) was the main control variable utilised to increase crusher throughput. In 2005, the program was refined to increase the production of certain high margin aggregate sizes and the reduction of fines. The principal blasting component affecting the percentage of high margin size production appears to be pattern area (burden and spacing area). This can be coupled with powder factor to optimise the production rate of high margin aggregate sizes. The size optimisation program incorporates the blasting shot report database, Lafarge production database, statistical analysis and aggregate sampling. A preliminary indication is that the production of high margin sizes (12.7 mm X 4.8 mm, 24.4 mm X 12.7 mm, and 50 mm X 25.4 mm) has been increased seven to 12 per cent utilising these techniques. As an added benefit, blasting costs have been reduced linearly as burden û spacing pattern areas have increased and powder factors have decreased. The program is ongoing and will investigate other blasting procedures and variables including electronic blasting caps to further increase the production of high margin products. The statistical methods involved in the analysis are described in this article for use in other mines and situations. The methods described can be used to optimise crusher throughput, digging rates and product size.

Jan 1, 2007

By McLennan R. G

Mr. F. Cavanaugh (E.R.S. Co. of Aust. P'ty. Ltd.) ; What is your opinion of the expendable gauze type respirator? Would you give your views on what type of training is most effective to improve the safety consciousness of "new" New Australians?Mr. Lewis: For many jobs, the expendable gauze respirators are quite satisfactory. However, where silica dust of less than 10 micron sizing is present, they Cannot be recommended. Generally, they are more acceptable to the men than the heavier but more efficient types of industrial respirator.The best avenues of approach to training appear to be:(a) Liberal use of vi~ual aids (posters, photos, slides, etc.)(b) Efficient interpreter service.(c) Constant follow-up and check by foreman and fellow workmen.Mr. W.Marsden (B.H.P. Collieries); Most colliery employees only wear masks when they can see dust which, of course, is not the hazardous dust, and they take the mask off when they can't see the dust and so expose themselves to the hazard which is often present.Mr. W. W. SoIIy (S.A. Mines Uranium Treatment Plant) ; Safety equipment as supplied by manufacturers is inefficient and short of safety and common sense requirements-operators don't wear equipment because it is uncomfortable, clumsy, or unsightly. In the case of face masks,* they are not completely, effectively sealed; hard hats should be made even lighter and yet efficiently strong; concerning gloves, it seems not too much to ask of suppliers to put up a durable glove, preferably lined for comfort, with the maximum amount of "feel". Adaptation of, say, tubeless tyre methods...

Jan 1, 1958

By Zieg GA

The Sheep Creek Project lies 30 km north of White Sulphur Springs in the Little Belt Mountains of central Montana. Homestake Mining Co. discovered base metal anomalous pyrite beds downdip from gossans in 1974. Cominco American began exploration in 1976, consolidated adjacent properties, and joint ventured with BHP-Utah International in 1985. High . grade Cu and Cu/Co mineralization intersected in a 1985 drill hole led to discovery of two separate deposits. The project area now covers over 175 km2 and is being actively explored for Cu, Co and Zn in a shale hosted bedded sulphide system.Proterozoic Belt Supergroup sediments host the Sullivan Pb/Zn deposit, stratabound Ag/Cu ores of the Revett Formation at Troy and Rock Creek, and base metal rich pyrite beds at Sheep Creek.

Jan 1, 1990

A Master of Applied Science degree course in Mining Geomechanics commenced in 1983 at The University of New South Wales, taught by extern- al (correspondence) studies. The course is aimed at graduates employed in the mining indust- ry, and especially people involved in geomechan- ics projects on a routine basis in remote locations. This kind of course is unique in Australia and is one of only two correspondence programmes available at this University. The author designed the course and nursed it through the early years, and was Director until 1986. The paper describes the teaching and assess- ment methods and also discusses aspects of admin- istration and coordination of such a course. It is concluded that an important need of the mining industry is being catered for and it appears that similar correspondence course for- mats would also be useful in other areas of the minerals industry.

Jan 1, 1986

Basic premises for evaluating special characteristics of gold-bearing porphyry metal systems stem from their contrasts with properties of the class as a whole. Included features are differences in geologic, thus tectonic, environments, subtle but real differences in the proportions of accessory metals Mo-Ag-Au that are regionally and within some regions, tempo-rally distinct, contrasts in the Ag:Au ratios, petrological-geo-chemical as well as isotopic differences between intrusive suites, the age and nature of host terranes, contrasts in alter-ation style, and zoning variations of mineralogical and physical properties of rocks. These properties are linked in various ways in different regions and suggest that in large gold-bearing systems where gold may be uniformly distributed, environ-ments of emplacement, and compositions or sources of igneous "progenitors" may dominate in importance over processes, and that systems in which gold is zoned are processes-dominant.

Jan 1, 1990

Over the past 5 years, Bougainville Copper Limited has undertaken a number of major plant expansions to the copper concen- trate production plant at Bougainville in the North Solomons Province of Papua New Guinea. These projects have scheduled three additional ball mills, three new banks of Outokumpu flotation cells, four additional tertiary screens, two additional tertiary crushers, and more recently four high capacity 24.5m dia. tailing thickeners. The value of the five separate projects totalled more than A$100 million. A requirement of commissioning and bringing on line of each of these projects has been to minimise both operational losses and copper concentrate production. The commissioning has been successfully implemented by detailed planning of the commissioning work in conjunction with the plant operation. Planning has been detailed for each man involved on an hourly basis, highlighting the work required on each commissioning task that is to be undertaken and the time expected to achieve activity Completion.

Jan 1, 1986

Australia has a high level of research and development capabilities in government, industry and tertiary institutions. In the- remote sensing fields, we have developed a range of applications in geology, agriculture, infrastructure and environmental monitoring which are very cost effective and applicable to projects in the Asian and Pacific region. Support by the Department of Science through the Scientific Industries Steering Committee has enabled rapid penetration of this technological capability into projects with significant economic and financial benefits. It has also led to the opportunity for development of new sensors and processing systems, through collaborative projects with regional countries, which. will have applications in cloud covered, rainforest, and coastal tropical regions for geological and resource applications.

Jan 1, 1987

Although the title of this paper permits a very broad scope for discussion, I propose to deal mainly with those aspects of design part- icularly related to rook filling, the'theme of this conference. The unique suitability of belt conveyors for the continuous economical delivery of materials into or out of underground workings, is well established and needs no elaboration. The facility with which conveyor units, comprised of modern modular components, can be adjusted to lengthen or shorten, their ability to be readily repositioned to suit the develop- ment of a work pattern and their virtues as low noise, reliable transport media, are already accepted by all who are involved with the mining industry.

Jan 1, 1973

By Connor J. W

Nifty Copper Operations was established to treat a copper orebody situated in the East Pilbara area of North West WA, located approximately 70 km west of Telfer in the Great Sandy Desert. The plant was designed to treat the oxidised portion of the orebody with underground development following at a later date. Nifty was designed to produce 16 500 tpa of copper cathode. This will increase with treatment of the chalcopyrite ore (underground resource). Ore processing is similar to other operations of this type but has its unique challenges. Problems discussed are: fine clay minerals which hinder percolation; oxidation of organic by manganese in the electrolyte; crud formation by clays; third phase emulsions; and organic carryover into the electrowinning tankhouse. As the orebody utilisation progresses, some sulphide material will require leaching and further investigations into liquor chemistry.

Jan 1, 1996

The kinetics of chlorination of alumina and bauxite with CO/CI2 mixtures were studied in the range 300-1100°C. The temperature of prior calcination is critical in determining the reaction rates. An optimum chlorination temperature in the range 600°C-750°C was demonstrated such that there is no increase in reaction rates with increasing temperature. This lack of rate sensitivity to rising temperature is largely a function of the influence of gaseous diffusion gradients in the porous alumina together with a progressive decrease in surface area.

Jan 1, 1976