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By S. Espley, G. Tan

"Inco's Little Stobie Mine is a low-grade nickel operation producing approximately 4()()() tons per day. Backfill has never been an economical option at the mine; therefore, the only viable type of mining in the upper zones has been by sub-level cave. This mining method allows for the draw-down of a rock cover into the empty stopes to provide stability to the over-all rock mass. In the lower areas of the mine, bulk blasthole mining methods have taken place, without rock fill, resulting in extremely large open stopes. As the mine reaches its final stage of recovery, it is inevitable that the hangingwall of the large voids will undergo tensile failure via spoiling.This paper deals with the collaborating efforts of Inco's Rock Mechanics group and the Little Stobie mining operations toward the successful recovery of the ore zone remnants such that the inevitable failure, and time of failure, of the rock mass is ""controlled"". Within the mining scheme, several key requirements had to be met to satisfy the operations: (1) production rates; (2) good blast fragmentation; and (3) secure pulling-horizons. A full-scale rock mechanics study was carried out involving: numerical modelling studies; pulling ellipse analyses; blast design, monitoring and analyses; laser profiling; and time domain rej7ectometry (TDR) instrumentation. The final recovery scheme, employing a controlled failure, involves recommendations on: (1) blasting techniques; (2) support systems; (3) mining sequences and scenarios; and (4) monitoring systems."

Jan 1, 1994

By S. McGinn

The Brunswick Mine Diesel Particulate Filter Study was one of several research projects initiated by the Diesel Emissions Evaluation Program (DEEP). The study was carried out at Noranda?s Brunswick Mine in Bathurst, New Brunswick by Noranda Technology Centre and Brunswick Mine personnel with the collaboration of Natural Resources Canada - Canada Centre for Minerals and Energy Technology (CANMET), National Institute of Occupational Safety and Health (NIOSH), Andreas Mayer of VERT, and diesel particulate filter (DPF) system suppliers. The study began in early 2000. Field evaluations continued for 20 months. The final report?authored by Sean McGinn?was submitted to DEEP in the Autumn of 2003.

Jan 1, 2004

The Technical Study Panel on the Utilization of Belt Air and the Composition and Fire Retardant Properties of Belt Materials in Underground Coal Mining (hereafter referred to as the Panel or the TSP) was established by Section 11 of the Mine Improvement and New Emergency Response Act of 2006 (MINER Act). The Panel was charged with providing “independent scientific and engineering review and recommendations with respect to the utilization of belt air and the composition and fire retardant properties of belt materials in underground coal mining.” The TSP was impaneled by the Honorable Elaine L. Chao and commenced its work on January 9, 2007. At this first meeting, Mr. Richard E. Stickler, Assistant Secretary of Labor for Mine Safety and Health, asked the Panel to report on many issues including how recent technological advances could be applied to atmospheric monitoring systems, point-type heat sensors, current state of fire-resistant vs. fireproof belt materials, and belt fire suppression systems to improve miner safety. In addition, Mr. Stickler asked the Panel to review belt air velocity limitations. The Panel members attended 12 days of public meetings over a nine-month period. Three of the public meetings were scheduled for the Panel to hear from technical experts and those persons or organizations interested in providing input. The meetings were held in Coraopolis, Pennsylvania with emphasis on belt fires, belt maintenance, belt flammability and toxicity, ventilation, and escape issues; in Salt Lake City with emphasis on ground control and convergence issues; and in Birmingham with emphasis on fire detection, sensors and atmospheric monitoring systems. National Institute for Occupational Safety and Health (NIOSH) researchers, Mine Safety and Health Administration (MSHA) personnel, representatives of the major belt conveyor manufacturers and a representative of the National Mining Association provided discussions at the Coraopolis meeting. In Salt Lake City, Utah, MSHA district managers and ventilation specialists, a member of the Aracoma Mine No. 1 investigation team, a representative of the Bureau of Land Management, and industry and consulting representatives of the Utah Mining Association and the Colorado Mining Association made presentations. In Birmingham, Alabama, atmospheric monitoring system representatives, NIOSH researchers, representatives of coal mining companies, and UMWA workers from two Alabama mining companies made presentations. In addition, a staff member of The Center for Regulatory Effectiveness also presented comments to the Panel. In conjunction with the meetings in Salt Lake City and Birmingham, three-member subcommittees of the Technical Study Panel made field visits to the Skyline Mine, the Aberdeen Mine, and the Jim Walter Resources Mine No. 4. The mine visits were scheduled to see first-hand the mining conditions under which belt air was being utilized as an additional source of intake air for working sections.

By Mary Ellen Bruce Large

"In partnership with California Department of Transportation (Caltrans), Federal Highway Administration (FHWA), and with support from International Association of Foundation Drilling (ADSC), Deep Foundations Institute (DFI) organized a workshop on quality assurance (QA) practices for acceptance of post-grouted drilled shafts in conjunction with DFI’s 40th Annual Conference on Deep Foundations. The 1½-day workshop was held on October 15-16, 2015 at the Oakland Marriott City Center in Oakland, CA.Post-grouting, in the context of this workshop and report, refers to the alternative design and construction of base-grouted drilled shafts wherein a grout distribution system is installed during construction and used to grout the base under pressure after the drilled shaft concrete has gained adequate strength, resulting in a stiffer axial-compression load-displacement relationship and additional possible ground improvement effects.The primary goals of the workshop were to•?Identify and summarize the state of the practice for design, construction, inspection, verification, acceptance criteria, reliability and performance of post-grouting.•?Identify gaps and needs in quality assurance that should be addressed for successful use of post-grouting.This report is structured to follow the workshop program: workshop presentations outlined the state of practice and views from owners, engineers and contractors on acceptance of post grouting methods for drilled shafts; and subsequent workshop discussions attended by a small invited group of participants focused on identifying areas of agreement and disagreement on post-grouting best practices, acceptance criteria, design and verification procedures, and inspection requirements. A partial list of attendees of the open and closed sessions is provided as Appendix A, and copies of presentations are included as Appendix B.FHWA and Caltrans are the primary audiences for this report, and its content will be used to develop a roadmap for deploying the findings into policy and practice. The secondary audience is the broader industry group, and the report content will be disseminated in a variety of formats."

Jan 1, 2016

By Michael F. Barber

"Highway slopes are intended to remain stable over a long period of time. Unexpected slope failures can be costly in terms of human life and property damage or loss. Cleanup of failures can prove to beextremely expensive."

Jan 1, 1999

By Siegfried Zell

INTRODUCTION Denmark is a small country with a population of about 5.5 million in the north of Europe. A substantial part of Denmark consists of islands, and the Danes have been familiar with ferry links between their islands for ages. However, their wish for fixed links has resulted in the con¬struction of bridges between most of Denmark's islands in this century. (Fig. 1) A fixed link across the Store Belt or Great Belt, Denmark's most important waterway bet¬ween the island of Fyn and main island of Sjaelland, on which the capital of Copenhagen is situated, has remained to be constructed hitherto. In 1987, the Danish government decided that the Great Belt should be crossed by a fixed link, incorporating a two-track railway line and four-lane motorway. The Storebaelt Forbindelsen AS, a joint stock company in the sole ownership of the Dan¬ish state, has been established for the purpose of planning, constructing and operating the Great Belt Link. The company will refinance the construction project by charging toll to the motorway users and fees to the state railway. Here it should be mentioned that Denmark and Sweden are about to jointly realize the fixed rail and road link across the Øresund or The Sound between Denmark and Sweden on the basis of the realization model of the Great Belt link. At present, the project is at the com¬petitive tendering or contract awarding stage. In the near future, also the third fixed link of comparable extent, that is the crossing of the Fehmarn Belt between Denmark and Germany, will go into the decisive projecting stage prob¬ably in conformity with the aforementioned pattern. Going back to the Great Belt, it should be noted that this fixed link involves three exten¬sive sections and has been under construction since December 1988.

Jan 1, 1995

By W. M. Ma, Daniel W. H. Su, K. Centofanti, Yi Luo, W. L. Zhong, Syd S. Peng

2.1 INTRODUCTION When total extraction of an opening of sufficient size is reached in a horizontal coal seam, the roof strata in the overburden deform continuously to reach a new equilibrium condition. The severity of deformation decreases upward toward the surface. As the downward saggings of the strata propagate and reach the surface, there will be a depression zone on the surface directly above, but extending beyond the edges of the underground opening. This is the surface subsidence basin or surface subsidence trough. The surface subsidence basin is circular in plan view, if the coal seam is horizontal and the mined-out opening is square in shape. But it is rectangular with rounded corners or elliptical if the coal seam is horizontal and the mined-out opening is a long- and thin rectangle or a short-rectangular, respectively (Fig. 2.1). Most underground openings (e.g., longwall panel) assume rectangular shape when total extraction has been completed. Theoretically the edges of the subsidence basin are the points of zero subsidence. But it is difficult to exactly locate the points of zero subsidence. Therefore in practice the points with vertical subsidence of 0.4 in. (10 mm) are used. The final subsidence basin is that which exists long after the mining has been completed, because its magnitude and shape are quite different from the dynamic subsidence basin formed while the face is moving. 2.2 CHARACTERISTICS AND TYPES OF DEFORMATION IN THE FINAL SUBSIDENCE BASIN For a horizontal coal seam, every point in the subsidence basin moves toward the center of the basin. Subsidence is maximum at the center of the basin. Any cross-section that passes through the point of maximum subsidence and either parallel to AB or CD line (Fig. 2.1) is a major cross-section along which principal directions of surface movements occur. However among those infinite numbers of major cross-sections, two specific ones are of special significance, not only because the magnitudes of surface movements are the largest, but also because they are the most easily identifiable directions, i.e., one that is parallel to the faceline at the center of the basin (CD in Fig. 2.1) and' the other is that perpendicular to the faceline but parallel to the diction of face advance (AB in Fig. 2.1). Nearly all the subsidence data obtained in the US have been derived from these two cross-sections, although some cross- sections parallel to CD but near the edges of the panel have also been included. In addition to moving horizontally toward the center of the basin, every point in the basin also subsides vertically. The magnitude of subsidence increases toward the center of the basin. Therefore surface subsidence is a three-dimensional problem and should be treated so in all cases. On all the major cross-sections, only principal subsidence and principal displacement occur. Since subsidence and displacement vary continuously in every major cross-section, three additional deformation components are de- rived, i.e., slope, curvature, and strain. On all other non-major cross-sections on the other hand the five components are accompanied by two additional components, i.e., twisting and shear strain. The seven components of the surface movement are defined as follows (Fig. 2.2): 1. Subsidence, S. On any cross-section, the vertical component of the surface movement vector is called surface subsidence. It generally points downward. But sometimes it points upward in areas ahead of the faceline or beyond the edges of the opening. In such cases it is a surface heave which is usually less than 6 in. 2. Displacement, U. On any cross-section, the horizontal component of the surface movement vector is called surface horizontal displacement. It generally points toward the center of the subsidence basin. But in steep terrain, it moves along the downdip direction 3. Slope, i. On any cross-section, the difference in surface subsidence between the two end points of a line section divided by the horizontal distance between the two points is called the surface slope of the section. 4. Curvature, K. On any cross-section, the difference in surface slope between two adjacent line sections divided by the average length of the two line sections is called the surface curvature of those two line sections. There are two types of curvature: con- vex or positive curvature and concave or negative curvature. 5. Horizontal strain, e. On any cross-section, the difference in horizontal displacement between any two points divided by the distance between the two points is called horizontal strain. If the distance between the two points is lengthening, it is tensile strain with positive sign. Conversely, if it is shortening, it is compressive strain with negative sign 6. Twisting, T. On the surface of the subsidence basin, the difference in slope between two parallel line sections divided by the distance between the two line sections is called twisting. 7. Shear strain, y. Shear strain is the changes in internal angles of a square on the surface of the subsidence basin or on any major cross-section. It is the summation of the differences in incremental (or decremental) lengths between the two opposite sides divided by the original distance between the two opposite sides. More precisely, the surface deformation indices (i.e., slope, strain, curvature, twisting and shear) are defined by derivatives of surface movement components. For simplicity, the x- and y-axes of the cartesian coordinate system are set to be parallel and perpendicular to the cross-section of interest, respectively. In such a coordinate system, slope and curvature along x direction are the first and the second derivatives of the vertical components (S) of surface movement with respect to x, respectively, or i, = ds/dx and kx = d2s/dx2. Horizontal strain along x direction is the first derivative of the component along x direction of the horizontal displacement,

Jan 1, 1992

By M. Schafer

The 20 foot diameter cast-in-place tunnel lining for Phase 3 of the Mill Creek Tunnel (MCT-3) has been completed. This paper will summarize aspects of liner design and address the construction approach in placing the liner in areas of tunnel that experienced crown overbreak. Tunnel lining production rates, installation procedures and form buoyancies experienced during concrete placement will also be presented.

Jan 1, 2008

By M. Schafer

The 6-m- (20-ft-) diameter cast-in-place tunnel lining for Phase 3 of the Mill Creek Tunnel (MCT3) has been completed. This article summarizes aspects of liner design and ad-dresses the construction approach in placing the liner in areas of tunnel that experienced crown overbreak. Tunnel lining production rates, installation procedures and form buoyancies experienced during concrete placement will also be presented. The Mill Creek Phase 3 tunnel (MCT-3) is expected to be completed this year. It is one of the largest tunneling projects undertaken by the Northeast Ohio Regional Sewer District (NEORSD) to date. The tunnel horizon is situated within the Devonian Chagrin Shale rock formation at an average depth of 85 m (280 ft). The tunnel was excavated using a two-pass method. A full face, fully shielded, Robbins 7.2-m- (23.8-ft-) diameter tunnel boring machine (TBM) was used to excavate approximately 4,500 m (15,000 ft) of tunnel and facilitate installation of initial supports (first pass). The final lining (second pass) consists of 305-mm- (12-in.-) thick cast-in-place reinforced concrete and integral low flow channel. Seven shafts were constructed on the project. The excavation of the tunnel commenced at Shaft 14 and proceeded down grade to Shaft 9, the terminus shaft. Because of the presence of overbreak in the tunnel crown, measures were required to support the form and counteract the effects of buoyancy during concrete placement.

Jan 1, 2008

By Peter S. Schneidkraut

This paper will discuss the Final Tunnel Linings which were placed in 6700m of a 2.32m inside diameter precast concrete lined interceptor sewer tunnel in Staten Island, New York. Two methods were employed to install the final tunnel linings. One method involved forming and placing a polypropylene fiber reinforced concrete cunnette invert, followed by an arch pour. The second method involved the jacking of reinforced concrete pipe into the tunnel, followed by a low density cellular concrete backfill grout. These two methods will be described and compared.

Jan 1, 1993

By Kazem Oraee

Implementing stable final pit walls in open pit mines during the open pit design phase and mine exploitation has become one of the most important concerns of mining engineers in recent years. Failure of mine walls can potentially cause loss of life, roads blocks, and damage to mining machinery, temporarily or permanently halt production at the face and in the worst case scenario, close the mine. Thus, the role of creating stable mine walls is crucial to safety and general operations of mines and any effort to optimize this process has great economic value for mine operators. This paper aims to illustrate the technical aspects of use of the successful presplit blasting method in metal open pit mines. It also shows that using this approach not only increases safety in mines through wall stabilization, but also will boost economic profits by savings in stripping ratio. In this regard, appropriate practical concepts for designing the drilling and blasting patterns and the role of selecting the correct drilling rigs are elaborated in detail through conducting a case study in Chador Malu iron ore mine in Iran.

Aug 1, 2013

"In the first half of 1990, Cambior earned $1104 million, or $0.37 per share, on revenues of$66.4 million. The company's strong cash position, attained late in 1989 and in the beginning of1990 through the exercise of warrants, put working capital at $83.8 million as of June 30, 1990. Long-term debt was reduced by over $10 million during the weak gold market, leaving the company with a debt to equity ratio of only 0.03. Production for the six first months of 1990 was 107 720 oz. Au, an increaseof24% over the corresponding period in 1989.Financial Profile/Results and Corporate Financial StrategiesTotal revenue for the 1989 fiscal year was $116,883,000 compared to $109,848,000 for 1988. The 1989 results achieved despite a lower average gold price, resulted from a higher level of commercial gold production and a 115% increase in investment income over 1988. Investment income rose to $3,568,000 in 1989 due to higher levels of cash assets.Cambior's mine operating costs increased 19% to $68,561,000 in 1989 from $57,472,000 in 1988. This increase resulted from rising operating costs at the Doyon Mine ($250/oz to $274/oz) due to the shift from open pit to underground operations, as well as from the start -up of three new mines with relatively higher costs. These costs have reached a stable level that should be maintained for the next few years.In 1989, net exploration expenses were $6,838,000, down 31070 from 1988, partially due to the Canadian tax reforms introduced since 1987. Depreciation and depletion grew by $1,432,000 in 1989, reflecting a higher volume of commercial production from the Pierre Beauchemin, Lucien C. Beliveau and Chimo mines.Net earnings for 1989 amounted to $17,661,000 or $0.73 per share compared to $17,438,000 or $0.74 per share in 1988.Cambior has an exceptionally liquid and strong balance sheet. As at December 31, 1989, net working capital stood at $85.6 million, with a total assets base of $338.6 million. With a long-term debt (including gold loans) of $21.5 million and shareholders' equity of $277.2 million, Cambior has a debt to equity ratio of 8%. All but about $100,000 of long-term debt is in the form of gold loans.The total market value for Cambior's stock as at September 10, 1990, stands at $420million, based on recent stock market prices. Cambior's stock and warrants are traded on the Montreal and Toronto Stock Exchange."

Jan 1, 1990

By K. Böde

Hochtief AG Germany has developed a comprehensive management and information system for the construction industry named Aristoteles. This system is an efficient supporting tool to manage a variety of construction sites as well as operating business units with required economic targets. As such, Aristoteles offers wide-ranging control of complex economic processes in construction in a consistent manner. In this paper the process oriented functions of the system will be described with special emphasis on finance accounting and cost control. The basic elements in this respect are tender estimation, creation of initial project budgets and running budgets, regular determination of work done and result forecast to the end of the project. Further, cost accounting, monthly reporting, and all balance-related postings are included. On the basis of the extensive reporting (targeted/actual cost comparison, cost manager, project report, actual/targeted hours worked comparison, overhead cost report, amendment report or project (result) lists of all projects realized by one business unit), the responsible managers can make justified project evaluations, project controls and variance analyses during the project period and derive appropriate management measures. Thus, Aristoteles includes all substantial elements for the risk management of the operational business. In big construction joint-stock companies it is of crucial importance to satisfy the information requirements of the investors. In this respect the system provides a transparent presentation of the financial, investment and profitability situation of the company. In the international construction industry the balancing rules according to IAS (International Accounting Standards) have already been used to a larger extent. In accordance with these rules the partial profits of the work during execution can be shown as realized even before completion of a long-term contract. The validity of Aristoteles will be outlined briefly. Major advantages using the system are highly enhanced accuracy of project controlling, systematic overhead allocation to projects, change of attitude of the project personnel due to increased cost consciousness and improved flow of information within the company.

Jan 1, 2003

By Herbert D. Drechsler

La financiación minera está inter-relacionada con los siguientes aspectos: "determinatión de los recursos totales a utilizar en una empresa minera; adjudicación eficiente de estos recursos a los varios multiples activos de la empresa; y obtención del mejor balance financiero en relación con la situación general de toda la compañia". La primera parte comprende un repaso de los problemas financieros a traves del estudio y análisis del Balance General y Cuenta de Explotación. La parte siguiente es una exposición de la naturaleza de los criterion desarrollados en el estudio de viabilidad. La tercera parte describe las fuentes de financiación del capital, y la parte final describe casos prácticos de financiación minera.

Jan 1, 1982

By Daniel T. Brian, O&apos

Exploration targets and results in the mining industry are commonly summarized in terms of tonnage and grade. Business appraisals require, as additional information, the expected profit or loss implied by the physical summary. The early incorporation of knowledge gained through financial analysis computations can provide a means for economically resolving many common exploration and development problems. Examples of such applications from the activities of exploration planning, reconnaissance, land acquisition, and development planning are presented in this paper.

Jan 1, 1969

"This paper challenges the traditional notion that mine planners need to plan production so as to incur the lowest mining cost. For a given mine configuration, a mine that increases its mining rate will incur increased mining costs. In an environment in which operations are fixated on cost reduction, a proposal that increases costs will not be readily accepted. Such a proposal requires financial justification—the increase in costs might be recuperated by the additional production. This paper evaluates the net present value (NPV) across a range of copper prices for two underground orebodies located at different depths, using a production rate of 300 kt per quarter and a scenario that introduces additional equipment and costs for 450 kt per quarter. The evaluation was based on the changes of NPV for the orebody located at a shallow depth compared with the orebody at a greater depth. Discrete event simulation combined with mixed integer programming was used for analysis. Unlike traditional sensitivity analysis, this study re-optimizes the mine plan for each commodity price at each production rate. The results show that, for the low mining rate at the final copper price, an NPV of A$1530.64 million is achieved, whereas an NPV of A$1537.59 million is achieved at a higher mining rate. Even though pushing mining rates beyond traditional limits may increase mining costs, this option may be beneficial at certain commodity prices, particularly when prices are elevated. IntroductionA traditional notion among mine planners is that mining rates should be planned in such a way as to reduce production costs. This concept generally relates to the mining rate that results in the highest machine utilization for the selected equipment. Although an existing mine may consider increasing its mining rate by adding equipment to a given mine configuration, this typically increases mining costs. In an environment in which operations are fixated on cost reduction, a proposal to increase costs may be very difficult to argue for. The value of the mine plan is well recognized as varying with the mining rate for a given orebody (Smith, 1997)"

Jan 1, 2017

By C. A. Roberts

What are the benefits and limitations of financial analysis software as a decision making tool in the mining industry? Traditionally, the assumptions and simplifications imposed by complex and uncertain information have been viewed as the main obstacle to reaching an optimum decision. Recently, however, phenomena such as corporate culture and power structure have received increasing attention as significant influences on organizational decision making processes. Studies of these phenomena have suggested an alternative way of understanding decision making processes and an alternative view of the role played by computer analysis in such processes. This paper presents these two views of decision making, and examines what each implies about the role of financial analysis software as a decision making tool in the mining industry.

Jan 1, 1992

By M. Grenon

OBJECTIVE ?To link slope stability and financial assessment algorithms into a commercially available mine design software packages to provide integrated global pit optimization.

May 1, 2013

By David C. N. Cockburn

INTRODUCTION This paper analyses certain of the financial considerations which will commonly apply in relation to the following questions: - what equity structure or project vehicle should be adopted for the exploration and/or exploitation of a project by more than one unrelated participant? - what vehicle should be adopted by a participant for its participation in a multiparty project? Due to local, politically motivated laws in certain jurisdictions, or due to the overriding requirements of a dominant participant, there may be little choice of the underlying multiparty structure which may be adopted for the exploration, appraisal and/or development phases of a project. Nevertheless, even in such circumstances, attention should be given, at least in the preparation of the related documentation, or in considering methods of participating or funding the project, to certain of the points discussed below. This discussion of financial considerations in the context of the more commonly adopted multiparty structures concentrates primarily on fiscal, financial accounting, financing and funding aspects. TYPES OF PROJECT VEHICLE FOR MULTIPARTY INTERESTS The well known types of vehicle adopted for the participation in a project by more than one participant (assuming that the participants are effectively unrelated) are as follows. Joint Venture (unincorporated joint venture) By far the most commonly adopted structure for mining ventures, a joint venture is usually defined and documented in terms to distinguish it from a partnership for important tax and legal reasons. In essence, this is a contractual association of more than one participant to carry out a specific commercial project or purpose. The relationship between the separate participants and their respective rights, interests, obligations and liabilities are agreed between the participants in one or more contracts (viz Joint Venture Agreements or Joint Operating Agreements together with ancillary documentation). Unlike other project vehicles of participation, in most jurisdictions there is no specific body of law governing joint ventures. The participants thus enjoy contractual freedom to negotiate whatever deal they may wish between themselves. Jointly-Owned Project Company (corporate joint venture) A very familiar vehicle, this is a separate and distinct legal and tax entity incorporated under the company laws of the place of incorporation to undertake specific objects, and granted specific powers, in relation to the Project. Although certain rights, interests and obligations may be circumscribed in the governing corporate instruments by the promoter participants, the corporation laws of the relevant place of incorporation, and the selection of such governing laws (assuming freedom of choice) and future political changes in such corporate laws, should be carefully considered. The use of a company in a multiparty structure may be peripheral to the project itself as a specific purpose vehicle (for example, a joint sales agent or marketing company or a joint borrowing vehicle) or it may form a central function such as in the case of a tolling company which will own the project for legal and taxation purposes and raise financing with the backing of the shareholder participants commonly by the adoption of take-off, throughput and/or user agreements. Partnership This is a legal relationship, subject to the often wide-sweeping restrictions of the relevant local partnership laws, under which the participants have agreed to carry on a business venture together with a view to profit. The effect of the relevant partnership laws, as well as the various types of partnerships and the

Jan 1, 1985

By A. H. C. A. Zimmerman

WE have just heard what must be regarded as a thoughtful, constructive and somewhat painful analysis of the financial function of our industry. While thinking about this, it is interesting to reflect on the conditions which have stunted the growth of the financial side of our affairs. Mining must be regarded as a wealthy business. •while immeasurable grub takes and development budgets have been lost, there can be little argument that a productive ore-body nearly always produces the type of wealth that breeds some extravagance. I recognize that this statement can be attacked from many sides, but an historical comparison with a commercial enterprise involving similar investment will demonstrate what I mean. However, these old times are be-ginning to disappear for a variety of reasons. High amongst these are: ( l) Increased costs of exploration. (2) Remoteness of many new finds. (3) Fixed or declining metal prices (particularly when expressed in constant dollars). ( 4) Constant demands for higher wages.

Jan 1, 1962