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By A. Noble

Traditional simulations of mineral processing circuits are solved by straightforward numerical techniques which require iteration to accommodate recirculating loads. Depending on the complexity of the simulated circuit, this solution technique can be inexact, computationally intensive, and potentially unstable. In this communication, an alternate calculation approach is presented, wherein an exact analytical solution is determined as a function of the individual units? separation probabilities. All the stream data, including recirculating loads, may be solved simultaneously, negating the need for iteration. Furthermore, with an analytical solution available, circuit analysis may then be utilized to diagnose the relative separation potential of the circuit. By integrating these tools, the authors have developed a software package for evaluating circuit configurations. This paper presents the theory, development, and limitations of the software?s methodology along with industrial examples which highlight the tool?s applicability to industrial circuits.

Jan 1, 2012

By P. Dent

"Rare earth permanent magnets (REPM) have become virtually indispensible in hundreds of applications including aerospace, automotive, electronics, energy, medical and military. An understanding of REPMs is important since they are key drivers of demand for the overall rare earth sector. Rare earth permanent magnets stand out due to their superior magnetic properties of high induction and coercive force. We will discuss the past, current and future of the permanent magnet market and supply chain. We will summarize present and potential new nanocomposite and lower content or non rare earth magnet technologies and customer options which may mitigate rare earth usage.INTRODUCTIONRare earth permanent magnets are ubiquitous and often unseen critical components in many civilian, green energy and military technologies. They have become imbedded in applications such as hybrid electric vehicles, computer hard drives, direct-drive high power wind generators, audio speakers, motors, energy conversion systems, most weapons systems and hundreds of other uses. Several rare earth elements including neodymium, samarium, dysprosium, praseodymium, terbium and gadolinium are essential ingredients in production of the highest performance magnets available in the world today. They have enabled vast miniaturization and the significant increase in power density in hundreds of applications.China has become the dominant source of rare earth elements over the last two decades. Today, nearly 100 percent of the world’s rare earth metals and more than 95 percent of the rare earth oxides come from China. China’s near worldwide monopoly on the production of downstream materials such as rare earth oxides, metals and magnets severely impacts the supply chain in this growing global market. The past decade has seen an unmistakable trend toward increased dominance in raw material production and manufacturing by China, and a steep decline in U.S. production capabilities, most notably in the neodymium iron boron (Nd-Fe-B) market where there is currently no domestic production. This Chinese dominance is further demonstrated with over 65 percent of hard ferrite and roughly half of aluminum nickel cobalt (Alnico) and samarium cobalt (Sm-Co) production in that nation (Figure 1). In addition, China has imposed export quotas and export taxes of up to 25 percent for rare earth elements, arguably in violation of their covenants made with their protocol of accession to the Word Trade Organization. These export quotas have been decreasing steadily over the last several years in spite of rising global demand and were slashed by 72 percent in July 2010 (Bradsher, 2010) causing many recent news stories."

Jan 1, 2012

By J. R. Goode

ABSTRACT Aurora Energy Ltd. is considering a 10,000 t/d process plant to produce 97 million lb (43,998,460 kg) of U3O8 over a 17-year project from uranium deposits in coastal Labrador. This paper summarizes the test work, mostly done by SGS Mineral Services in Lakefield, Ontario, and the economic studies supporting flowsheet selection. The proposed flowsheet includes semi-autogenous grinding (SAG) and ball milling, acid leaching using air/SO2 as an oxidant, and resin-in-pulp (RIP) extraction of uranium from the leached slurry. Other unit operations examined include ore sorting, heap leaching, liquid- solid separation, solvent extraction, and nanofiltration for eluate upgrading. We also review the extensive environmental test work and studies that were completed.

Jan 1, 2012

By C. Montoya

This paper shows, through a case study, the impact of multivariate grade modelling upon mine design and mine planning. A deposit explored by drill holes is considered, in which the grades of five elements (copper, silver, molybdenum, arsenic, and antimony) are of interest. Forty alternative models of the deposit are constructed by fitting the joint correlation structure of the grade variables and using conditional cosimulation. In addition, a reference model, obtained by averaging the alternative models, is also considered. The study shows that the resulting mine design (final pit characteristics and production schedules) is sensitive to the grade model under consideration, and that the design based on the reference model may not be optimal when compared to the alternative models based on cosimulation. However, when assuming a given long-term plan and extraction sequence, the grades and net present value (NPV) calculated on the reference model are unbiased with respect to those calculated on the alternative models with the same extraction sequence. The latter allow assessing the possible dispersion of the actual grades and NPV around their expected values, and are useful for the planner in order to determine the probability of meeting given production targets and of exceeding or falling short of given threshold grades. Additionally, unlike cosimulation, the separate simulation of each grade variable leads to unrealistic resource models and to biased results in mine design and mine planning. This approach should therefore be avoided, unless the grade variables are spatially uncorrelated.

Jan 1, 2012

By T. Möller

Grinding mills are the heart of the mineral processing plant, and are production-critical machines which are required to achieve high availability. Liner wear life and a liner design that promotes ease of installation are important variables to achieve a high level of mill availability. Increased mill size results in more mill internal surface to protect, and more liner components to install and remove. This drives designers toward an increase in liner size to minimize the number of components to be installed by the liner handler. The liner attachment method can also have a large impact on mill availability as well as safety during installation. This paper outlines the experience from the development, installation and follow-up of liners installed in two 38' x 45' AG Mills at Boliden Aitik in Sweden. A new Poly-Met shell liner concept has been developed to minimize the number of liner components. The new Poly-Met shell liner components are made much larger than conventional Poly-Met or steel liners. This reduces the number of components to be installed/removed by the liner handler and helps to minimize installation time and consequently down- time. A new attachment system has also been developed to eliminate the need for the installation crew to be in the ?drop-zone? of the shell liners while installing the liner bolts. One interesting aspect of this project was the requirement to predict liner life for these new large format AG mills. The existing 22' diameter mills at Aitik provided a base-line reference for this purpose, and DEM studies were used in the project development stage to predict the wear life of shell liners for the new 38' diameter AG mills. The results from this study are included.

Jan 1, 2012

By Tristan H. Jones

Beginning in 1987, miniature dataloggers approved by the Mine Safety and Health Administration (MSHA) were publicly available for sale. The principal among these was the model CR21XQM, manufactured by Campbell Scientific, Inc. These dataloggers had been tested and were deemed permissible by MSHA and thus could be installed in the return air of an underground coal mine. In 1996, production of all permissible Campbell Scientific dataloggers ceased due to lack of sales. Data collection with these dataloggers has been a staple of ground control research in the United States for decades, and, without them, or a replacement, the capability to monitor ground behavior is severely impacted. Since that time, any party requiring a permissible datalogger has needed to borrow one that was purchased during the production years. In order to fill this technology gap and ensure its own data-gathering capabilities, the National Institute for Occupational Safety and Health (NIOSH) has developed and refined its own miniature data acquisition system (MIDAS). On February 16, 2010, MSHA deemed the MIDAS to be permissible and approved it for use in the return air of an underground coal mine. The MIDAS is an intrinsically safe, 16- or 24-bit datalogger, compatible with a wide range of resistive, single-ended, and differential-type instrumentation. It contains enough data storage memory to operate for over a year with typical data rates and is efficient enough to do this on a single C-sized alkaline battery for that entire period. It is menu-driven and requires no programming knowledge to operate. It supports wireless or hardwired communication for datalogger setup and data download. This paper describes the design, field and laboratory testing, and capabilities of the MIDAS datalogger. While not as fully -functioned as the CR21XQM, it is the only new permissible datalogger available, and there is intent to make it available to the mining industry for purchase.

Jan 1, 2012

By Z. Duan

A novel concept involving the deployment of chemical stabilization has the potential to eliminate the need of slurry impoundments and significantly reduce the release of trace elements from the high surface area fine coal waste. The process involves mixing the fine waste generated from the underflow of a thickener operation with chemical stabilization agents to tie up the water and to create a solid waste material that can be discharged directly. Portland cement, sodium silicate, F type flyash, C type flyash and hydraulic lime were evaluated as stabilizing agents. A detailed experimental study has been conducted to identify the conditions that provide the maximum compressive strength within a short curing time. Results to date show the ability to achieve compressive strengths adequate for equipment to maneuver on using a Portland cement concentration of around 10% by weight. Quick-setting concrete was not found to enhance stabilization time and compressive strength.

Jan 1, 2012

By J. Kramer, T. Hartmann

In the Hydrometallurgical processes, the presence of the so-called “crud” is a constant challenge in solvent extraction. Crud is a stable emulsion which forms along the interface between the aqueous and organic phase. The spread is influenced by the following parameters: first, wind blows the dust and impurities into the open sedimentation tanks. Second, the undissolved solids such as sand transported in the PLS causing problems in conjunction with incorrect agitator design. The crud fraction can decisively impact the efficiency of the hydrometallurgical extraction because the phase interface can constitute a large fraction and the sedimentation tanks cannot react flexibly to it. In the downstream process of the seriesconnected sedimentation tanks, they are thus all contaminated with crud. At the same time, the necessary mass transport is significantly impeded at the phase boundary between organic phase and aqueous phase due to the crud formation. The transfer of the organic phase into the electrolysis cell can result in a “burnout” of the cathode. The carry-over of this electrolyte into the extraction can cause problems with the pH regulation. The carry-over of the organic components into the raffinate also leads to contamination of the leaching circuit. The continuous treatment of the crud with a 3-phase decanter centrifuge is extremely effective in combating this problem. This technology splits all three phases from each other and they are consequently continuously separated. All subsequent process steps exhibit a stable, uniform effectiveness. The main advantage for the customer is that fluctuations in the process are eliminated and the organic phase can be recirculated back to the extraction. The recycling of the solvent alone justifies the investment in less than 6 months as examples from South Africa and Chile show. To operate solvent recovery in daily operation fully automated online at the optimum limit, the decanter centrifuge is equipped with a concentration-dependent pond adjustment called DControl®. By this means, we can guarantee our customers the maximum possible solvent recovery and minimise the solvent costs in this process step. This system is presented in detail in this paper.

Jan 1, 2012

By J. T. Kalala

The High Pressure Grinding Roll (HPGR) is gaining acceptance in the mineral processing industry and has become a competitive technology in reducing the specific energy consumption in Mineral processing plants. The amount of samples required for HPGR amenability testwork and HPGR wear tests is usually high and often cannot be available at early stage of projects were only a few drill cores are available. Although HPGR was initiated from small scale piston die compression tests, the development of small scale piston die test to predict the performance of HPGR has been slow. The objectives of this paper was to present the designs, operating procedure of piston-die press and operating conditions which have resulted in similar particle size distribution obtained from a piston die test and HPGR Labwal unit starting from the same feed size distribution. Testwork were conducted using a 2 MN piston-die press and a Labwal HPGR unit on major South African ore types, viz, gold, platinum and iron ores. The results obtained show that piston-die test can generate data to predict energy consumption, product size distribution, and even to evaluate the edge effect.

Jan 1, 2012

By H. Z. Liu, J. M. Zhao, F. C. Wang

"Novel silicate-alginate composite beads containing 2-ethylhexyl phosphonic acid mono-2- ethylhexyl ester (P507) were synthesized and applied for the adsorption of Nd3+ from aqueous solutions. The adsorption amount of Nd3+ has been increased owing to the introduction of P507. The effect of equilibrium pH (pHe), the kinetic and isotherm experiments were investigated. The adsorption reaches equilibrium at 9 h and the maximum uptake capacity is up to 195.4 mg/(g dry adsorbent). The Langmuir isotherm equations are used to describe the adsorption process. Complete desorption can be realized with 0.2 M HCl within 20 min. INTRODUCTIONRare earth elements (REEs) have found various applications in different domains, such as metallurgy industry, ceramic industry, nuclear fuel control, photo-electro-magnetic functional materials owing to their unique properties. Neodymium (Nd), as a representative of all of the most valuable REEs, is widely used as catalysts, laser crystals, capacitors, rubber additives, Nd-Fe-B magnets, hydrogen storage and so on. Thus, the separation and purification of neodymium is significant. Unfortunately, Nd always coexists with other REEs and selective separation of the individual Nd from the REEs mixtures is still extremely difficult owing to their strictly similar atomic structures and chemical properties.Liquid-liquid extraction (LLE) and solid-liquid adsorption (SLA) are the most widely adopted techniques for the separation of REEs in the hydrometallurgical fields. The LLE process is well suited for large-scale continuous operation because of its inherent high capacity and fast kinetics. Nowadays, as a commercial extractant, 2-ethylhexyl phosphonic acid mono-2-ethylhexyl ester (P507) has been extensively studied for extraction and separation of REEs since it has considerably good extractability and high separation efficiency (Xu et al., 1992). SLA is one of the effective and green separation methods with some prominent advantages, such as easy regeneration of adsorbents, small footprint size, less industrial wastes, higher enrichment factors and column efficiency,rapid solid–liquid separation without emulsion and so on. Hence, the introduction of extractants with excellent performance into adsorbents will integrate the advantages of LLE and SLA (Lee et al., 2009)."

Jan 1, 2012

If one can embrace the medical analogue, much of the mining industry currently suffers from a massive bacterial infection. When pyrite-bearing or sulfide-bearing rock formations, tailings, or mine wastes are infected by Acidithiobacillus ferro-oxidans, the likelihood of forming acid rock drainage (ARD) is almost guaranteed. The ?pharmacy? of antibiotics available is extensive, ranging from solid alkaline amendments like limestone to liquid ?medicines? such as sodium lauryl sulfate, sodium thiocyanate, waste milk, and bipolar lipids. Unfortunately, the ?geo-medical? teams of geochemists, microbiologists, engineers, and mine managers lack the tools to surgically apply these active ingredients where they are needed most with a minimum of waste. Distribution of fine grained limestone on the surface of an acidic mine waste dump is analogous to applying a bandage soaked in antacid to treat an upset stomach. The implementation of up-to-date best management practices has not healed the patient; an equivalent combination of hypodermic needle, cyber knife, and arthroscopic probe is clearly needed. Using an engineered, flow-able or pumpable foam or pHoam? as the medicinally analogous ?dextrose delivery solution? for solid and/or liquid ?geo-antibiotics?, the authors have combined off-the-shelf technologies that have been previously applied in solving geotechnical problems in the mining industry. A patent for the innovative process is pending. This paper discusses method concepts and the advantages it could provide over conventional BMPs.

Jan 1, 2012

By R. K. Jonas

"Pressure leaching and pressure oxidation in autoclaves are important alternatives in the extractive processing of gold, copper and nickel ores. The application of advanced control to pressure leach and pressure oxidation autoclaves could achieve significant benefits as has been shown in alumina pressure leaching. This paper compares and contrasts alumina digestion autoclaves to other mining autoclaves with respect to advanced controls. The application of advanced control in alumina with over 30 units controlled worldwide, and its benefits will be reviewed. The design and potential benefits from advanced control for pressure oxidation and leaching will be presented.INTRODUCTIONIt is this author's position and the purpose of this paper to propose that advanced control could be effectively applied to autoclaves in the nickel, gold, and copper mining processes. This is based on the proven effectiveness of advanced control on autoclaves used in the alumina industry for pressure leaching of bauxite ores. Incremental, but significant increases in production could be realized by applying advanced control to autoclaves, as evidenced by the alumina industry, and this not being implemented in other autoclaves in the mining industry.In addition, today the mining industry is being challenged to improve their production methods. In some markets like nickel, there is pressure to improve productivity and reduce the cash cost per ton. While in other markets like copper and gold, demand is vigorous with favourable pricing, and there are advantages to increase production and productivity given limited plant capacity. Advanced control has proven its capability to improve mineral processing operations through increases in throughput, recovery, as well as reducing variability. In today's mines, autoclaves are being used to a much larger scale and with much larger importance, thus it would be beneficial to improve operational performance through the use of advanced control.Accordingly, it is the author supposition that an opportunity exists in the mining industry to use a proven advanced control technology to improve the operations and financial performance of mines using autoclaves."

Jan 1, 2012

By A. Nieto

Rare earth elements (REEs) are crucial to green technology such as hybrid-electric vehicles, wind turbines and fluorescent light bulbs. As of 2011, China dominates the global production of REEs and is reducing its export quotas. To predict the supply of rare earths in the United States based on future supply scenarios, a web-based database and geographic visualization tool was built. Five case scenarios with varying levels of REE demand were created by varying several economic conditions including (1) international trade policy, (2) greenhouse gas regulations, (3) environmental mining regulations and (4) tech applicability ratio of REEs. The most likely scenario, which is based on current international demand levels, indicates the importance of expediting the development of extractive operations of current REE resources within the United States. The results of the different case scenarios are supported by using dynamic geographic maps indicating the location of rare earth ore (REO) resources.

Jan 1, 2012

According to the previous research, it is found that the thickness of cover is mostly less than 100 m for highwall mining system. However, for most of the Chinese surface coal mines, the mining depth is over 150 m; on the other hand, the shovel-truck is the most common mining technology. As a result, a lot of residual coal will be remained around end-walls. Considering these facts, the calculated methodology of highwall mining system under thick cover is presented in this paper. Meanwhile, numerical simulation of highwall mining system under thick cover was carried out. The outcome shows that the calculated methodology for pillar stability of highwall mining system under thick cover presented in this paper is acceptable. In other words, the highwall mining system is feasible to extract the residual coal around end-walls in Chinese surface coal mines. Thus, not only coal recovery ratio can be improved, but also can increase the production life of surface coal mines in China.

Jan 1, 2012

By Jorge Alberto Soares Tenório, Victor Bridi Telles, Denise Crocce Romano Espinosa, Felipe Fardin Grillo, Vicente de Paulo Ferreira Marques Sobrinho, José Roberto de Oliveira

"This research aims to study the process of incorporation of the metal iron in electric arc furnace dust (EAFD), from a steel mill producing long steel by liquid iron in addition to the changing temperature of 1400 degree Celsius altering experimental conditions such as how to add the EAFD (as received and in the form of briquettes), the percentage of EAFD to be added (10, 20 and 30% of initial weight of sample pig iron) and the time of withdrawal of the sample of pig iron and slag (30 minutes after the addition of EAFD). Previously, the EAFD will be characterized using the following techniques: chemical analysis, particle size analysis, X-ray diffraction, scanning electron microscopy (SEM) and Energy Dispersive Spectroscopy (EDS) microanalysis. After characterization, the eletric arc furnace dust to be added to the bath of liquid iron, will be divided into 2 types: the first order of addition will be in the form ""as received"" from the plant and the second is through the agglomeration of EAFD in the form of briquettes. The achievement of fusion experiments in laboratory scale, will take place in a vertical tubular furnace with temperature control. The fusion experiments to assess the incorporation of the metal iron will use graphite crucibles. A flow of inert gas (argon) will be maintained inside the furnace during the experiments. It is expected that the results obtained at the end of the research allow the evaluation of the iron metal incorporation of eletric arc furnace dust in hot metal bath.IntroductionThe steel industry generates a variety of solid wastes, liquid effluents and gaseous emissions at various stages of processing. The electric furnace dust (EAFD), generated in electric arc furnaces, represents a major problem for their content of chemical elements such as zinc, iron, chromium, cadmium, among others, issued to the atmosphere during the manufacture of steel[1]."

Jan 1, 2012

By K. Bullock, M. Levesque, G. Lyle, D. L. Millar

ABSTRACT The options for reducing the carbon footprint of energy use in mining fall into three categories of activity: i) reducing demand, ii) improving energy utilization, and iii) adopting low carbon energy technologies. In addition to the environmental imperative, the economic case for these activities gains higher priority as the prices of electricity, gas, and liquid fuels increase. Low-carbon, energy-saving technology options that are available to mining industry companies lead to projects with return rates that must compete alongside other capital-intensive projects considered by mining company boards. Energy projects frequently involve longer payback periods and lower rates of return than those of competing bids for capital, such as new mineral property developments. For energy services companies that specialize in the financing, construction, efficient operation, and maintenance of energy projects, the same returns and payback periods can be considered acceptable or even attractive.

Jan 1, 2012

By C. R. Machado

Sossego Mine was the first Vale SAG mill operation to process copper-gold ore. It is located in the state of Para, in the south-eastern Amazon region of Brazil. In the first six years of continuous operation, Vale investigated different alternatives for improving circuit performance by investigating operating conditions, mainly focusing on the SAG mill. Today, after a steady increase over five years the annual production rate seems to have stabilized. It is hoped this work will show how the SAG operating practice have been perfected with time and as new data are collected. Historical data of mill grind-outs and crash stops helped create operation curves depending on the ball charge volume and total charge volume. Also noted were impacts on throughput due to the effect of reducing liner weight and the ore type characteristics.

Jan 1, 2012

By D. E. Calisaya, É. Poulin, A. Desbiens, R. del Villar, A. Riquelme

"A 15 cm diameter by 732 cm height, fully automated pilot column was installed in the Agnico-Eagle’s Laronde concentrator (Québec), for evaluating the performance of newly developed sensors and advanced process control algorithms. For eventual comparison purposes, the pilot column is continuously fed with the same slurry feeding the copper-circuit third cleaner column. It is equipped with electrical conductivity-based sensors for estimating the three variables used in the multi-variable control algorithm under evaluation: froth depth, fraction of wash water underneath the interface and gas hold-up. Froth depth is regulated using a PI controller while a predictive controller is formulated as the minimization of the tracking errors of gas hold-up and bias rate, keeping several operating constraints between their practical upper and lower limits. In particular, an unreachable high set point of gas hold-up can be selected in order to maximize the bubble surface area available for particle collection, while maintaining bias rate above a minimum value required for froth cleaning. The proposed strategy may indirectly help optimizing flotation column operation by using these secondary variables, without the implementation of a real-time optimization layer.INTRODUCTION Flotation columns have already been used for more than 30 years, mainly in cleaning stages, as a result of their froth washing capabilities. Despite their widespread usage, the measurement of some pertaining variables and their use for automatic control is rather scarce. Among the most important variables directly related to the process metallurgy (concentrate grade and recovery), froth depth (hf) is the only one normally monitored and controlled. Even though commercial sensors are available, gas hold-up (eg), a variable directly related to concentrate recovery, is seldom measured and never controlled. Another important variable, bias rate (Jb) responsible for concentrate cleaning, is simply not measured at all, as there is no commercial sensor available. Therefore, besides froth depth, continuous monitoring of process variables is limited to flow rates (gas, feed, tailings, wash water), i.e. to manipulated variables. Some new available sensors have been industrially tested, e.g. the Sonar-TracTM for eg (O'Keefe, Viega & Fernald, 2007) and the McGill hold-up sensor (Tavera & Escudero, 2002). Others, for bias rate and frother concentration, have been successfully validated at laboratory scale by Laval’s LOOP researchers (Maldonado, Desbiens, del Villar & Chirinos, 2008b; Maldonado, Desbiens, del Villar & Aguilera, 2010a). Some devices have been extensively used for monitoring bubble size and space distri-bution, e.g. McGill bubble viewer (Gomez & Finch, 2007) and others."

Jan 1, 2012

By D. P. Roberts

This investigation aimed to simulate the experiments performed by Nic Gay (Gay, N.C. 1976. Fracture growth around openings in large blocks of rock subjected to uniaxial and biaxial compression. International Journal of Rock Mechanics and Minining Sciences and Geomechical Abstracts, vol. 13. pp. 231-243) on fracture growth around openings in blocks of rock subjected to uniaxial and biaxial compression, using the Elfen discrete element code. The results of the physical experiments indicated a number of trends that were successfully replicated in the numerical simulations, including crushing ahead of the face, the formation of a sub-vertical tensile fracture at centre-span, the formation of groups of fractures originating from the crushed face zone, the formation of large corner-to-corner fractures which precede sample failure, and linking of slot corner and sample corner fractures leading to sample failure. In addition, other features were apparent that were not reported by Gay. It is believed that these took the form of conjugate shear fractures (as reported by Gay in a previous paper) and other features that may have been altered or inhibited by the presence of pre-existing structure in the physical samples. It was found that the samples, though nominally made up of the same rock type, must have had significantly differing properties. The presence of pre-existing structures may have contributed to this discrepancy. Strain measurements from the physical experiments were reasonably well matched, except where the gauge lay directly in the path of advancing fractures.

Jan 1, 2012

By Stephen Semeniuk

Working with junior mining companies as a valuer, my experience with regulators is that simplicity works and the sales comparison method is the way to go. What I like about Mr. Ellis?s approach (as in his Table 7) is the integration of commodity prices with the timing of acquisitions and the implication of price changes in gold on the adjustment of individual project valuations. However, the sample gold-related appraisals in Ellis?s paper are pre-2008 transactions and readers should be made aware of the current market for such projects. Before moving on, to be noted is that the effective date of the Las Brisas appraisal (Ellis?s sample Appraisal 3) is Feb. 10, 2006; given that the subject value of Transaction 9, Choco 10 in Ellis?s Table 6 was listed as $353 million for a 95% interest in the con-cession, I am uncomfortable accepting that the acquisition was suddenly worth the adjusted value of $1,205 million (as given in Ellis?s Table 7). In some cases, illiquidity discounts can apply, and commodity-wise, in the one-month period between the acquisition in January 2006 and the adjustment to the Las Brisas conditions as of February 10, 2006, the indicated gold price change was only 41 cents/g ($12.60/oz); i.e., from $17.50/g to $17.91/g ($544.40/oz to $557/oz).

Jan 1, 2012