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By V. T. McLemore

Petrographic analysis of rocks is traditionally performed with optical microscopy using thin sections and point counting. However, this does not provide accurate mineral proportions for sedimentary, volcanic, and soil-like material, because rock fragments, groundmass, and matrix are not identified as specific minerals. In addition, groundmass phases in volcanic rocks can be too fine to identify individually, and making thin sections of intact soil-like material is difficult because much of the material is not well cemented. ModAn is a normative calculation that estimates modes ??by applying Gaussian elimination and multiple linear regression techniques to simultaneous mass balance equations? (Paktunc, 2001) and allows location-specific mineral compositions to be used. One of the features of ModAn that makes it appropriate for this study is that it can model one of several sulfide minerals. Mineral compositions for Questa minerals were determined from electron microprobe analysis and entered into ModAn. Then by combining and normalizing results, bulk quantitative mineralogy can be determined using ModAn, petrographic observations, electron microprobe analysis, clay mineral analysis, and the whole-rock chemistry of the sample.

Jan 1, 2009

By S. R. Borrowman

This investigation by the Bureau of Mines was undertaken to develop information on the extractive metallurgy of thorite ores because potential ore bodies of this mineral have been found recently in Colorado, Idaho, and Montana. Basic information on thorite ore treatment that would be useful in appraising the potential of these and other domestic thorium resources was developed. The work was done mainly on thorite ore containing 3.87 percent ThO2 from the Powderhorn district, Colo., and on a composite sample containing 0.52 percent ThO2 from the Wet Mountains district, Colo. Limited tests of d corroborative nature subsequently were made on a sample containing 2.30 percent ThO2 from the Lemhi Pass area on the Idaho-Montana border.

Jan 1, 1962

By S. G. Shabestari, S. Saeidinia, P. Mokarian

"The experiments were conducted to investigate the influence of various process parameters in rotary degassing of aluminum alloy AS5U3G. Degassing was carried out by use of argon inert gas. The flow rate of the gas was investigated in the range of 12 to 21 L/min., 350 to 500 rpm rotor speed, 6 to 12 minutes degassing time, and 755°C to 780°C melt temperature. Degassing efficiency was evaluated through measuring the density of RPT samples. By optimizing the process parameters, RPT sample density was increased up to 2.73 g/cm3, which guaranties the production of high-quality aluminum castings. Tensile strength and elongation were increased considerably by degassing process. Scanning electron microscopy (SEM) shows small size and well-distributed microporosity. IntroductionOne of the major problems associated with the casting of aluminum alloys is the formation of gas porosity. Aluminum and its alloys are very susceptible to hydrogen absorption. Because solubility is much lower in solid state than liquid state, hydrogen atoms leave their position during solidification and combine together to form hydrogen molecules. These micrometer- scale cavities, called microporosity, cause the reduction of mechanical properties, particularly strength, ductility, fracture toughness, fatigue resistance, pressure tightness, and corrosion resistance (Laslaz, 1991; Jorstad and Rasmussen, 1993; Sigworth and Wang, 1994; Korasani, 1996; Anson and Gruzleski, 1999; Zhang et al., 2000). To avoid these problems and produce good quality castings, it is necessary to remove hydrogen from the melt. Several methods are available for degassing aluminum melt. One of them is a rotary degassing system using inert gas, e.g. Ar or N2. Various thermodynamic and kinetic factors govern the removal of hydrogen from molten aluminum (Anderson, 1987; Sigworth, 1987; Pignault, 1993; King and Reynolds, 1995). These are some parameters that affect degassing efficiency. Some of them are discussed here and some are examined in this project."

Jan 1, 2004

By S. Addie

In the early 1990’s the British Columbia (Canada) mineral industry frequently discussed the need to participate in, and compromise with, public environmental interests in order to ascertain long-term stability. However, as the decade progressed the mineral industry withdrew from almost all meaningful public participation. As government protected areas policy in the past year has illuminated, there is a continued need for long-term land access stability. This paper historically analyses the public engagement policies of the British Columbian mineral industry while it participated in long-term consensus-based multi-stakeholder land-use planning processes. From this analysis the paper recommends that the mineral industry reengage the public and institute a new working relationship with environmental advocacy groups so as to ensure British Columbia becomes the most sustainable mineral producing jurisdiction in the world.

Jan 1, 2011

By Alfred H. Bell

Drilling activity increased in Illinois in 1935. There were 34 com-pletions as compared with 26 in 1934 and 18 wells were drilling at the end of 1935. Some large blocks of acreage were leased in Marion and Clay counties near the central part of the Illinois structural basin. Production of oil in the state totaled 4,305,000 bbl., a decrease of 4 per cent from that of 1934 There was some curtailment of production in the early part of 1935 but none after April 30 as shown in the following table. Percentage Pro-duced of Potential ProductioN (USING September 1934 Period as BaSis) Jan. .l-Feb. 20............................................ 79 Feb. 21-Feb. 25............................................ 85 Feb. 26-Feb. 38............................................ 79 Mar. 1-Mar. 11............................................ 85 Mar. 12-Mar. 31............................................ 100 Apr. 1-Apr. 9.......................................... 80 Apr. 10-Apr. 30............................................ 86 May 1-Dec. 31........................................... 100 This is equivalent to an average curtailment throughout the year of 5 per cent. The price of Illinois crude oil at the wells remained constant during 1935 at $1.13 per barrel. A small amount of oil was sold at a 1ower price, notably from the Dupo field, but to arrive at a value for the state's production there would be little error in assuming an average price of 81.13, giving a total value of $4,864,465. The following table shows production in Illinois by moths in 1935, according to the U.S. Bureau of Mines. Jan............. 332,000 May.......... 382,000 Sept ,............. 370,000 Feb............. 295,000 June. ........... 858,000 Oct.............. 391,000 Mar............ 370,000 July............ 377,000 Nov............. 369,000 April............ 338,000 Aug............. 379,000 Dec............ 344,000

Jan 1, 1936

By Alfred H. Bell

Drilling activity increased in Illinois in 1935. There were 34 com-pletions as compared with 26 in 1934 and 18 wells were drilling at the end of 1935. Some large blocks of acreage were leased in Marion and Clay counties near the central part of the Illinois structural basin. Production of oil in the state totaled 4,305,000 bbl., a decrease of 4 per cent from that of 1934 There was some curtailment of production in the early part of 1935 but none after April 30 as shown in the following table. Percentage Pro-duced of Potential ProductioN (USING September 1934 Period as BaSis) Jan. .l-Feb. 20............................................ 79 Feb. 21-Feb. 25............................................ 85 Feb. 26-Feb. 38............................................ 79 Mar. 1-Mar. 11............................................ 85 Mar. 12-Mar. 31............................................ 100 Apr. 1-Apr. 9.......................................... 80 Apr. 10-Apr. 30............................................ 86 May 1-Dec. 31........................................... 100 This is equivalent to an average curtailment throughout the year of 5 per cent. The price of Illinois crude oil at the wells remained constant during 1935 at $1.13 per barrel. A small amount of oil was sold at a 1ower price, notably from the Dupo field, but to arrive at a value for the state's production there would be little error in assuming an average price of 81.13, giving a total value of $4,864,465. The following table shows production in Illinois by moths in 1935, according to the U.S. Bureau of Mines. Jan............. 332,000 May.......... 382,000 Sept ,............. 370,000 Feb............. 295,000 June. ........... 858,000 Oct.............. 391,000 Mar............ 370,000 July............ 377,000 Nov............. 369,000 April............ 338,000 Aug............. 379,000 Dec............ 344,000

Jan 1, 1936

Minerals are vital to any industrialized civilization. Annually, the United States uses more than 4 billion tons of new mineral materials, or about 40,000 pounds per person-about half being mineral fuels and the other half being metals and nonmetallics. Stable and economic domestic mining, mineral, metal, and mineral reclamation industries are essential to the economy. The value of United States energy and processed materials of mineral origin exceeds $200 billion annually. Although a number of minerals are imported, especially some designated as "strategic and critical," most U.S. mineral supplies are derived from the domestic mines and processing facilities that you will be seeing, reading about, and visiting as you use this visitor guide. We hope you enjoy your experiences. This pamphlet, a guide to mining and mineral operations that may be observed or visited and some other points of interest relating to minerals, is in-tended to aid tourists and students who are interested in mining. Some may wish to study our Nation's romantic past; others may plan to enter the minerals industry as a career; still others may have a primary interest in conservation practices. The pamphlet is also intended to aid State and local officials, Chambers of Commerce, and mining firms in answering some of the many questions of tourists and students.

Jan 1, 1977

By Robert B. Parsons

"The Canadian mining industry is not off to a good start in the 1993/94 budget season. Of the five provinces and territories to table budgets as of March 31, 1993, the industry's scorecard shows: one win, one tie, and three losses.IntroductionBy the end of March, five of Canada's twelve provincial and territorial governments had tabled their 1993/94 budgets. The mining industry is off to a bad start. The industry's scorecard shows one win, one tie, and three losses. Only Newfoundland appears to be paying any attention to the industry's concerns about the impact of taxation on competitiveness. It is particularly disconcerting to see that non-profit based taxes continue to increase, at a time when these taxes are the focus of a united attack by the entire industry.NewfoundlandFirst, the good news. On March 18, 1993, Finance Minister Winston Baker announced the following changes to the province's mining tax regime:"

Jan 1, 1993

[Thin roport. C"WAW; I Ac rvq"I LN 01 a tvchniv&ll nnd oco I in j ;- I iv It i on c)l roncc p Ln,I I Lc!iin I OV Lhe undprnro"nd vNing, ruh h! i zn(kn, And 1" viiii rutoriin- of Opp &L :;halo drponi1q. Study L-I 10 1 1:; ..vi c I i rst d it cc tvd L ""Ards "vA I "it Wit "I the ippLWAhle q(t)¬logy, .in:;"(OLud ;hintvirak, r"ck muchnnics, ii; Olu rolturving, acum; mining, votitiInthn, iiiHtl I' it inn, vaFrry, :ind nn': iru"muniAl iNpiet InvI ors ConroptuAl mv:Lvmn wore nv"tWqjW rind Wen ovALUOILed agalnSt I lIt"n I it' 1 ttCS I runt ho I I I ;I I cc!ii i (.:I I A I I( I ocon "mi t?. vivwpn Lnt . Thu I CS" ICS 01 Lhunv vv&"Mions wpru thun ;lira ly-Ptl ind, KNqwd upon this analls is , hit foll"wkg two syntvmn writ' 5VIecLind lor furLhpu study in Phaso Ll: 4 -Ili I I : kcoiii nid Pi I lair -Art ica L DrL I I and Blasr SyKyw 1V: THOW Hori"g-Horiz"nuaL Ring Drill anti BI-ast Thiq rvpnrL is nahmillrd in fulAllarrit or We Phzni, J parLion ul (Arnt KICL Oinhou SON LO/ 1 by Nni x & Kc Won , I nc. Co thp D. nvor Rostnrch Cvntpr, Uni-LPd AL"tpn DWPAUxiont of the InLerilor, QUrCJlH of Mines. Ark wns tonpirrind as of March, 1979.]

Jan 1, 1975

By A. Normanton, B. Harris, V. Ludlow, S. Riaz

Why does a continuous casting mould powder, which works successfully on a particular caster with respect to semi quality, fail to perform on a caster of a similar design utilizing liquid steel from a similar route for an identical product without some tuning of its make-up and composition? In casting sequences of the same steel grade, why do some apparent random heats produce poor surface quality with respect to cracking when otherwise good surface quality is realized? The answer to these questions lies in the interaction of the mould powder, the casting hardware, and the casting process variables. Using, as examples, data collected from within Corus UK and during collaborative work on the assessment of mould powder performance and its effects on surface quality, the interaction of the mould powder, the casting hardware and the casting process variables is explored. The steelmaking route and its associated alumina load, unexpected changes to slag chemistry, infiltration of the slag into the mould strand gap, and the nature of the slag film are all shown to affect powder performance. Keywords: continuous casting, mould powders, alumina, slag films

Jan 1, 2004

By Wolfgang Roth

In 1990, a residential area above the North Outfall Sewer (NOS) tunnel constructed in 1924, experienced subsidence. After sewage was diverted into the North Outfall Replacement Sewer (NORS), soil probing from within the tunnel was conducted, soil-improvement options were developed, and a preferred grouting scheme was analyzed by numerical modeling to evaluate the stability of the 80-year+ old tunnel liner under grouting-induced loading conditions. This paper discusses the initial field investigation and the development and analysis of a grouting scheme originally intended to be implemented before relining of the tunnel. The scheme was later modified, and the new liner was installed before the final probing and grouting work was done.

Jan 1, 2008

By J. H. Kim

Since the Hardy Cross numerical algorithm was applied to the solution of mine ventilation networks, there have been numerous developments in ventilation network analysis procedures. The Newton-Raphson method, the linear theory method, and the second-order approximation method are three of the additional approaches that have been applied. The efficiency of a ventilation network analysis procedure depends not only on the method of solving the system of equations derived from ventilation networks, but also on the method of deriving the equations through selection of the meshes. This paper investigates the impacts of three mesh selection methods on the efficiencies of four ventilation network procedures. The minimum-resistance spanning tree method is the most popular procedure for selecting meshes. The shortest-path method was suggested by Epp and Fowler (1970) for improvement of the Newton-Raphson method. The minimum-resistance-path method is suggested here as the third method of selecting meshes. The effects of these three methods on the Hardy Cross method, the Newton-Raphson method, the linear theory method, and the second-order approximation method are analyzed in this paper. These network analysis methods have been summarized in the paper by Kim and Mutmansky (1991).

Jan 1, 1992

By Victor R. Spironello

The Bureau of Mines has conducted studies of the slags related to ferrous technology to evaluate experimentally acceptable substitutes for the auxiliary flux, mineral fluorspar, in steelmaking operations. Comparative heats were made in a 1/4-ton, pilot-scale, basic oxygen furnace (BOF) to evaluate a waste material known as "used potlining." Used pot lining is recovered from alumina reduction cells after its useful life and contains significant levels of fluorine and sodium in various compounds. This material in both lump and pelletized form provided adequately fluid slags, based on observations made during BOF operation. No adverse effects were found on furnace performance, metal and slag chemsitry, the strength of the steel produced, or the environment. Fluorine recovery in the slag was about the same as that obtained when using fluorspar, as were the losses to the scrubber water and solids. No difference was observed in furnace-refractory attack, as determined by the level of magnesia in the slag. The sodium recovered in the slag apparently also contributed to fluidity, since the fluorine input was at about two-thirds that of the fluorspar. Used potlining was determined experimentally to be a satisfactory substitute for fluorspar in basic oxygen steelmaking.

Jan 1, 1982

By Khaled Morsy

The tragic incidents at Sago and Darby coal mines in 2006 pointed out the need for stronger seals to resist the blast effects of violent gob explosions. Mine Safety and Health Administration (MSHA) has published the final rule on Sealing of Abandoned Areas in April 2008. According to the final rule, the mine seals for unmonitored gob areas should withstand an instantaneous pressure of 120 psi. Reinforced concrete (RC) seal is one of the feasible options that can be used to meet the final rule. Concrete is a heterogeneous, cohesive-frictional material and exhibits complex non-linear inelastic behavior under multi-axial state of stress. The increased use of concrete as primary structural material requires the development of sophisticated material models to have an accurate prediction of the material response to a variety of loading situations. The constitutive modeling of concrete has advanced considerably in the past three decades. Choosing a reasonable concrete material model is important in order to obtain an accurate mine seal design. This paper attempts to address the effect of different concrete material models on the response of RC seal subjected to dynamic loads from methane explosion. Three concrete models, from ABAQUS library, were selected to address the effect of non-linear behavior of concrete and damages due to tensile and compressive stresses. In addition, a typical and verified concrete material model was used for conducting 3D finite element models simulating the RC seal by ABAQUS, EXPLICIT ver. 6.6.

Jan 1, 2008

By John H. Fowler

"Most of the aggregate used in Nova Scotia is produced from numerous glaciofluvial and ice-contact deposits scattered throughout the province. Production from bedrock sources is increasing, with most of the coarse aggregate used in the Halifax-Dartmouth area coming from quarries operating within the metro area.A recently completed provincial sand and gravel inventory mapping program has identified some ""resource-poor"" areas where comprehensive aggregate evaluation programs are underway. Although some areas of the province are experiencing aggregate supply problems, large volumes are exported to markets as far away as Bermuda.IntroductionThe Nova Scotia Department of Mines and Energy has been involved with aggregate resource studies for several years, although sand, gravel and crushed stone are not designated as minerals under the Mineral Resources Act of Nova Scotia. Our role has been to provide the aggregate industry with resource data as well as provide similar information to governmental agencies involved with municipal planning, water resource studies and environmental protection regulations. Several private consulting firms use the information in many of their site development studies.We became involved with aggregates in a rather roundabout way. Several years ago, an outcry from inhabitants of a small coastal community over the removal of sand and gravel from a local beach moved the provincial Department of Lands and Forests to take action to protect provincial beaches. We were asked by the Department to provide information and to suggest alternative sources here operators extracting sand and gravel from beaches could relocate. This request initiated an aggregate inventory survey in southeastern Cape Breton, which was later extended to cover the entire province. The initial provincial sand z and gravel inventory survey provided a series of 1:50,000 maps showing the distribution of sand and gravel deposits in the province."

Jan 1, 1982

By A. Hiltunen, R. Hiltunen

The utilization of blast furnace and BOF slags has long traditions and well-known applications in the building and road construction industries and in soil conditioning. The starting point for product development has been the basic physico-chemical properties of slags. This development has led to the almost 100% utilization of blast furnace slags and also considerable amounts of steel slags. While new methods and applications are continuously being looked for and developed in order to recycle and utilize all types of slag, there is at the same time an increasing debate over the exact nature of the slags, whether they are products or waste material, and whether they should be considered substances or preparations. These questions have emerged as a consequence of the environmental effects of the slags and current environmental legislation. The environmental effects of slags can be seen to be both beneficial and less beneficial. There is no doubt about their benefits in the road construction industry, as they allow significant savings in terms of natural materials and in transportation. It is also a known fact that using slags as fertilizers and in the cement industry leads to reduction in CO2emissions. The less favourable effects are the possible harmful emissions into the soil and groundwater. In this paper we describe the properties of slag products and their environmental effects according to investigations carried out in Finland. Keywords: utilization, blast furnace slag, steel slag, properties, solubility, environment

Jan 1, 2004

By Dana C. Reinke, David K. I Ingram

Researchers at the National Institute for Occupational Safety and Health partnered with the water well industry to develop engi­neering control technologies and training products to address noise exposure at the job site. Noise­induced hearing loss continues to be a problem in the well drilling industry. Research con­ducted by NIOSH found that air rotary drill rigs produce sound levels more than 90 dB(A) over the course of an eight­hour workday. Sounds levels above 90 dB(A), identified during hammer drilling and the hammering of casing, exposes workers to levels that can damage hearing. A typical air rotary drill rig provides no barrier, for noise and dust pro­tection, between the drill’s control panel and the drill stem. The development of a partial cab is the clearest example of NIOSH’s research partnership with the water well industry. NIOSH researchers determined that an engineering noise control to protect the oper­ator at the rig’s control panel would be effective, based on typical work site conditions. Many surface rigs do not have full cabs as a result of the original equipment manufacturer design or the high cost of aftermarket products. Developed as a partial cab, the NIOSH engineer­ing noise control design addressed stakeholders’ needs associated with cost, transport, and worker usage (Figure 1). Field tests found the partial cab effective in reducing sound levels at the rig’s control panel, a typical location for a drill rig operator. Sound levels at the control panel were reduced from 104 to 96 dB(A) (Figure 2). Coupled with continued use of personal protective equipment, such as hear­ing protection devices, the partial cab can help to reduce noise exposure. NIOSH researchers created a CD with informa­tion about noise exposure and the partial cab. Most important to well drilling companies is information on how to construct and attach the partial cab to drill rigs. The CD can be viewed on a standard computer and includes a video of the partial cab in use on a work site. Computer­aided design drawings are included on the CD and provide detail of the cab design as well as information on construction mate­rials and design details. Additionally, the CD provides background infor­mation on noise­induced hearing loss and hearing protection devices to increase knowledge about this occupational health concern. This information can be viewed by all company employees to help promote the partial cab’s importance to workers using the cab. More information on the partial cab noise control technology can be downloaded from www.cdc.gov/ niosh/mining NIOSH researchers also examined the health and safety training needs of workers in the ground water industry. It was quickly realized that most workers learn health and safety on the job and do not attend any sort of formal training. In addition, there is not a lot of time for daily “tailgate talks” or “shop talks” on health and safety issues. As a small business industry, the owner is often operating a drill rig along with his other employees. In general, new employees learn the job in an apprentice style sys­tem. As a result, workers and owners have few opportunities to access uniform health and safety information based upon the job — an outdoor work environment with daily change in work sites. With this information, NIOSH researchers devel­oped two products that deliver health and safety information to fit into the daily work of well drillers. Both are information circulars and are available through download at www.cdc.gov/niosh/mining and the NGWA Web site at www.ngwa.org/publication/ publications.cfm. These circulars are: Water Well Safety Bits. This booklet provides information in a “quick bites” style. It is pre­sented in a magazine format and can be left on

By S. Pinard, J. MacLellan, G. Ehlert

"The Kidd Creek concentrator is looking actively for alternative technology as means of reducing operating costs in their concentrate handling section. The use of pressure and vacuum filters to eliminate the multiple hearth dryers would have the most beneficial effect. The dryers which constitute the greater portion of concentrate drying costs consume about 35,000 m3 per day of natural gas.After the evaluation of various filters by Kidd's technology group, it was clear that, because of the low final moisture requirements of 5.5 to 6% H20, few filters were able to achieve this target economically. Lately attention has focused on the Andritz hyperbaric filter. Testwork has shown that target moistures can be achieved with an appreciable reduction in operating cost.1.0 INTRODUCTIONThe Kidd Creek Concentrator is located 28 kilometers east of Timmins, Ontario. The ore is hauled by the Kidd Creek Railroad to the concentrator where it is milled to produce separate copper and zinc concentrates.Projected concentrator feed for 1991 is 3,750,000 tonnes of ore grading 3.3 % Cu and 4.7 % Zn. The concentrate production is expected to be 458,080 dry tonnes of copper concentrate at a grade of 25.7 % Cu and 265,020 dry tonnes of zinc concentrate at a grade of 54 % Zn.Currently, there is active investigation toward cost reduction through implementation of new technologies. One area which has been extensively evaluated is the concentrate dewatering and drying section. In that section, the multiple hearth concentrate dryers represent the largest source of operating costs, mainly through maintenance and energy costs (electricity and natural gas). The replacement of these dryers with filtration technology that could produce the required concentrate dryness would represent substantial savings.In September of 1990 filtration testwork carried out by Andritz Ruthner showed that Kidd Creek copper and zinc concentrates could be filtered to below 6 and 8 % moisture respectively. In late May 1991 the laboratory testwork was duplicated on siteand one month later a 5 m2 pilot filter was tested on site. Based on the pilot test results, an economic evaluation was performed. It indicated that a reasonable payback could be realized if hyperbaric filters were to replace the existing concentrate drying section."

Jan 1, 1992

By F. A. Camisani-Calzolari

The latter half of the 20th century has seen the proliferation of a series of codes to address commodity needs which were brought about by rapidly advancing technologies and the globalization of markets and consumerism. This paper addresses the specific needs and the origin of this surge and presents these codes in the context they were developed. It also compares the main codes or groups of codes and elaborates upon their strengths and weaknesses. Three main categories of codes are identified, namely: codes for reporting to international agencies, codes addressing government needs and, finally, codes for the investors and the stock market. Codes governed by international agencies usually relate to strategic commodities which have highly specialized fields of usage like nuclear power generation where international cooperation is eventually the only viable approach for both the development of technologies and their applications. Codes for reporting to governments address the necessity of each state to exploit their mineral potential profitably and to secure the preservation of wealth for future generations. Reporting to investors is experiencing a considerable popularity as of late because of globalization in mining and the growing need for outside financing of mining projects, whose capital requirements are getting out of reach for the average mid-cap mining company. All these codes have advantages and shortcomings dictated by the specific circumstances under which they were developed, therefore necessitating the definition and implementation of some kind of international standard whereby investments and the spread of information across political boundaries would be facilitated. Though none of these codes might ever become international in the true sense of the word because of significantly different legislations at national level, a step that would greatly contribute to the cross-border disclosure of information would be the reciprocal recognition of competent persons by the major mining countries, including China and Russia. It is also becoming essential that financial institutions and investors be properly advised on mining projects by reporting reserves and resources in a transparent and responsible way with the relevant public disclosures being compiled by professionals who take full responsibility for their submissions. Keywords: reporting codes, mineral resources, mineral reserves, competent person, UN Framework Classification, IAEA classification, JORC Code, SAMREC Code and CRIRSCO.

Jan 1, 2003

Future metal prices play a direct role in both the economic evaluation and short to medium planning of a mine scheduling sequence. It is difficult to predict with accuracy the future price of volatile metal commodities, however, it is possible to fix some future metal price, outside of long term contracts by the selling of futures contracts through a commodities exchange. The futures contract represents a fixed amount of a specified quality of a commodity for future delivery at a predetermined price. Several different types of hedging are possible, one in particular which is best suited for mining companies. There are relative advantages and disadvantages when trading in futures contracts and particular reference is made to gold contracts on the Sydney Futures Exchange.

Jan 1, 1980