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By Patrick J. Williams

Defining Features of IOCGs ? Sulphur-poor Cu-Au(-Fe) deposits ? Contain low-Ti iron oxides ? Hydrothermal origin (breccia, vein, replacement) ? Local structural controls (no ?causitive? intrusions) Common Features (Economically-Significant Terranes) ? Regional space-time association with plutons ? Association with widely metasomatized crust ? Na ? Na-Ca ? K ? Variable enrichment in F, Co, Ba, LREE, U ? Little hydrothermal quartz (cf. porphyry deposits)

May 1, 2006

By J. G. Whellock, R. J. Phillips, J. W. Matousek, P. J. Marcantonio

"Stillwater Mining Company (SMC), a partnership of Chevron Resources and Manville Corporation, produces a copper-nickel, platinum-palladium flotation concentrate at its Nye, Montana mine. The concentrate is then toll processed in Europe. Recognizing the economic advantage of treating the concentrates at the mine site and of retaining this strategic resource in the United States, the Company commissioned Tolltreck International Limited and International Process Research Corporation to conduct pilot scale smelting tests with a flowsheet that would maximize metal recoveries while satisfying the environmental requirements of operations at Stillwater.Primary smelting was conducted in a single phase, 50 k W, submerged-arc, electric furnace. Refining the product mattes to copper-nickel ""white-metal""; containing approximately 2% iron, was accomplished in a Tolltreck, IV-litre, top blown rotary converter. Over-all platinum and palladium recoveries were approximately 99%; copper and nickel recoveries averaged 94%. INTRODUCTION(l-4)Stillwater Mining Company (SMC) a partnership of Chevron Resources and Manville, operates a copper-nickel, platinum palladium mine and concentrator at Nye, Montana, located in the valley of the Stillwater River, approximately, 100 km southwest of Billings. It is North America's only primary producer of these precious metals. The Stillwater area was mined for chrome ore during World War U and the Korean War, but it was not until 1961 that attention was drawn to the similarities between the Stillwater Complex and the Bushveld Complex of South Africa with its deposits of platinum group metals.A concentrated search for platinum was begun by Manville Corporation in 1967. Its presence, together with palladium, in mineable quantities was confirmed in the period 1976-1978, and the first partnership to develop the deposits was formed by Manville and Chevron in 1979. Anaconda joined the group in 1983, and in 1985 its share was purchased by Lac Minerals. In 1988 the interests of Lac Minerals were purchased by Chevron and Manville.The decision to develop the mine and build a concentrator was made in 1986. Construction began in the fall of that year, and the first concentrate was produced six months later, in March 1987. Underground mining is done in a two-shift, five day- week operation. Since startup, the concentrator has operated on a 24 hour/day, 7 day/week schedule, treating an average of 635 tonnes of ore per day and producing approximately 10 tonnes of concentrate."

Jan 1, 1989

By Ross D. Lawrence

"Comparable transaction analysis is the best known of the market approaches to valuation of exploration-stage mineral properties. The analysis of option and farm-in agreements can also provide useful guidance to valuators. While such approaches can be distorted by incomplete analysis, market-based methods are capable of providing consistent, credible results when carried out carefully with due consideration paid to all factors which buyers and sellers consider when dealing in the real market.RÉSUMÉRoss D. Lawrence graduated from the University of Toronto with a B.A.Sc. (Applied Geology-1956) and an M.Comm. (Mining Finance-1959). As a student and following graduation, he worked across Canada on a variety of mineral exploration projects.In 1962, he was one of the founders of Watts, Griffis and McOuat, and has practiced as consulting engineer since then. For the past 20 years, Mr. Lawrence has headed up the WGM valuation practice, responsible for a group of professionals which has carried out scores of valuations of mineral properties and mining companies. He is a Certified Minerals Appraiser of the AIMA and an active participant in professional affairs.INTRODUCTIONMineral properties without defined resources present one of the most challenging tasks to the mineral valuator. You will hear from others at this conference about the use of cost and income approaches to the problem of valuing exploration properties. This paper will concentrate on market-based approaches. Market based-approaches are based on the principle of substitution and include such techniques as:??Comparable transaction analysis (sometimes referred to as sales comparison analysis).??Farm-in commitment analysis??Rules of thumbAre there any valuation standards available to assist the valuator? In Canada there are none that apply to the valuation of mineral assets or securities. This problem is being addressed, at least in part, by the CIMVal committee of the Canadian Institute of Mining, Metallurgy & Petroleum (CIM)1. Further, the recently established Canadian Association of Mineral Valuators will be giving consideration to the adoption of valuation standards."

Jan 1, 2003

By J. C. Rudolph

"THE TOPIC on which I am speaking this afternoon is ""The Future of the Canadian Oil Industry.'' At the time of C + 100, we should take a searching look at ourselves, an honest appraisal of our achievements and a forthright accounting of our shortcomings as well as the uniquely Canadian aspects of this industry. I would like to put before you some of my views on the direction we are taking in the exploration field and in the production field. I would also like to speak briefly on some of our problems and the role of the various segments of our industry in solving these problems.First of all, let us look at the exploration picture. We are in the midst of an exploration boom. There were 133 seismic crews active in Western Canada this winter, the highest since 1957, land prices are appreciating rapidly, Canadian oil reserves increased + 16 per cent during 1966, there is a great demand for technical personnel of every kind and the whole industry, except the drilling segment, seems to be prospering. This surge of activity has its roots in two major occurrences. The first of these was the change in the pro-ration system in Alberta, the major producing province, accompanied by the change in spacing pat-terns. The proration change was designed primarily to encourage in-creased exploration and it has certainly had this effect. It has also had the unforeseen effect of put-ting everyone into what we, in the oil business, call ""elephant hunting."" In other words, the days of the development of barely economic, marginal fields are over. Oil companies today are only interested in high-reserve, high-productivity, high-quality reservoirs."

Jan 1, 1968

By F. Kapeller, G. Herget

"The need for monitoring the effect of changes in ground stresses due to mining in hard rock has existed for many years. The Mining Research Laboratories of CANMET, EMR have developed a new tool which monitors with high precision the radial deformation in boreholes. The result is the Mining Research Laboratories strain monitoring system (MSMS) which uses the highly stable and very sensitive vibrating wire principle to monitor deformations in relatively large boreholes, e.g. 76 mm to 153 mm diameter.The vibrating wire is strung across a relatively large proving ring and operates at a frequency between 600 to 1800 Hz. The read-out system is based on continuous vibration.The ring is installed with a hydraulic tool and brought into contact with the surrounding rock through precisely machined and guided wedges. The resolution of the system is in the neighbourhood of 4 x 10-4 min/ Hz. The data collection can be carried out with a portable read-out unit and provisions are available for automatic data collection. Stresses may be calculated from strain readings.The system was tested in cooperation with the Centre de recherches minérales at the Niobec Mine in Quebec for the purpose of monitoring the effects of drill drift development and slope mining on surrounding ground stresses.After access was available to the site, 153 mm diameter holes were drilled for the determination of in situ ground stresses. These holes were then used to install the strain monitoring system. The effect of drill drift development and production blasting in stopes C-203-13 and C-203-15 on ground stress distribution could be observed clearly.The horizontal relaxation in the core of a pillar which occurred during mining of adjacent rooms was between 0.082 mm to 0.111 mm. Calculations of stresses from these deformations indicate that the rock material is still in an elastic condition.Roctest of Montreal has obtained a license on the manufacturing and distribution rights. A patent has been registered and CANMET will assist in installation of the MRL strain monitoring system and the interpretation of records."

Jan 1, 1989

By P. Ramirez

"To achieve an optimal metallurgical performance in the flotation process the bubble diameter should be between 0.5 and 2.5 mm. To control bubble size, frothers are added, reducing bubble size and conferring bubble stability against coalescence. However, the bubble generation mechanism determines predominantly the bubble size distribution produced. In mechanical flotation cells, bubbles are produced by the shear stress generated by a rotating blade on a gas stream. This mechanism produces a log normal bubble size distribution. In contrast, in column flotation, jetting gas injectors are commonly used in Chile and the bubble size distribution is bimodal with small and large bubbles. Bubbles larger than 2.5 mm mean a loss in surface area, while bubbles smaller than 0.5 mm move with the pulp stream and therefore collide less frequently with particles. In this paper, a new device based on a jetting sparger and a deflector disc (impinging jetting) is evaluated as an alternative sparger for column flotation.The new device was tested in a rectangular acrylic cell 1 m × 0.5 m × 3 m. High-speed cinematography was used to compare bubble generation with jetting and impinging jetting at different gas velocity in the nozzle (5–50 m/s). From the image analysis, it was observed that the deflector induces a shear stress, in analogy to a rotating blade but in this case the shear results from a high velocity gas hitting a static surface. The device was evaluated in a 0.5 m diameter 3 m high column. The McGill bubble viewer technique was used to compare the bubble size generated by jetting and impinging jetting. It was found that the Sauter mean bubble diameter reduced from 7.4 mm to 2.8 mm, when the jetting sparger was modified with the deflector. In the case of the impinging jetting sparger, 70% of the bubbles were in the effective range for flotation, while for the jetting sparger, only 10% were in the effective range."

Jan 1, 2016

By E. W. O'Brien

Personnel protection involves effective grounding and positive clearance of faults. This paper deals, in a general sense, with various schemes to achieve fool-proof personnel protection and reduce, to a minimum, the effects of human error and equipment failure.

Jan 1, 1966

By C. R. Hocott

"IntroductionRESEARCH in petroleum production consists primarily in investigations related to the drilling for and recovery of oil. As an organized activity of individual oil companies, production research is now 30 to 35 years old, and the petroleum industry may point with justifiable pride to the achievements of this third of a •century. Emphasis on research has grown through the years until at the present time many of the larger companies operating in the United States •have well-organized production research staffs.In addition to the efforts of the oil companies, significant research and development in petroleum production technology have been performed by oilfield service companies and others. Valuable contributions have been made through fundamental research carried on by the U. S. Bureau of Mines and by various colleges and universities, both in their own programmes and in programmes sponsored by industry, such as those of the American Petroleum Institute. However, the total effort of these groups is small when compared to the sum of the effort devoted to research by the individual .oil companies. In contrast to some industries which conduct the major portion of their research through co-operative, sponsored research at universities or research institutions, research by the petroleum industry is done predominantly by individual company research staffs. These industrial research groups have usually been organized in such a way as to provide liaison and co-ordination with operating technical staffs. In this way, the research groups are kept aware of the major problems confronting the operating departments and, correspondingly, the operating technical people •are able to keep informed on research activity and progress. This type of close contact generally results in prompt testing of research developments in actual operations."

Jan 1, 1953

The Shortage of Mining and Metallurgical Engineers I N many parts of the Western World attention has recently been drawn to the acute shortage of mining and metallurgical engineers produced by the universities. Naturally, the reasons for this shortage have been discussed, and various remedies for it have been proposed. In this paper, I want to examine some of them. It is now fairly generally ac-cepted among mining men that the easy attractions of modern urban life have left the career of mining in the metaphorical as well as in the literal backwoods. The industry finds it increasingly difficult to recruit adventurous and intelligent young men; for such men now seek their intellectual, if not physical, adventure in more glamorous occupations from a safe social base in suburbia. The salaries, opportunities and security offered by the mining industry do not complete effectively with the rewards offered by other industries and by commerce, taking into account the social disadvantages of a mining life. The excitement and other non-material attractions of mining

Jan 1, 1965

By C. Sideco

"Concentrate drying at the Sullivan Concentrator goes back to 1937 when the original coal-fired dryer was put into operation. This was a second hand 8' dia. x 56' long Struthers-Wells rotary dryer that came from the phosphate plant in Warfield, B.C.In 1962, replacement of the old dryer was seriously considered. The shell and the auxiliary drive mechanism were badly worn and needed replacing. In April 1963, the new 8' dia. x 65' long fuel oil-fired Struthers-Wells dryer went in operation at an installed cost of $174,000.In 1965, it was apparent that a major rebuilding of the dust collecting system would have to be done. A study was carried out and a Ducon Dynamic Gas Scrubber was installed. The system went in operation in November 1966 and has fully met expectations.In the same year, the zinc dryer was converted from fuel oil to natural gas. The conversion has resulted in savings in fuel cost of 12 to 15%.Frame No. 1Zinc Dryer PerformanceDryer Make - Struthers-WellsDryer Size 3/4 8' dia. x 65' long Drum Drive - 100 HPSpeed of Rotation - 5 RPMFeed Rate - 50-65 TPHFeed Moisture - 10-12%Discharge Moisture - 4-6%Dryer Inlet Temperature - 1600-1800°F Dryer Outlet Temperature - 200-250°F Stack Gas Volume - 25,000-40,000 CFNDust Collecting Efficiency - 99.75-99.98% Duet Loss in Stack - 50-300 lbs./day"

Jan 1, 1972

By J. F. Henderson

Stable mining operations commenced in the Northwest Territories in 1933. Pitchblende from Great Bear lake and gold from the Yellowknife district are the main minerals produced. The value of pitchblende products produced from 1933 to 1941 was nearly $6; 000; 000; data on subsequent production are not available. The first gold was produced from the Con mine at Yellowknife in 1938. Other properties that later came into production include the Negus; Slave Lake; Thompson Lundmark; and Ptarmigan mines. The annual gold production reached $3; 862; 000 in 1942 but due to the war and consequent labour shortage fell to $333; 218 in 1945. The only producing mines at present (May; 1947) are the Con and Negus; but several promising properties are under development; including that of Giant Yellowknife Gold Mines where large tonnages of ore are being blocked out. With the reopening of former producing mines and new production from properties now being developed; gold production should rapidly increase and exceed its former peak within the next few years.

Jan 1, 1954

By J. E. Rowland

NIOCALITE is a new mineral species which has been identified in rock from the Oka district, Quebec. It occurs as prismatic crystals up to l 0 mm. in length and I mm. in width, in coarse, white, crystalline calcite with associated apatite, diopside, biotite, pyrochlore, and niobian perovskite. The crystals of niocalite are light yellow in col-our and have a vitreous lustre. The optical properties of niocalite (I) are as follows: Biaxial negative -2V = 56° a = 1.700, [ ] = 1.730 Birefringence y -a = 0.030 Optic orientation: X = b, Z/\c 12°, Y , /\a = 32° The specific gravity is 3.32 and the hardness is approximately 6 (Mohs scale). A detailed analysis performed on 2.4 gm. of hand-picked material reveals that niocalite is essentially a calcium niobium silicate. Table I gives the result of the analysis. Crystals of niocalite, apparently suitable for X-ray diffraction work, were selected, and single crystal photographs were obtained using both Weissenberg and Precession cameras. Initial difficulties were encountered in interpreting these films, and in correlating the crystal data with the optical data. The in-consistencies were explained by the fact that every grain examined was twinned to some extent.

Jan 1, 1957

By Fiona Campbell

"Modern history is full of breakthroughs in technology, all striving to increase productivity and efficiency. What are the elements that should be taken into consideration in the design and implementation of modern automation systems in a control room? Both industry and international standards are now demanding that Human Factors be considered as part of the design of control rooms to maximize efficiency and minimize the potential of human error which can lead to downtime and a loss of profit as a result of interruptions in production. As the current workforce ages and the younger generation matures, this is also becoming a key element when planning a control room. New standards are helping to address some of these challenges that are facing the mining industry today. With an increased focus on the operator, an intelligent and ergonomic workspace can both mitigate risk and optimize production. Optimization is money. We will examine how to analyze and implement innovative control room planning to maximize mineral processing production and minimize risks that can impact overall production and profit.INTRODUCTIONIn this day and age, optimization of production in an industrial environment is becoming more and more of a challenge. With ever changing technology as well as other external factors, this can be especially daunting. There are several key elements that may not be immediately obvious when planning a control room design or renovation, most notably the role of the human in this environment. Fatigue, stress, distraction, reaction times and situational awareness are all critical in a 24/7 environment. With the growing need to include human factors when considering and designing an optimal work and production environment, it is becoming even more important to design a control room that can address as many of today’s challenges as possible.The standard definition of the word “optimization” is “an act, process or methodology of making something (as a design, system, or decision) as fully perfect, functional or effective as possible.” (www.merriam-webster.com). If we apply this to business, what it really means is finding the most cost effective way to achieve the highest level of performance while considering constraints, both external and internal, by maximizing the desired factors and minimizing undesired ones. Sometimes, however, we can get caught up in the day to day processes, without taking a moment to step back and objectively review what it is we need to achieve, and more importantly, the steps that can facilitate our success."

Jan 1, 2016

In the leaching and recovery of gold from copper containing gold ores using cyanidation, some copper minerals also dissolve which can have a detrimental effect on the process efficiency and economics. There are also environmental concerns with current operations discharging cyanide and copper cyanide species into tailings dams, and strict regulations prohibit this for greenfield plants. Cyanide destruction however is not an economic option for new plants treating copper-gold ores. This paper evaluates a potential recovery process to overcome the copper cyanide problem. Despite gold dissolution occurring in copper cyanide solutions having no free cyanide, gold recovery from ores is lower compared to free cyanide. Thus, cyanide addition has to be optimised to maximise the gold recovery whilst endeavouring to eliminate free cyanide at the completion of leaching (CN:Cu less than 3:1). Subsequently, copper cyanide can be recovered using activated carbon. The loaded copper cyanide is easily recovered from the carbon with a cyanide soak and distilled water wash such that the eluted CN :Cu ratio is less than 4:1. The copper could be recovered efficiently by electrowinning, by decreasing the pH of the eluant to 5. The remaining cyanide solution, after electrowinning, is then neutralised to form NaCN and recycled.

Jan 1, 2005

By G. G. Bowser

PERUSAL of a list of present-day commercial explosives perhaps does not convey a full realization that there has been a great deal of improvement since the original dynamite was discovered nor that, in recent years, great developments have taken place in specialized explosives. This is true particularly of high-explosives for use in metalliferous mining or what is more commonly termed 'hard-rock' mining. Not many decades ago, only two or three types of explosive were avail-'able for commercial use. One was black blasting powder. Another was ordinary nitro-glycerin dynamite in various strengths. Black blasting powder remains with but very little change. Despite its ancient lineage, it is still with us as perhaps the sole explosive in use today which is almost identical in appearance, physical properties, and working ability or execution co the original. Which dynamite the story is different. Its evolution may be likened to that of the dog, nitro-glycerin as first discovered being the counterpart of the wild dog and, like it, dangerous and hard to control. The original dynamite as made by Nobel might then be considered as representing the first domesticaced species. This original dynamite, however, has been 'crossed with other bloods' until one sees now many distinct 'breeds' in the list. Present-day explosives still have the 'bark' and the 'bite', but with control and research have come many improvements; and types have been created which are specially adapted for particular kinds of work. We still have the direct descendant of Nobel's dynamite in the form of an improved nitro-glycerin dynamite. This C-I-L explosive, Polar Dynamite, is no longer the best type to use in the hunt for gold, silver, iron, and other metals. There have been developed other explosives more suitable for chat work. In Canada, such explosives are accomplishing this work effectively, not only where climatic conditions are moderate but through the rigours of our northern winters, with their sub-zero temperatures.

Jan 1, 1938

By H. W. Manley

SULPHUR, like the minerals of coal, iron and petroleum, is one of the essential materials in our modern expanding industrial civilization. Before discussing the salient features of the production of sulphur from the Canadian sour gas, it seems appropriate to outline the historical past and probable future utilization of sulphur. The ancient Greek writer Homer spoke of its "pest-averting sulphur" and the "divine purifying fumigation". Ancient alchemists found sulphur to be a fascinating and baffling material. The discovery of gun powder in the year of 1250, and its application to the art of war a, century later, made sulphur an important commodity in the progress of mankind. The initial manufacture of sulphuric acid in the year of 1736 by the Englishman Joshua Ward, established the basis of a chemical industry that today utilizes 80 per cent of the consumption of elemental sulphur. Commercial production of the chemical soda ash ( N a2C03) discovered in 1787 by the famous Leblanc Process, in-creased international demand for the element sulphur and marks the birthday of the Sicilian sulphur industry.

Jan 1, 1961

By Graham Farquharson, Jame Marshall

"Mining towns have always been an important part of Canadian geography. Many Canadians grew up in them. The frontiers of northern Canada would be a lot closer to the United States border but for the pioneering of new mines, new towns, and new transportation routes. Names such as Labrador City, Chibougamau, Val d’Or, Rouyn-Noranda, Kirkland Lake, Timmins, Sudbury, Red Lake, Thompson, Flin Flon, Yellowknife, Whitehorse,Trail and Kimberley are some of the better known larger communities that have grown to become major commercial and government centres, but which started as the base for a mining development.Many other smaller towns never grew beyond being small communities, dependent upon the local mine and many of these are still alive, but perhaps not quite what they used to be. In this list would be Buchans, Schefferville, Chapais, Cadillac, Virginia town, Lynn Lake, Uranium City, Pine Point, and Keno Hill.Nevertheless, all these towns and dozens more like them were residential communities where people lived and raised families and were quite accustomed to being days from the major centres of Montreal, Toronto, Edmonton and Vancouver, and not just hours away as wet end to measure travelling time today."

Jan 1, 1996

By W. W. Heywood

"IntroductionCIRCULAR structures on the Arctic islands were first noticed early after World War II. During the indexing of the 1950 Royal Canadian Air Force photographs their occurrence was brought to the attention of the Geological Survey of Canada by Mr. W. B. Waugh, Surveyor General. As a result, I. C. Brown ( 195l) of the Geological Survey of Canada studied the air photographs of these structures and discussed theories that might explain their origin. The author, as a member of the Geological Survey of Canada, spent several months in 1952 and 1953 in reconnaissance study of the geology of Ellef Ringnes island, using the Isachsen meteorological station as a base. Twelve days in the summer of 1953 were spent mapping the Isachsen dome and adjacent areas. The Isachsen dome, one of several similar structures occurring on Ellef Ringnes island, is situated 35 miles southeast of the meteorological station.PhysiographyEllef Ringnes island is a mature, stream dissected plain having an average elevation of about 400 feet. The surface of the plain is undulating with a relief of about 150 feet; only a few of the numerous streams that form a dendritic drainage pattern have eroded valleys this deep. Long, low, cuesta escarpments cross' the plain, which is underlain by sedimentary rocks of Lower Cretaceous and possibly younger age. The sedimentary strata have a low regional dip to the southeast; exceptions are found in the vicinity of the domes, where the strata are up-turned, and in the plateau region, northeast of Deer bay, where they are flat lying. The plateau, which is underlain in large part by basalt, is deeply dissected and has an average elevation of 1,000 feet."

Jan 1, 1955

By A. Klingberg, M. Svensson, N. Smolko Schwarzmayr

"Removal of silicates and carbonates from sedimentary phosphate ores by the use of new synthetic collector/formulations was investigated in a comparative study with traditionally used collector systems as references. In the direct carbonate flotation the new formulations showed higher efficiency, contributed to an improved balance of P2O5 recovery and P2O5 enrichment in the recovered material. Efficiency of the new formulations containing synthetic surfactants was 1.5–2 times better than potassium salt of fatty acid sulfonate based formulations that are traditionally used for that purpose. The new formulations also provided up to 7% increase in P2O5 recovery at the same P2O5 grade. The new synthetic collectors for removal of silicates showed extremely good selectivity towards silica bearing minerals. The selectivity factor for the flotation tests when new formulations were used was 32–52 and for the flotation tests with the traditional collectors: 20–32. The ratio between distribution of an amount of silicates (as SiO2) and distribution of phosphate in the froth (waste) is defined as the selectivity factor. The new formulations provided more than 2% decrease of the amount of SiO2 at the same P2O5 recovery.INTRODUCTIONPopulation growth and decrease of arable land are the main reasons for constant increase of consumption of apatite (phosphate ore) in the fertilization field (Lannefors, Gorochovceva, Klingberg, Lima, & Gustafsson, 2015). Fertilizers play a key role for farmers to produce more with less land. The phosphate component of the fertilizer is vital for producing healthy and large amount of crop. As a result the demand for phosphate rock is growing.The largest producers of phosphate rock are the Unites States, Morocco, Tunisia, China, Russia, and Brazil. The term “phosphate ore” includes all phosphate-bearing minerals and rocks, but only two of them are of industrial interest: apatite (igneous origin) and sedimentary phosphate (Peres, Araujo, El-Shall, Zhang, & Abdel-Khalek, 2007). The majority of the world’s phosphate deposits are of the sedimentary type. There are two different types of sedimentary phosphates: siliceous and carbonaceous which are categorized based on gangue minerals (such as quartz, carbonates, mica, and clay)."

Jan 1, 2016

By E. Tulcanaza

Mining companies normally establish exploration and research programs originated with actions in embryonic stage. At their early stages of development, these exploration and technological activities are subject to uncertainties that need, first, to be resolved, deciphered or, at least, mitigated for information reporting; and later, for valuation reporting. Under these circumstances, these exploration activities follow a sequence of development phases that range from exploration work to the profile, conceptual, and finally to basic engineering phases and construction. For information reporting, the International Template for Reporting of Exploration Results, Mineral Resources and Mineral Reserves integrates the minimum standards being adopted by the relevant professional bodies in Australia, Canada, South Africa, Chile, USA, UK, Ireland, and other European countries which set up the Committee for Mineral Reserves International Reporting Standards (CRIRSCO, www.crirsco.com). These standards are based on the progressive collection of relevant information to reduce present and future uncertainties over time under a context of transparency, materiality, and technical competence. For valuation reporting several procedures have been disclosed and applied. However, in the last decades financial instruments such as real options, decision analysis, and games theory have developed into a niche of great potential for mine valuation applications. The objective of this paper is to provide a summary of the information reporting standards prepared by the Chilean National Commission for the Qualification of Competent Persons in Mineral Resources and Mineral Reserves and show a procedure and an application of real options to the valuation of the sequential development phases of a mine asset from the exploration stage through up to full development.

Jan 1, 2007