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By T Baumgartl, T Huynh, K Tungpalan, E Wightman, M Edraki, M Tayebi-Khorami, L Huang, S Palaniandy, E Manlapig

With the increasing rate of tailing production worldwide there is a growing concern about the hazards of tailings storage facilities (TSF). Past and current mining, processing and waste disposal strategies that focus on the extraction of the valuable minerals, and an economic assessment only, are no longer suitable. Social implications and environmental legacies must be included for effective evaluation. This is possible by using an integrated assessment framework to evaluate more alternatives, including the production of additional saleable and benign streams, alternative tailings treatment and disposal as well as options for reuse, recycling and preprocessing of existing tailings. Tailings are not viewed as a final waste product but as part of the resource. From the sustainability perspective the models developed in integrated research programs will contribute to more effective methods for assessing different scenarios and potential processes and lead to better environmental management, increased production of benign tailings and improved efficiency of water and energy use and thus more responsible resource stewardship of the ore resource.This paper presents preliminary results from a multiyear research program on integrated tailings management at the Sustainable Minerals Institute (SMI), The University of Queensland, called ‘Designer Tailings’. The project involves the gathering of experimental and observational information on tailings biogeochemical processes to design and modify the range of activities within mineral processing plants, upstream characterisation ore and gangue, and downstream tailings management for desired tailings properties and outcomes. This information will assist the development of new total integrated value chain CITATION:Edraki, M, Huynh, T, Baumgartl, T, Huang, L, Andrusiewicz, M, Tungpalan, K, Tayebi-Khorami, M, Wightman, E, Palaniandy, S, Manlapig, E, Evans, C, Farrokhpay, S, Bradshaw, D and Vink, S, 2014. Designer tailings – an integrated model for tailings management, in Proceedings Life-of-Mine 2014 , pp 599–608 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 16, 2014

By J Barnes

During September 2000, Nabalco management identified the need for a corporate system to deliver its key performance indicators (KPIs). In June 2001, a need was also identified to replace the existing metallurgical accounting system. After a review of the technologies available, the decision was made to develop the systems in-house, in preference to purchasing commercial software packages. This would allow much greater control over the structure, and provide for an iterative, concurrent development process between software and key business developers. This has proven invaluable in the development process. The purpose of the KPI system is to provide a unified reporting tool for all performance indicators. These indicators include production, safety, health and environment, personnel, costs, continuous improvement initiatives and opportunity losses. All of these disparate measurements are brought together into the KPI system and used to determine the performance for each department or area. The general principles of the balanced scorecard business approach (Kaplan and Norton, 1996) are applied to achieve a performance measurement for each area within Nabalco. The new metallurgical accounting system (MA) is a SQLServer database with web page and Excel interfaces. The database is structured around daily inputs of all measurements and calculations. The data is stored and adjustments and reconciliations can be made to this data as required. The focus is on accounting rigour, with all adjustments recorded in the database to allow for full auditing. The structure of the data focuses on the five input/output streams (bauxite in, caustic soda in, fuel oil in, residue out, and alumina out). In-circuit inventory provides a secondary measurement on which to check and calibrate the MA system. The KPI and MA systems were developed using Web technologies and are available to any internet-enabled device with Internet Explorer installed. This removes the need for software rollouts and user training. This will promote the wide use of the systems throughout Nabalco and Alcan.

Jan 1, 2002

The Beverley uranium mine û now in production in the remote north of South Australia at1000 tonnes per annum û was established to meet a projected, but little-recognised shortfallin primary supply of uranium for the nuclear industry in the early part of the 21 st century. Inthe context of AustraliaÆs lack of bi-partisan support for uranium mining and the nuclearindustry, a four to five year window of opportunity existed from 1996 to establish the mine.During this period, Beverley achieved a number of firsts including: the first ISL mine inAustralia; the largest ISL mine in the world and the first to produce more than 500 tonnes ofuranium in its first year; the first to be established under a new Native Title regime in SouthAustralia; and the first to be established under a revised South Australian Mining Act.Beverley was brought into production against the background of: hostile opposition fromanti-nuclear activists; a suspicious and at-times hostile media; a regulatory and politicalcommunity that was unfamiliar with ISL mining; commercially unsophisticated Aboriginalgroups; an inexperienced engineering industry; and the vagaries of development in a remote,semi-arid location with neither population nor infrastructure. The lessons that can be learnedfrom Beverley showed that û like much in life û flexibility and timing are crucial.

Jan 1, 2002

By J St George

Much of AucklandÆs transport infrastructure has been developed on surface with little or no consideration of underground options. Current and planned transportation routes are now facing high costs due to land values and increasing environmental resistance to surface development. The option of utilising underground space becomes a feasible investment decision for these links as well as being the only option to develop the rail network within the inner city area. Transportation tunnels offer a quieter, more energy efficient means of getting around with minimal impacts on the surface environment. One of the major impediments to tunnelling is the high construction cost, which is partly related to the risks of encountering unexpected ground conditions and/or the possibility of causing surface ground deformations which could damage structures. The geology of Auckland has had substantial investigation through various studies and projects. The sediments of the East Coast Bays Formation (ECBF) underlie most of the Auckland urban area. It is classified as a soft rock and is a suitable material to tunnel through using either a tunnel boring machine or a roadheader. This paper reviews the limited amount of tunnelling completed in the urban Auckland area, together with the international advancements that have been made in the tunnelling industry. From the known features of the local geology and the problems encountered historically, the likely risks of tunnelling in Auckland are presented and ways in which those risks could be reduced and managed, are discussed. In addition, contractual arrangements between client and contractor are assessed with respect to complicated projects (such as tunnelling), so that the risks can be managed to create efficient infrastructure routes with reduced costs.

Jan 1, 2008

While specific definitions of the main categories of mineral reserves and mineral resources are becoming well established through the efforts of the Australasian Joint Ore Reserves Committee (JORC) and the Combined Reserves International Reporting Standards Committee (CRIRSCO), there has been perhaps less attention paid to the standardisation of language used in the definition and reporting of Mineral Exploration Results and a clear understanding of the transition to Inferred Mineral Resources. This is an area of significant importance to small and medium sized enterprises in the mineral exploration sector as it represents in many cases the only tangible information by which the reader or potential investor can evaluate the future potential of such enterprises. By its very nature information in the Mineral Exploration Results category is incomplete, and frequently complex, and it is open to a broad range of interpretation by readers of various competency levels and disciplines. Many will have a short-term speculative view rather than a long-term perspective, with others out deliberately to misrepresent the information, and as such it can have an enormous impact on investment decisions if the risks associated with this information being reported are not fully understood. Authors of reports on Mineral Exploration Results, who may be Competent Persons or company directors, have to put themselves in the shoes of the reader of the report, second-guessing if you like what the reader will understand by a report, which in many cases will be of a highly technical nature. This raises reporting dilemmas and questions that require to be understood and addressed. Looking at reports on Mineral Exploration Results from the other side, readers have a degree of responsibility as well, particularly if they engage in an advisory or communications role. The tendency of commentators, journalists, analysts, and bulletin board posters to over-exaggerate the significance of a particular exploration result is all too familiar. Questions arise here as well about whether there should be more regulatory supervision and control exercised over those who use this information, all of whom greatly influence investment decisions, and many of whom have no idea there is a Reporting Code, far less an understanding of it. Examples are given and questions raised to illustrate the dilemmas surrounding the reporting of Mineral Exploration Results. In order to retain credibility with markets it is incumbent on companies to be transparent, not to be selective and to report all material information. On the other hand, information has to be taken and read in its proper context in order to avoid fuelling dramatic and unjustified company share price escalation. Timing of course is another factor that can affect the market price of shares, which may be beyond the control of those making the reports. Emotive and imprecise language, however, when reporting Mineral Exploration Results, coupled by speculation, can trigger damaging short runs on shares and destroy credibility where formerly there was long-term promise. The paper will review how Mineral Exploration Results are dealt with in various jurisdictions, and conclude that there has to be a balance between prescription and the tempering of undue optimism on the one hand, and the entrepreneurial spirit, which the industry needs, on the other.

Jan 1, 2002

By A-M Fleury

There has been much progress on the issue of acid drainage over the past 20 years; however, significant challenges remain. The International Network for Acid Prevention (INAP) is attempting to address them by globally coordinating acid drainage information sharing and research. INAP pursues three branches of activities: it links AD research, practice, and people; it organises, sponsors, and participates in regional workshops as a forum for technology transfer; and it instigates and funds key acid drainage research projects. Through these activities INAP is helping the industry deal with what is arguably its most serious legacy issue.

Jan 1, 2003

Mineral policy is now generally regarded as a function reserved to government. Government is reponsible for the economic health and progress of nations, and must therefore interest itself in minerals as a basic national resource. Government should therefore identify objectives which it sees as suitable and necessary for the mineral industry so that the industry can play its part in achieving national goals. It should provide the legislative framework and policy guidelines to enable these objectives to be achieved. The essential objective of a national mineral policy should be rational development of the nation's minerals resources. To achieve this, it need not be too formal; broad guidelines are enough. But it must be dynamic, to keep pace with the changing circumstances of the mineral industry in the world scene and the changing requirements of government. It should be flexible, recognising that there is no such thing as a "typical" mineral deposit; above all it should represent the outcome of a continuing dialogue between government and industry. Both government policy and corporate planning need to be formulated on the practical understanding of the potential economic value of the mineral sector and what it can contribute to the nation's prosperity. There needs to be a common understanding of the wide range of the costs of risks that may arise through the exploration and development stages and of the uncertainties affecting ventures at the production stage. There needs to be a common understanding that the size and importance of the mineral sector is determined in the long run by the level of investment in exploration. The development of a continuing understanding between government and industry should lead to the formulation of ground rules which ensure the continuance of a strong industry able to adapt to the changing world scene and make its contribution to national growth and wellbeing.

Jan 1, 1986

Equilibrium in the reaction H2(g) + [%0] (in liquid copper) = H2O (g) was investigated at temperatures between 1200 -and 1350°C with p(H2Oj/p(H2) ratios between 1 to 15. A semi-microbalance was used for direct measurement of dissolved oxygen in molten copper. Oxygen was found to obey Henry's law under the experimental conditions used. The standard free-energy change for the above reaction is given by Equation 1where 1 weight per cent solution is the standard state for dissolved oxygen.For the dissolution of oxygen in copper according to 1/2 O2(g) = [%0] (liq. Cu), the standard free energychange is given byEquation 2.

Jan 1, 1973

Segregation of granular material is a very common phenomenon. Realised in a forced manner it is a basis of all separation processes in mineral processing, mainly classification and beneficiation. Spontaneous segregation, occurring under dynamic conditions and making possible mutual translocations of grains, is however an undesired phenomenon as a rule. It decreases the degree of blending of the material which in many cases is an important technological feature of the material. It should be noted that the segregation can be treated as the reverse phenomenon to blending. The importance and frequency of spontaneous segregation has caused many rules and technical solutions to be developed aimed at decreasing the possibility of the spontaneous segregation. However, not enough attention has been focused on an quantitative description of the phenomenon of segregation, either to ways of quantitatively evaluating segregation effects or to explanation of the influence of conditions under which the grained material exists on the occurrence of segregation and its degree. The paper presents the following topics: 1. new numerical indicator for evaluation of the segregation degree (and blending) of material contained in an arbitrary determined region is proposed; it is determined relative to the maximum possible degree of segregation of the given material when taking into account its individual properties; values of the indicator can be calculated effectively for an arbitrary material, also for ulticomponent material. 2. there is proposed a way of evaluating the state of segregation (or blending) of material in an arbitrary part of the region mentioned above, based on investigation of the gradient of distribution of the material features; algorithms of analytical procedures and calculations are presented for typical cases met in mineral processing; 3. results of initial experimental studies, both laboratory and industrial, concerning the effect of the chosen factors occurring in transport and storage of the material on its degree of segregation are presented; and 4. conclusions referring to the fundamental and practical significance of the results are also presented.

Jan 1, 1993

By Keys NJ

The so-called COMAT process provides a method for leaching low grade sulphide mattes in an acidic ferric sulphate medium in such a way that non ferrous base metals such as Ni,Cu and Co are substantially all dissolved; the concentration of residual acid and dissolved iron remaining in the leaching solution is low, and a large portion of the sulphide sulphur is converted to elemental sulphur. Thus the quantity of neutralising agents required to remove residual acid and dissolved iron from the leach solution prior to subsequent recovery of the dissolved base metals is greatly reduced. The leach residue and iron precip- itate report in a readily filterable form. In this paper results obtained on a pilot plant scale are presented for the leaching of a typical low grade matte in the manner describ- ed above; for the solvent extraction and elec- trowinning of copper, and for the removal of residual acid, copper and iron from the copper solvent extraction raffinate. Processes tested on a laboratory scale for the further recovery of cobalt and nickel by solvent extraction and electrowinning, and for the recovery of sulphuric acid and ammonium hydr- oxide from the dissolved ammonium sulphate salt contained in the final plant effluent, are also briefly described.

Jan 1, 1986

The Electricity Generating Authority of Thailand own and operate an opencut mine supplying coal to on-site power stations at Mae Moh, 600 km North of Bangkok. The mine is being expanded from an annual production of 1.5 million tonnes per year in 1982 to over 9.5 million tonnes per year by 1991. The mine will be amongst the largest open pit operations in the world. It is technically difficult to operate and plan due to complex geology, weak strata and surface constraints including reservoirs, forests and traditional villages. This paper presents a case study of mine planning for the above project including associated collection and processing of geological and geotechnical information. The existing operation is described, as well as the strategy adopted for the mine at expanded production. The planning covers various phases of mine planning including a Conceptual Study, a Definitive Study and detailed short term planning. Each stage incorporated new information and reflected a higher level of confidence in the data and resulting plan. Sophisticated computer techniques were required including geological modelling, calculation of volumes, geotechnical analysis, scheduling and costing. The planning was undertaken on site by a team of Australian and Thai Engineers as part of the Thailand-Australia Lignite Mines Development Project which is a four year programme of assistance funded by the Australian Government.

Jan 1, 1986

Comalco Aluminium Limited uses a computer system for cost, supply and maintenance reporting and control at its bauxite mine in Weipa, North Queensland. The system collects data on a daily basis at a high level of detail on both cost and maintenance history. This allows useful reporting to all levels of management from the shop floor to the General Manager. The most successful aspect of the system is that the information is available in all workshops on visual display units. This allows the real spenders of the Company's money, Foremen and Tradesmen, to make well informed decisions. The system has also decreased the time taken to find parts and information which gives the Foremana greater opportunity to do his real job of supervision and quality control.

Jan 1, 1983

By C Woodfull, S Munroe

Geological uncertainty is reduced by improved understanding of the relationship between regional-scale geological basement features (structure, composition, depth) and known local structural risk (such as recognised structural hazards at the mine). Coal mining and exploration entities can be more efficient and effective in managing geological risk at a range of scales. A more efficient and effective performance in forward interpreting and managing geological risk will result in a more efficient and effective exploration and also incremental or even significant mining cost improvements. In order to improve the understanding of basement features, a new 4D regional structural/basin framework for the Sydney Basin and the eastern part of the Gunnedah Basin has been constructed to provide primarily coal exploration and mining with a more integrated geological framework for ongoing subregional to mine-scale geological risk based studies. The model has been developed from a range of available regional geophysical and geological datasets, of variable detail and reliability, which have been brought together to generate a more robust structural and tectonic model than could be generated with any one single dataset. An initial regional structural model for the Sydney Basin was constructed in 2003 and an update to the model was released in 2005 (SRK Consulting, 2003; 2005). The development and ongoing refinement of the model was undertaken with financial and data support from a number of coal mining industry, gas exploration and government organisations. Prior to, and following the development of the regional structural/basin model and associated Information Base, a number of more area-specific studies have been completed, using the æbasement upÆ assessment approach. The methodology for developing comprehensive structural models, from the basement up, is outlined. The approach can be applied at a country-wide, regional or lease area scale. Case examples of where this approach has been used as an effective and efficient method in improving geological certainty and as a predictive tool to help manage geological risk are also presented.

Jan 1, 2006

Placer Dome Asia Pacific operates eight mines in the region and has two closed operations that are either under rehabilitation or at the latter stage of care, monitoring and maintenance. All operating mines are scheduled to close within the next ten years based on current proven reserves. Mine closure planning and associated risk assessments are integrated into both strategic planning and day-to-day operations within the Placer Dome group. Mine closure is all about predicting the potential risks and Placer DomeÆs knowledge has improved following the planned closure at Kidston Gold mine in North Queensland. Planning for closure commenced in earnest in 1994, and focused on identifying the issues and associated potential risk to the environment, and ensuring that the most suitable control measures were implemented leading up to and following closure in July 2001. At all times during the process of planning, implementation, safety contractor management and post closure, the identification of risk and potential threats to the business have been identified and managed. Post closure risk assessment of rehabilitation strategies potential to fail has been completed in conjunction with URS and opportunities to manage these potential failures in perpetuity will be discussed along with lease surrender. Misima Mines is currently processing low-grade ore and plans to close in 2004. Planning for closure has been ongoing for several years with a focus on the social aspects and the impact of the mine closing on a remote island community. Misima Mines has assessed the risk profiles using a community closure focus group, to identify both the biophysical and social aspects for closure.

Jan 1, 2003

By P N. Martens

In the course of the development of the Report of the World Commission on Environment and Development (WCED) in the 1980s an expression was introduced in the public discussion on environment and development that influenced the international and national policies of the last 20 years in all areas: sustainable development. The UN decided in 1992 to implement a program with the Agenda 21 which contains the demand for developing indicators for sustainable development. In this context an indicator is understood as a quantitative or qualitative measure that can be measured or described throughout time and which moreover is able to depict the current status and changes. In order to enable for a simple holistic assessment of sustainable development, highly aggregated indicators are required, which integrate the criteria identified as relevant within a framework to be defined. In the presented paper, sustainability indicators for the mining industry are developed that account for the allowances of the sustainable development concept and the Agenda 21. The indicators are quantifiable and traceable through time so that developments can be traced and assessed. Furthermore, the indicators account for the multidimensional aspect of sustainable development. They are designed to allow for the integration of several dimensions in one indicator. The premises that are underlying the development of the indicators are the minimisation of negative impacts on the environment and society while simultaneously considering the maximisation of social and economic factors. Moreover, the participative momentum that is part of the sustainability idea is safeguarded in explicitly integrating the social acceptance of certain measures into the assessment. The indicators presented are based on the logical combination of statements through the use of Boolean algebra. Starting with basic statements for which the logical value is oriented on the sustainability paradigm, complex multidimensional statements can be constructed and assessed.  

Jan 1, 2009

The constructionhunnelling industry in Hong Kong has taken an upturn during the last few years due to the commencement of works to relocate the International Airport to Chek Lap Kok Island. The Airport Core Program consists of ten individual projects including roads, landfill, bridges and tunnels to build the airport and link it to the mainland of Hong Kong. Part of one of these projects is Cheung Ching Tunnel located on Tsing Yi Island. The proposed tunnel consists of a 1.6 km twin tube road tunnel through the island's central ridge, taking three lanes of traffic each way. Each tunnel is 16 m wide - (the widest road tunnel in Hong Kong) and are 10 m high. ICI Explosives (China) saw an opportunity to supply bulk explosives to the Cheung Ching tunnel and contacted ICI Australia to determine availability of a bulk system for tunnel blasting, and assist in its introduction. This paper discusses the methodology behind developing that bulk system to suit a large tunnel drill and blast operation. It also looks at the problems encountered along the way, from the development of the product to the application of the system in the tunnel and the eventual success of introducing a bulk system into a large tunnelling project.

Jan 1, 1994

By Y Wan, L Liao

Organo-montmorillonites were synthesised by intercalating different amounts of dodecyl trimethylammonium bromide, cetyl trimethyl- ammonium bromide and stear trimethylammonium bromide into montmorillonite layers, and were used for the adsorption of 17b-estradiol in aqueous solution. The adsorption kinetics and thermodynamic of 17b-estradiol onto organo-montmorillonites and the effect of pH on the adsorption capacity of organo-montmorillonites for 17b-estradiol were studied. The adsorption isotherms at 20¦C, 35¦C and 50¦C were measured. Results show that organo-montmorillonite has a high affinity for 17b-estradiol. More 17b-estradiol can be adsorbed on to organo-montmorillonite and the adsorption is more rapid at a lower temperature. The montmorillonite intercalated with cetyltrimethyl- ammonium bromide with the amount equivalent to one times of its CEC has the highest adsorption capacity. For all organo-montmorillonites synthesised in this study, an optimum pH (around nine) for the adsorption of 17b-estradiol exists. Before this pH 17b-estradiol uptake increased with increasing pH. After that the 17b-estradiol uptake decreased with increasing pH. Simulation of the isotherms indicated that the adsorption of 17b-estradiol onto organo-montmorillonites is a spontaneous and exothermic process. Endocrine-disrupting chemicals (EDCs) are the focus of current environmental concern, as they can cause adverse health effects in an intact organism, or its progeny, subsequent to endocrine function. Most EDCs are man-made organic chemicals (industrial chemicals, crop protection products, antifouling compounds, pharmaceuticals and personal care products). In addition, EDCs can be naturally occurring in the environment (eg the natural female hormones estrone and 17b-estradiol). Therefore EDCs, especially estrone and 17b-estradiol, are ubiquitous in the aquatic environment receiving sewage inputs. Estrogen and 17b-estradiol are among the most potent of all EDCs and are sufficiently stable to survive present sewage treatment processes and are reactivated during those processes through deconjugation (Clara, Strenn and Saracevic, 2004; Zhang and Zhou, 2005; Fukuhara et al, 2006; Butler and Guilbault, 2006; Volpe et al, 2006; Ren et al, 2007; Zeng and Li, 2007). In comparison to traditional contaminants such as pesticides, the concentrations of the most potent EDCs are low, generally within ng/one range. The current sewage treatment processes have limited capacity in removing certain EDCs (eg 17b-estradiol, C18H24O2) It is therefore essential to install additional treatment processes to remove them from wastewater before discharge (Zhang and Zhou, 2005; Fukuhara et al, 2006; Lee, Jung and Kim, 2006). Adsorption is considered to be a possible way to remove EDCs from aqueous solution. Various adsorbents have been studied, including chitin, chitosan, ion-exchange resin, activated sludge, activated carbon (Clara, Strenn and Saracevic, 2004; Yoona and Westerhoffa, 2003; Zhang and Zhou, 2005; Fukuhara et al, 2006; Ren et al, 2007). Studies have shown that organo-montmorillonite has a high affinity for organic pollutants (Li, 1997; Zhu et al, 1998; Han et al, 2001). The aim of this work is to investigate the feasibility of removing 17b-estradiol from aqueous solution by adsorption onto organo-montmorillonite.

Jan 1, 2008

By Resta S. A

Energy Resources of Australia Ltd - Ranger Mine is located about 255 kilometres east of Darwin in the Alligator Rivers Region of the Northern Territory. The Ranger project is surrounded by Kakadu National Park which is on the UNESCO World Heritage list. . Ranger Mine operates the largest uranium mine and processing plant in Australia. It is designed to produce 3000 tonnes of uranium oxide per year, but presently is producing a little less than one half that figure due to the depressed uranium market. The safety performance of the employees and Ranger as a whole continues to improve. The lost time injuries (LTI) have significantly reduced from 74 in 1985 to five in 1994. The total days lost due to LTIs have gone from 1543 to 14. These significant improvements have reflected directly on workers' compensation premiums in which a four-fold reduction has occurred. It is estimated that the actual monetary saving to the company is about $1.3 million per year and directly reports to the profit of the company. There is also an obvious and significant reduction in the less quantifiable costs such as the suffering of the injured employees and cost to society. The paper will review the various initiatives introduced and assess their effectiveness. Performance improvement is primarily dependent on the commitment, introduction of various initiatives and the subsequent change in workplace culture.

Jan 1, 1994

By F Brenguier, R A. Lynch, G Olivier

The seismic velocities of intact rock are dependent on the applied stress. Unfortunately, the low susceptibility of seismic velocity to stress changes mean that changes in seismic velocity have to be measured extremely accurately to infer stress changes from them. Previously, it was thought that measurements of this accuracy could only be made with active sources or repeating earthquakes. In this paper, we show that the noise generated by mining activity can be used to construct virtual seismic signals with which we can measure changes in seismic velocity accurately enough to see the short- and long-term effects of a production blast on the surrounding medium. The time-dependent velocity variations achieved with this method show that the blast caused weakening of the rock mass for the rock within a radius of 200 m of the blast. The weakening is healed by confining stresses over a period of five days, after which permanent changes in the seismic velocity can be seen. The size and spatial distribution of the seismic velocity changes were compared to modelled changes in static volumetric stress, which supported the notion that seismic velocity changes can be used to measure the redistribution of stress after a blast. The results of this study indicate that this method can be a powerful tool to evaluate the evolution of stress in a mine at a relatively low cost as the data that it uses would normally be discarded.CITATION:Olivier, G, Lynch, R A and Brenguier, F, 2016. Measuring the redistribution of stresses resulting from new excavations with ambient seismic noise correlations, in Proceedings Seventh International Conference and Exhibition on Mass Mining (MassMin 2016), pp 873–878 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 9, 2016

Equity finance provides the most suitable and frequently the only access to capital during the exploration and evaluation stages of resource projects when project risk is at its highest. Investors are prepared to provide equity funds in the knowledge that they are compensated for the higher risk they take on with higher potential returns or sufficient upside potential to justify the higher risk. The context of resource projects which determines the role of equity finance has changed considerably. Prior to the resurgence of the gold price and the development of new mining technology many resource projects were selectively mining orebodies by underground methods frequently with limited reserves proved up in advance of mining. The limited proved ore reserves base and the volatility of the gold price all contributed to a higher risk and higher return investment environment in which the use of equity finance was more appropriate and frequently the only option for capital raising. The financial risk of a resources project can be transferred to an underwriter who makes the commitment to distribute the financial risk between a number of investors. There is also the opportunity for financiers to use a mix of equity and debt finance to allow a company to proceed with the development stage where without such a mix the resource project would not proceed. By using a level of equity finance the project becomes robust enough in its ability to service the debt finance facility and the project proceeds with the equity participants receiving a suitable risk reward return. The liquidity from the establishment of a market for the company's securities enhances further capital raising and generally enables the company to satisfy its financial requirements on more favourable terms particularly during bull markets. The role of equity finance in the management of the financial risk during the exploration, evaluation, development and mining stages of resource projects is summarised in Table 1. In more detail the principal roles of equity finance and the ways in which equity finance impact on the risk management of resource projects will be considered in turn.

Jan 1, 1994