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By Jan Luca Grunow, Ansgar Bendiek, Klaus Böde

According to the Markowitz portfolio theory the value of a diversified portfolio is higher than the sum of the parts of a portfolio, which is an important consideration for the correct valuation. This is valid for real estate portfolios as well as for mining assets (or enterprises). This paper analyses the application of the portfolio theory to a diversified portfolio of assets in the real estate industry and draws conclusions on further research work to be done in the minerals industry. The volume of real estate transactions is increasing over recent years. As such, the nature of those transactions is constantly changing and in some cases portfolios become more heterogeneous as they are composed of different property categories, e.g. locations and types of use. This makes their economic evaluation more difficult. This paper focuses on the acquisition of a fairly heterogeneous real estate property portfolio purchased by “Commerz Real” in Germany in Q4 2019. For economic evaluation the widely used Markowitz portfolio theory (Markowitz, 1952) was applied. It was investigated whether diversification effects could achieve added value in the form of a reduction in risk compared to the sum of their individual components. As a result the findings of this research could be applied to other heterogeneous real estate transactions and even to mine property portfolio or PPP1 project portfolio transactions.

Jun 25, 2023

By S. K. Palm

The commercial life of a mineral product can be long, but like hitech electronic and software products that soar in sales one day to become obsolete and forgotten a few months or years, mineral products have a life cycle. They are invented, commercialized and eventually decline and disappear from commerce. Diatomite and perlite are produced from mined minerals, but almost none of the products in these industries spring from the earth in finished form. Straight calcined diatomite was invented over 100 years ago and flux calcined diatomite just a few years later. The expansion properties of perlite were discovered and first exploited about 75 years ago. Some applications for diatomite have disappeared or currently face competition from newer products. Dry cleaning was once the second-largest application for diatomite but disappeared over 30 years ago. Both the beer and wine filtration markets for diatomite face increased competition from membrane filters. A pipeline of new, proprietary products is critical to the future of the industry.

Mar 2, 2022

In the UK during the 1990s the energy companies had developed a policy of æDash for GasÆ, building large natural gas power stations to produce more than 30 per cent of the UKÆs electricity demand. The price of imported thermal coal was dropping and the electricity generators were putting pressure on the UK coal producers to produce coal at a reduced cost. Imported coal from Columbia, South Africa, America and Australasia had increased their market share in thermal coal sales to over 50 per cent of a 55 Mtpa market. The pressure on the UK coal industry to reduce costs and improve productivity levels from an ever decreasing resource was high. Companies were benchmarking their operations on the imported coal producers and had to realign their organisations, productivity levels and costs to world best practice, not just technically, but in world class organisational management techniques.

Jan 1, 2005

By S. Lähteenmäki, P. Koivistoinen, J. Levanaho

Semi Autogenous Grinding (SAG) circuit is the most common grinding circuit to day. In Europe and South Africa fully autogenous (AG) circuits are also popular. SAG circuit has a lower capital cost and simple operation. SAG circuit requires the use of grinding balls, which increases operating costs and decreases availability. An AG circuit may produce a higher Net Present Value to the investment. The AG circuit is more complex to design and operate. However, operating experience from AG circuits illustrates that an AG circuit can be as trouble free as a SAG circuit with the benefit of lower operating cost.

Jan 1, 2001

Crandallite and millisite in Christmas Island 'B' and 'C' phosphate ores are rapidly decomposed by sodium hydroxide solutions at about 80QC. As these phosphates generally contain less than 1% silica, an alkaline extraction process can be designed, in which up to 95% of the sodium hydroxide used, may be recycled. The insoluble residue consists of an impure, highly reactive apatite, which in pot trials, has given good responses as a direct application fertiliser; alternatively this residue can be underacidulated to give a granular product with fertiliser potential. The hot leaching solution contains up to 95% of the alumina and approx- imately half of the phosphate from the original ore. Simple crystallising techniques have been developed on a laboratory-scale to use this leaching solution for producing smelter-grade alumina and detergent-quality trisodium phosphate. As the demand for detergents is limited, an investigation was made of the reaction between trisodium phosphate and slaked lime, derived from a high-grade New Zealand limestone occurring near Oamaru. The product is calcium phosphate, containing up to 40% P205, and less than 0.2% each of iron, aluminium and fluorine, and it should be a useful raw material for phosphoric acid manufacture. A preliminary economic evaluation of the whole process looks promising, And warrants further investigations, including pilot-plant work.

Jan 1, 1971

By W. I. van Drunick

AngloGold Ashanti Metallurgy has recently been involved in the successful installation of intelligent, expert control systems on the milling circuits. The benefits of expert systems in these highly interactive circuits are obvious. Existing comminution tools, which have been developed and can now be incorporated into online control, include improved modelling techniques and understanding, robust and competent simulation methods, sampling techniques, and optimization methods. The minerals processing industry has seen the benefits of predominantly research-based centres turning their focus to commercial applications of comminution circuit modelling packages, which in turn can be utilized within expert control systems. Expert mill control has been successfully installed at AngloGold Ashanti South Africa?s Mponeng and Kopanang Gold Plants. Expert control has also been installed at AngloGold Ashanti?s West African Sadiola Mine operation. The implementation of the systems has produced a number of positive outcomes. Plant surveys usually result in the identification of sub-optimal areas, and the control philosophy is then configured to ensure that these areas (along with the entire circuit) are optimized and maintained. Outdated PID loops have generally resulted in oscillatory control with large amplitude deviations from set-point. Significant improvements in SAR Metallurgy operations have been realized, firstly through achieving stability in the load and cyclone control, and secondly through online identification and implementation of optimized set-point conditions for mill mass, discharge density, etc. Soft sensors are configured to accurately estimate parameters that were historically not measurable, viz. breakage rate, mill load condition, onlinekWh/t-75 microns, mill discharge density and cyclone overflow grading. The Mponeng Plant system achieved circuit stability and improved overall grind. The Plant was able to pay back the control installation after 3 months, based on the additional recovery obtained from the finer grind. The system at Kopanang Plant has also resulted in enhanced plant recovery as a result of a finer grind and a lower residue gold content. The payback for this system was calculated at approximately 6 months. AngloGold Ashanti Metallurgy is currently expanding the installation of expert control to its other operations. It is also evaluating the performance of various suppliers of advanced control systems.

Jan 1, 2005

By R. J. Robbins

The mechanization of hard rock underground mines offers a large potential for reducing cost, improving efficiency, and increasing profitability. However, in spite of serious efforts by quite a number of equipment developers and mining company initiatives, the industry has achieved little real progress. The task is difficult and the blasting alternative to mechanical excavation is an effective and well-developed method, which continues to improve in spite of its inherent limitations. A large number of machines have been built and tried. Only a few developments have succeeded to make a major impact on underground hard rock mining. It is certain that hard rock mines would be laid out and designed quite differently if the mining engineers knew they had available continuous mechanical excavation machines. In the absence of the machines, mines will be designed for excavation by traditional methods. It is not easy to utilize mechanical excavation in a mine which is designed to operate with normal drill and blast excavation. This is certainly an impediment to machine development. But what if an ore body cannot be mined conventionally, simply because the mining company cannot get permits to satisfy the ever increasing strict EIS requirements of the general public and governmental agencies? This may provide the incentive necessary to develop the equipment that will be needed by a new mining method that will have almost no impact on the environment.

Jan 1, 2001

By C. McAllister, D. Preece, J. Berendzen

"The Multiple Blasthole Fragmentation (MBF) model models multiple explosive charge contributions and the effect on fragmentation of delay timing with its associated scatter for each blasthole. The model uses near-field blast vibration attenuation parameters and the ground p-wave velocity as inputs for part of the in situ rock property to model rock fragmentation. It models most blast design parameters explicitly and simulates the effect of wave reinforcement due to the interaction of simultaneously arriving waves or diminishing cooperative contribution from long delay intervals between charges within a blasthole or among blastholes. The fragmentation size is calculated at three-dimensional grid points within a blast, and the fines and oversized blocks are treated explicitly. The model takes a surveyed irregular geometry of the free face of a blast as the calculation boundary.This paper presents a case study on applying the MBF model at an openpit mine. Near-field vibration measurements from signature hole blasts were conducted to obtain the stress-wave magnitude and attenuation parameters as well as ground sonic velocity. A production blast was then monitored with the corresponding fragmentation measured, serving as site-specific inputs to the MBF model. Various blast design scenarios were then simulated to develop ones that provide better fragmentation to improve mill throughput for the mine. IntroductionThe semiempirical fragmentation models currently found in the literature (Cunningham, 1987; Lownds, 1995) cannot explicitly model contributions from multiple blastholes with varying delay intervals. Most of these models are not three-dimensional. Furthermore, these models predict an average fragmentation size within a volume surrounding a blasthole and use the average size to generate a size distribution over the volume. The percentage of fines and oversize blocks is included in the distribution. Typically, such models are inadequate for predicting fines and oversize blocks (Cunningham, 1987)."

Oct 1, 2016

A New Cell for Electrochemically Aided Flotation

Sep 13, 2010

Fluorspar was not mined in the United States during 2004, although a small amount of usable synthetic fluorspar (CaF2) was produced from industrial waste streams. The majority of fluorspar consumed in the United States came from imports or stockpiled material purchased from the National Defense Stockpile (NDS). In addition, consumption is supplemented by use of by-product fluorosilicic acid produced at phosphoric acid plants. In 2004, annual production of fluorosilicic acid was 50kt (55,000 st) or about 88 kt (97,000 st) of 92 percent fluorspar equivalent. In 2004, annual production of fluorosilicic acid was 50kt (55,000 st) or about 88 kt (97,000 st) of 92 percent fluorspar equivalent.

Jan 1, 2005

By W. H. Schiffbauer

NIOSH has developed an active proximity warning system called HASARD (Hazardous Area Signaling and Ranging Device) for warning workers as they approach known dangerous areas around heavy mining equipment and other dangerous work zones. HASARD is composed of a transmitter and a receiver. The transmitter generates a 60-kHz magnetic field using one or more wire loop antennas. Each antenna is adjusted to establish a magnetic field pattern for each hazardous area. The receiver, worn by the worker, is a magnetic field strength meter. The received signal is compared against preset levels which are calibrated to identify levels of danger. The receiver outputs can include visual, audible, and vibratory indicators and it can also be made to disable machine functions. HASARD was field tested on a Joy 12 continuous miner, a Komatsu 210 M Haulpak, and on a highwall launch vehicle. Slight modifications were made for each application. HASARD provided warnings as designed and proved to be rugged enough to withstand the harshest of production environments.

Jan 1, 2001

By N. Sutcliffe

Refractories and slags play a vital role in the production of stainless steel. They are in intimate contact with the steel at temperature, and chemical reactions between the three can and do occur. These interactions can be beneficial, in the case of active tundish and ladle slags, and negative in the case of refractory erosion and slag entrapment. This paper presents the results of both plant trials and laboratory investigations of steel/refractory and slag/refractory interactions. The interaction mechanisms observed are described leading to selection criteria for new refractory products. Keywords: slags, steels, refractories, reaction mechanisms.

Jan 1, 2004

By B. T. Brady

Recent theoretical, experimental, and field studies conducted by the Bureau of Mines suggest that rock failures may be predicted and, in some instances, controlled. Theoretical studies that were later corroborated by laboratory and field studies predict that a seismic anomaly will precede rock bursts and/or roof falls in mines. The seismic anomaly is predicted to consist of an increase in the number of seismic events occurring in the immediate vicinity where the failure 1s nucleated. This increase will then be followed by a dramatic decrease of seismicity in a broad region that surrounds the location of the impending failure. The dimensions of this region allow a preliminary estimate of the time to failure (measured from the time the seismicity increase began) as well as an estimate of the energy that will be released at the instant of failure. Field observations indicating that this predicted behavior does precede rock bursts and a roof fall are presented in this report. Implications of results to the problem of failure control in mines that experience massive rock failures are discussed.

Jan 1, 1978

By John A. Johnson

For the purpose of comparing the amounts of dust produced by various mining operations, samples of atmospheric dust were collected during a complete cycle of drilling, blasting and mucking at or near the face of the Bureau's Mount Weather testing adit while the efficiency of several types of stemming in metal-mine blasting was being investigated. ACKNOWLEDGMENTS All gas samples were analyzed in the laboratory of the Bureau of Mines Gas Section at Pittsburgh, Pa.

Jan 1, 1939

A knowledge of airway friction factor (K-factor) is necessary to designing mine ventilation systems for least cost and optimum effectiveness. The friction factor used must be accurate and reliable to estimate correctly roadway resistances and pressure sources for required flows. Though the resistance to flow offered by mine airways has been an object of study over the last half century, no accurate relation has yet been established from which the prediction of the resistance of a projected airway can be made. In Kentucky, only limited and incomplete data on local K-factors are available. Therefore, there is a need for field investigations to determine these values in-situ for existing mining conditions. The author describes a study concerning K-factor that was carried out in ten coal mines, located in eastern and western Kentucky. The results of these investigations are presented in both tabular and graphical form.

Jan 1, 1991

By Stefan Mede

Robot Supported Moulding—this is the name of Herrenknecht Formwork’s entry to the world of automated segment production. What had been considered impossible for a long time, has been achieved by Herrenknecht experts together with the Swiss company Marti AG: unmanned segment production on the working line. The moulds open and close autonomously with the help of a hydraulic system. A robot cleans and greases the moulds at one work station and inserts the injection sockets at another. The next step will include further automation and digital networking of all processes from production to installation in the tunnel.

Jun 13, 2021

By D. M. Abbott, H. J. Sandri

The geoscience matrix method has proven useful for valuing metallic mineral properties lacking delineated mineral resources or reserves. However, the method explicitly excludes commodity markets from the factors considered; marketability is assumed. When valuing industrial mineral properties, marketability cannot be assumed, it must considered. Market considerations may also significantly affect the standard weightings of geoscience matrix parameters such as the proximity to known deposits. In some cases, such proximity is desirable but in many cases it is undesirable. Application of the geoscience matrix method to industrial mineral properties therefore requires thoughtful, market-related adjustments to the basic geoscience matrix methodology.

Jan 1, 2000

By R. L. Schmidt

One of a series published by the Bureau of Mines covering research investigations in rock drillability, this report of field drilling results extends earlier laboratory findings and provides a relatively simple procedure for predicting percussive drilling rates with reasonable accuracy. Two percussive drills mounted on a truck were used to drill a total of 25 rock types, and the results were used to develop a prediction equation. The equation was tested on a set of unrelated laboratory percussive drilling data, and the comparison between predicted and actual rates is shown in tabular form.

Jan 1, 1972

By G. H. Damon

Since 1963, Bureau of Mines Information Circular 8179 has served the mining industry as a fundamental safety guide in the field of blasting agents. In the intervening 14 years, many changes have occurred, and this report presents revised and new recommendations which recognize these changes. For example, AN-FO is now supplied mostly premixed, whereas in 1963 much of it was mixed by the blaster; aluminum metal (A1) and other fuels are now often added to AN-FO to increase strength, and flake aluminum powder is used as a sensitizer in water gels; and water gels or slurries that are now extensively used were just coming into practical use in 1963. To provide the widest possible margin of safety, some of the Bureau's recommendations are more stringent than existing regulations,

Jan 1, 1977

By Donald T. Mylar

It is axiomatic that in designing a bulk material handling system the primary consideration is the functioning of the machines. The structure is secondary -its reasons for being are to support, enclose and provide access to the machine, for servicing. This results in a wide variety of supporting structures. Other considerations are: plant layout, local soil conditions, climate, local laws and codes, and last, but by no means least, the Customer's wishes.

Jan 1, 1971