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The ""multiple of exploration expenditure"" method of mineral valuation is applicable to exploration properties from the earliest stage of exploration to a moderately advanced stage but for which no resources have been delineated. While not recommended as a primary valuation method by some workers, others believe it to be the most satisfactory method of valuing exploration properties until it is possible to employ a DCF technique. In many situations facing the professional valuer, the method may represent the only semi-quantitative option available and is frequently used. Significantly it often forms the starting point in discussions to farm-in on an exploration tenement. The paper briefly reviews the definition of value as applied to mineral valuation and in particular examines the relationship between fair value and market clearing price in ""fair"", bull and bear markets. The multiple of exploration expenditure method uses previous exploration expenditure and/or future committed exploration expenditure to derive a base value for the tenements. This base value is multiplied by a prospectivity enhancement multiplier (PEM) with adjustments for market premium or discount and consideration of the quality of the exploration team to derive a fair value for the tenements. The paper will demonstrate that there is no necessary nexus between fair value derived from the method and present book Values.

Jan 1, 1994

In recent times there has been a marked increase in public awareness of air pollution. Some of this has been induced by the Press but our own senses tell us that there is a visible haze over our cities on many mornings. The people are now demanding a clean environment and will no longer tolerate smoke and dust fall or gaseous and odorous emission which either soil building and furnishings or interfere with comfort and well being.

Jan 1, 1971

Portland cement is a finely ground mineral powder obtained by intergrinding a mixture of 95 parts of clinker and five parts of gypsum. It is the generic name for hydraulic cement a man made product which hardens in the presence of water. Today's cement started formally with a patent granted in 1824 to Joseph Aspdin, a Leeds bricklayer. He called his patented cement 'Portland' because it resembled a gray brown stone quarried on the Isle of Portland off the coast of England. The first cement to be made in the southern hemisphere is accredited to Nathaniel Wilson, a pioneer farmer who with his brother John began experimenting in 1874 with the limestone on their property near Warkworth. In 1884 they produced the first Portland Cement to be made in this part of the world.

Jan 1, 1978

By G De Tomi, R Sousa, A Lapworth

One of the current challenges for iron ore producers is the ability to respond to changes in ROM stockpile specifications in a quick and cost-efficient manner. The decision-making process to respond to such changes is normally associated with grade-control and short-term mine planning activities, from where new operating instructions to the mine are provided. Mines are under increasing pressure from changes in the industry, such as a scarcity of skilled staff; a higher turnover of skilled employees and tighter product specifications. The quality of operational activities easily suffers as a result of these pressures. The technology that supports operational activities is often poorly implemented, which results in systems being unsustainable and poorly understood by the organisation. All successful technology implementations rely on the people, processes and technologies involved being well understood. Because of the complex nature of mining, the processes that underpin mine planning, scheduling and operational control are often not well defined. This results in activities undertaken by individual departments being poorly integrated. Datamine has developed a set of tools and methods for decomposing; capturing and documenting processes and ensuring those are embodied in implemented solutions. A case study of such a solution is the GEROS planning system, which has been successfully implemented at CVRDÆs Southern Iron Ore System, in Minas Gerais, Brazil.

Jan 1, 2005

The commercial outcomes from new mining projects or brownfields expansions often fall short of feasibility study forecasts because of technical under-performance. This paper: reviews past feasibility study performance; identifies the key drivers of underperformance; and proposes actions that can be taken to manage the risk of underperformance. There have been a number of published reviews of feasibility study performance since the 1970s. The results of these studies are summarised together with recent unpublished data. Key drivers of underperformance include inadequate metallurgical testing, simultaneously pushing a number of project parameters beyond comfortable limits and a failure to recognise the linkage between mining rate and head grade. Actions can be taken during the data acquisition phase and during the feasibility study to manage project technical risks. These generally require a more flexible approach to study management than can be achieved under a ælump sumÆ contract.

Jan 1, 2003

Production scheduling is an important element of the mine planning process. The production schedule specifies the quantities of mineral to extract, the source of this ore, the timing of extraction and, where necessary, the quantity and timing of backfill placement. These details are important in linking long-term strategic goals to short-term operational planning. Mine scheduling techniques form the basis for communicating information concerning the overall impact of design and planning changes to a wide range of people at many levels within an organisation. Consequently the techniques used for mine scheduling must support the decision-making process by consistently providing high quality schedules in response to revised and updated data. A new mixed integer programming (MIP) model has been developed to generate optimal production schedules for underground stoping operations. The model maximised the before-tax Net Present Value of the production schedule while satisfying constraints such as contained metal tonnage, hoisting capacity, stope geometry relationships and stope backfilling demands. Zero-one variables were used to represent the decision to extract or backfill each stope in a particular time period. Continuous variables, capable of having non-integer values, were used to denote the quantity of ore or backfill associated with a specific stope in a given time period. A case study is presented to demonstrate the significant improvement in before-tax NPV over a comparative manual production schedule in a large underground mine. The MIP model allows for further modification to reduce solution times and meet the needs of individual mines.

Jan 1, 1995

A major high grade zinc deposit, Dugald River has fine-grained and complex mineral associations which provide considerable metallurgical challenges for both mineral dressers and downstream processors. A long history of metallurgical testing focusing on mineralogy and flotation concentrate production has shown that while separate lead and zinc concentrates can be produced at saleable grades, high levels of iron, and particularly manganese, are likely to place constraints on the marketing of zinc concentrate produced from deeper zones where coincidentally lode development is at its maximum. Testwork has focused on characterising the flotation response of ore types ranging from banded and stringer sulphides to brecciated ores in a variety of sulphide matrices. A high level of variability with lower than expected metal recoveries has been indicated across some of the higher grade brecciated ores. However, the dominant slatey breccia has generally provided the best results. Heavy media preconcentration testwork has been moderately encouraging and at this stage, although value adding downstream of concentrate production on-site is not seen as an economic option processing developments are being monitored on a broad front. Providing satisfactory means can be developed for handling manganese during downstream processing of the concentrate, it is not difficult to see a world-class operation emerging from the resource in the medium-term Future.

Jan 1, 1993

The classical view of island arc geology is that of a plutonic intrusive/volcanic extrusive complex, derived from the products of oceanic lithosphere subdu.ction and constructed on an over-riding plate of oceanic origin. Such an arc is typically backed by a marginal basin, formed by seafloor spreading of a more or less conventional kind. Various studies undertaken over the last decade have modified this picture and provided a new tectonic framework within which to explore for resources. Formation of Marginal Basins During the 1970s, seafloor spreading magnetic anomalies were identified in various marginal basins in the SW Pacific. In one of these, the South Fiji Basin, there was clear evidence of a ridge-ridge-ridge triple junction, although no kinematic relationship to the major plate boundaries was determined. Palaeomagnetic studies conducted in Vanuatu and Fiji, and in the Bismarck Archipelago of PNG provided evidence of large scale arc rotations relative to major plates. This indicated a general pattern of marginal basin formation by ridge-ridge-ridge triple junction growth together with island arc growth by trench-ridge-trench triple junction evolution. Formation of Primitive Island Arcs The triple junction growth model strongly suggests that at least a significant amount of arc evolution occurs by the initiation of subduction at a spreading ridge. This has predictive implications for the nature of island arc basement.

Jan 1, 1987

Author Biography William Poole was born in Sydney, NSW in August 1868. He was educated at Sydney Grammar School. William spent two and a half years as a cadet in the Railway Construction Branch of the NSW Department of Public Works doing office and field work. He then undertook a civil engineering course at Sydney University. Following this he was employed for six years as assistant and resident engineer at the Water Conservation Branch, NSW and was in responsible charge of various field operations, surveys, river gaugings and works of constructions including a large timber weir and also a concrete weir on the Macquarie River, NSW. He then undertook a mining and metallurgical course at Sydney University and became a graduate (BE) with honours in civil engineering, mining engineering and metallurgy. He then spent four and a half years with BHP Co, one and a half years at Broken Hill in the mining and concentration works and three years at the smelting works in Port Pirie, SA, in the latter case he was metallurgist and night superintendent and during that time had responsibility and control at night of the blast furnaces and, during the last 15 months, of the whole of these large works. The author left the Port Pirie, SA works to assume the position of Director of the State School of Mines at Charters Towers and had responsible control of the establishment and also lectured in mining, surveying and structure. William Poole was honoured to hold membership in the following organisations: Assoc M Inst C E, L S of NSW, M Aus Inst M M, Assoc Inst M & M (London).

Jan 1, 2006

Underground mines in Australia and worldwide are extending to greater depths. The effect of depth brings a number of challenges to mining engineers including geotechnical, ventilation, haulage and selection of mining method. The main effects of depth from a ventilation perspective are increased heat and humidity leading to reductions in productivity, occupational safety and health issues and the potential for fatalities. Numerous approaches have been undertaken over the years to mitigate against these effects. In this paper a review of various approaches to improving climatic conditions at a number of mine sites worldwide is undertaken. From these case studies it is argued that for mines at depth with the potential for a climate problem perhaps an alternative design philosophy to the established design philosophy should be utilised. In conclusion, the paper proposes some simple rules of thumb for use in mines with climate problems or the potential for climate problems.

Jan 1, 2008

With the use of 86 rock drills of the jackhammer type at the West Lyell Open Cuts of the Mt. Lyell Mining & Hailway Co., it is of importance to determine the economic as well as the physical life of these machines. With this purpose in mind records have been kept of the footage bored and the cost of new parts placed in each machine, and the following procedure adopted.A graph is plotted for each machine showing the footage bored as a horizontal line and at each 5,000 feet of boring the total cost of new parts noted on this line. (See l"ig. 1.) Thus at a glance it is possible to see... the amount of work done by each machine and the money spent on it in new parts. However, it is difficult to visualise from this graph the increase in the cost of new parts for each machine as its life advances. To obviate this difficulty a curve is plotted with the cost of new parts as the vertical component and the distance bored as the horizontal component. As before the cost of new parts are taken at each 5,000 feet bored. (See Fig. 2.) The curves so obtained are particularly interesting for two reasons:1. Each machine has its characteristic curve.2. The curve always steepens.Some machines are found to have relatively flat curves, others flat curves for approximately 15,000 feet of boring, and others steep gradients from the begining.This demonstrates that it is not always economic to discard a drill after it has been in service for a certain length of time or after it has bored a specified number of feet. Each drill has its own characteristics and so must not be regarded as one of a class, but considered on its own performance.The following use of these curve diagrams has been made to determine whether a machine has reached the end of its economic life. Figure 3 shows...

Jan 1, 1942

Over the past five years, dedicated tertiary mining engineering programs have become financially unsustainable in Australia on the basis of undergraduate enrolments alone. The situation is worse in other minerals related disciplines and extends to the technical minerals education sector. This paper reviews the causes for the current situation. Indicators are presented which suggest that enrolment trends can no longer be attributed only to business cycles in the minerals industry but are also reflective of a fundamental shift in student interest in the sciences and resources based engineering disciplines. Reactive responses to changing trends are diluting and compromising the quality of mining engineering education. It is unlikely that the trends can be reversed or resisted. Tertiary minerals educators need to position themselves so that they can be responsive to on-going change. Two proposals are offered which aim to anchor mining engineering in a long-term sustainable manner. The proposals have a common educational component which is concerned with restructuring how mining engineering programs are presented and providing more flexible access to such programs. However, the two proposals have significantly different commercial components. The commercial component of first proposal is concerned with working within the traditional education framework of universities to endow a critical number of core staff positions. It effectively equates to fund raising. The second proposal is concerned with developing a stand-alone commercial operation around the education and research advantages of the global and multi-disciplinary university system. As a shareholder in this business, a university department would earn dividends that it could then use to support its education initiatives. This proposal provides a performance-based mechanism for supporting university minerals programs and has the potential to be cost-neutral. Both proposals are suited to resource sharing with a select number of international mining schools and to the incorporation of the other tertiary minerals disciplines under threat.

Jan 1, 2000

There are a number of different mechanisms by which wetlands can immobilise the metals in mine drainage. Here, the biogeochemistry behind four of these mechanisms (adsorption, biological uptake, precipitation as oxyhydroxides, and precipitation as sulfides) is discussed from the perspective of sustainability. Moreover, treatment wetlands are considered as part of a larger system, also taking into account the source of the drainage and various aspects of the receiving waters. The biogeochemistry of different metal immobilisation mechanisms in wetlands determines what kind of drainage can be treated with success, and it also places an upper limit on the amount of metal that can be removed from the water phase per unit of time. This has important implications for the design of treatment wetlands, perhaps particularly in colder climates. A thorough understanding of the prevailing biogeochemical processes is essential when attempting to establish treatment wetlands after the closing of a mine. If a wetland is to be used as a sustainable æwalk-awayÆ solution, the anticipated change in treatment efficiency over time (as pollutants accumulate in the system) must be considered in relation to the expected changes in drainage quality. It is also important that the total metal immobilisation capacity of the wetland is not exceeded and that the integrity of the system is maintained, in order to minimise liberation of previously immobilised metals.

Jan 1, 2003

By A Nisbett

The largest single operating loss in many hydrometallurgical plants is the poor recovery of leached product in the solids sent to tailings. Any reduction in the concentration of the valuable species in this stream will improve the project economics. Conventional design, to reduce the soluble loss, is to increase the number of wash stages or the wash/water ratio. This approach is limited in effectiveness as it can only reduce the soluble loss to that dictated by the concentration in the returning solution. For copper plants this concentration is set by the recovery in the solvent extraction (SX) plant. When using a single grade of SX feed a single grade of SX raffinate is produced generally with five to seven per cent of the copper still remaining in solution. An alternative approach has been developed by Cognis Corporation and implemented on a number of recent projects using engineering input from Miller Metallurgical Services. The SX plant feed is æsplitÆ into two different streams: a high-grade stream containing up to 75 per cent of the copper and a low-grade stream with the remaining copper. This Split-CircuitÖ concept has significant benefits in terms of both copper recovery and reduction in acid costs. The high-grade stream has the bulk of the copper removed and the raffinate sent directly back to the leach; to fully re-use the acid that has been generated during extraction in the SX process. The recycling of this higher concentrated acid stream considerably reduces the acid in the raffinate sent to washing steps. It represents a significant saving in acid consumed via the tails stream. The low-grade stream has a significantly lower SX feed grade and hence produces a lower raffinate acid and copper concentration. This lowers the economic species in the wash solution and hence reduces the soluble loss accordingly. Other operating improvements are realised with lower neutralisation costs (with the lower acid in the wash stream) and from a decreased need for in-circuit neutralisation to improve SX performance. The SX plant itself is also split into a high-grade extraction and a low-grade extraction stream to enable the low-grade raffinate to be produced. A number of circuit alternatives have been utilised that have provided a range of benefits. The circuit concept has been included into both new and existing plant operation. As a result of this experience other methods of incorporating the concept into a circuit have been developed.

Jan 1, 2005

The title of this paper implies, and the text explicity states, that Sen and Spottiswood (1984) have found a new mineral species related to geocronite and jorganite. I believe that there is inadequate justification for this claim.The X-ray powder diffraction pattern reported by the authors exhibits a close similarity to that of geocronite, as stated by the authors, which suggests a close structural relationship at the very least. It is therefore reasonable to recalculate the results of the microprobe analysis reported by them to atomic proportions on the basis of the geocronite formula. This calculation, whether based on the formula used by Sen and Spottiswood (1984), or on one derived from a crystal-structure analysis (Birnie and Burnham, 1976), namely Pb18 (Sb, AS)11S46, with a total of 86 atoms, gives the results shown in Table 1.

Jan 1, 1985

By Wu H. W, Just G. D

Australia's mineral resources boom in the two decades up to 1980 saw the establishment of about 25 new mining towns across the continent Quality housing and a high standard of community services were incorporated to attract a labour force for the major mine or mines i eing serviced. Town construction costs were high and were principally born by the private enterprise mine developer. There has been a change in the pattern in recent years and over 20 new mine developers have adopted a fly-in fly-out arrangement rather than construct new towns. Employees are drawn from a home base which is typically a large city, coastal community or established mining town and flown to the mine site for intensive work periods of about two weeks. The change has occurred for many reasons. Mining companies have been unwilling to support the high construction costs of towns, short life and smallermining operations do not justify a town, fast jet aircraft are available and there is a better perceived family lifestyle in established (coastal) communities. On the other hand reduced permanent development at new mine sites does not assist Australia's perceived need for decentralization. There have been questions as to the social problems which may develop from the artificial separation of the "breadwinner" from his family. The paper reviews a recent survey of the attitude of Australian mining companies employees, governments and unions to fly-in fly-out arrange- ments. The support for this approach is analysed and conclusions drawn that the concept is likely to be with the Australian mining industry for some time in the future.

Jan 1, 1991

Builders have been very familiar with iron since ancient times, but because of its weathering characteristics it was relegated to use as a fastening material in unexposed places and bronze became the popular metal for exposed applications. It is of interest that iron nails buried deeply about A.D. 87 at a Roman fortress and carefully covered with clean beaten earth under conditions practically excluding oxygen were found to be almost unrusted 1870 years later. (1) Today, weathering steels, which contain less than 2% of alloying additions, can be used in exposed situations without protection and without experiencing continuous wastage. As we all know the steady access of atmospheric oxygen to the surface of plain steel causes continuous corrosion. Weathering steels, on the other hand, due to their alloying additions develop their own impervious surface layer which limits the access of atmospheric oxygen and effectively limits corrosion. Table 1 shows the chemical composition of a plain carbon steel and a typical weathering steel. Fig. 1 shows what we refer to as direct corrosion - time curves in which corrosion loss is plotted against time of exposure in an strial environment. The weathering steel has a high rate initially which then decreases steadily for about three years, as the stable rust film builds up. This is followed by a practically linear relation where the very low corrosion rate, according to one school (2), is due to a blocking of the rust pores by insoluble complex salts formed from interaction of the oxidation products of the separate alloying elements. The start of the linear region represents a total corrosion loss of only about 2 thousandths of an inch.

Jan 1, 1970

DIVERSITY There are plenty of examples to show that diversity has been the fundamental downfall of many organisations, particularly when you consider the international position. What about core business, the return of companies to key competence directions and market focus. The stockmarket for instance defines groups and companies in key groups of core business. The expectation is that companies toe the line and do not diversify across their areas of defined expertise. In essence, the market has given notice that the requirements are to focus and stick to our core business. So what right does the conference have to suggest that diversity is the key to prosperity. Hasn't the organiser read the book, studied the history, listened to the market - obviously not. Have they got it wrong, My feeling and belief is no - the organisers have got it right. However, the matter is not as simple as first perceived. What is Diversity, or Diversification as I would prefer? Is it a product position? Is it a geographic position? Is it an expansion or change in services offered? Does a gold mining company diversify into copper or diamonds or aluminium or nickel? Does a gold miner in Australia diversify into China or Kazakhstan or West Africa? How do the two relate? They don't. A successful company will always possess a 'core competence' not so much a 'core business'. The best example of this is the service company extraordinaire - McDonalds. They don't sell hamburgers or french fries, they sell a service, a convenience, a lifestyle. The core business is hamburgers and if McDonalds were to diversify further into new styles of hamburgers, I suggest to you they would fail. But if McDonalds were to diversify into other products based on their 'core competence', provision of service, then I would suggest to you they would be very successful. The service procedure, service machine, service system, the formula, stava the rnnetant the nrnrlnrte -

Jan 1, 1996

By G P. J Dijkema, M A. Reuter

From a material cycles perspective all processes are interconnected and consequently a process can never be evaluated as an isolated and independent unit. This also holds true for the evaluated co-incineration options. Environmental and sustainability issues for example, such as raw material and energy utilisation or air pollution, are a resultant of the whole system of industrial activities. It is therefore important, not to optimise a single process or industrial activity, but rather the whole system. Although engineering procedures for the design of individual industrial units are well developed, the problem of determining the best arrangement of these interconnected units is often far more difficult. Regulation that manages the arrangement of the units for waste processing is still under construction. In the evaluation of co-incineration, analogous principle from process control can be used: feedforward control. This principle includes the determination of which outlets can be used for all process outputs, hence avoidance of any æunusableÆ products or wastes possibly arising from co-incineration. To establish the extent, to which produced wastes are usable, a system overview is necessary, in addition to in-depth information on the subsystems, which produce and can consume wastes. Material cycles modelling can be used as the basis for a tool that supports the development of a suitable playing field. It should provide overview of the system and in-depth information on its subsystems. This tool then represents an attempt to bridge the gap between æholisticÆ industrial ecology and process engineering.

Jan 1, 2000

By M McCarthy

Attraction, recruitment and retention of quality mining engineers is becoming increasingly difficult for many mining companies. Part of the problem is attracting young professionals, especially given the decline in graduating engineer numbers, and the other is balancing the new engineerÆs development with business needs. The evolution of the graduate program at Olympic Dam over the last five years has resulted in substantial benefits for both the engineer and the company. The program has developed to provide structured exposure to key areas of the mine enabling new engineers to step into vacated roles as the need arises. The pool of quality engineers generated by the graduate program is a buffer against high industry turnover and helps reduce future recruitment expenditure. Olympic DamÆs program goes beyond conventional recruitment of graduate engineers. Innovations designed to improve intake include the employment of graduate engineers as well as final year students, retraining of existing personnel from other backgrounds and fast track recruitment for previous vacation students. By employing a cross-section of professionals to complement the generic university graduate, the company takes full advantage of the relevant lifestyle experience belonging to the individual, which is a substantial factor in turnover. Study assistance and a salary paid for final year students and mature age students often creates a loyalty that lasts beyond graduation. Careful selection of vacation students increases the ease of recruitment at a later stage and ensures that full advantage is taken of the relationship developed previously between the company and young professional. The evolution of recruitment at Olympic Dam has seen a decline in the turnover statistics of young mining professionals.

Jan 1, 2005