Search Documents

By James H. Boettcher, W. Durand Eppler

INTRODUCTION In the second quarter of 1979, Rapid Mining Co., Inc. ("Rapid") inquired whether Crocker National Bank ("CNB") would provide $4 million in term loan financing to help ("Dry Creek") acquire the outstanding shares of the Dry Creek Coal Company ("Dry Creek") in West Virginia. Prior to approaching CNB, Rapid had sought financing with the assistance of a financial advisor from a number of commercial banks without success. A summary of the initial terms requested by Rapid is shown in Table 1 compared with the actual terms on which the transaction closed. It is not difficult to note that the two sets of terms differ significantly. This is often the case when financing requests based on the expectations and vision of a mine developer are juxtaposed with more pragmatic requirements of a commercial bank. The "art" and fund of structuring financing plans for mining ventures (highly leveraged acquisitions or grass roots) comes in working with mine developers to arrive at a final financial structure that meets their objectives and constraints as well as those of the bank or other financial institutions providing much of the financing. Beginning with the terms requested by Rapid and ending with the terms that closed the transaction, this article briefly describes the process we went through with Rapid Mining. The Seller and Buyer The Dry Creek Coal Company was established in 1961, after its owner acquired the coal leases from Republic Steel. Republic has mined the primary coal seam from 1948-1961. Dry Creek was owned as a subchapter S corporation (i.e., for federal income tax purposes, income is taxed at the shareholder level) and had been run on a low key basis. Since the company had virtually no debt and limited cash needs, the owner produced primarily when rail cars were available and income was required. Output was therefore erratic as is shown in the top of Table II, but the result was a profitable little company with an attractive free cash position. Because the owner wished to retire and enjoy his wealth in a more readily spendable form, he had put the mine, with stated recoverable reserves of approximately 13 million tons, up for sale. In contrast, Rapid Coal's investors consisted of a number of investors of disparate financial situations. They had agreed upon a primary objective of income maximization and planned an annual production rate of 120,000 TPA which they and the current owner believed realizable. The Formulation of a Financing Structure Figure 1 presents a simplified overview of the sequence of steps taken in the financing process which lasted approximately three months from start to finish. Since banks see many requests for funding and considerble time is required to follow up on each, an important step was determining, after a brief review of the materials provided to us, whether the basic "eonomic entity" was viable. In this case, the size and quality of the reserves, the inherent operating cost characteristics, the sales arrangements, the management/labor situation and Rapid's principles all appeared to be sound enough to warrant investing the time necessary to do a thorough analysis of the project. Once this decision was made, the evaluation and analytic process shown in Figure 2 was initiated. The first and most fundamental concern of any banker is whether the loan will be paid back as scheduled from the cash flow generated by the project. The amount of debt relative to the owner's equity is of course crucial in such a determination. Before the debt/equity issue was addressed, however, a number of more qualitative factors had to be studied and if

Jan 1, 1985

By S G. Gemell

"The financial model is an integral component of any project evaluation based on mineral resources, ore reserves and (at least internally) exploration targets. Given the unity of purpose for preparing financial models for project evaluation purposes, the diversity of both format and content of the finalised models is surprising. Many models are prepared by staff or consultants who are comfortable with a particular format that may be used for other purposes, such as budget preparation or financial reporting. It is natural in these situations that the practitioner will take these models and adapt them to the purpose. The end result may or may not succeed in providing a clear, accurate and sufficiently detailed view of the project’s economic viability.When preparing a model, the practitioner should be cognisant of the interpretation and review, or audit, process. The auditor may be a consultant or employee of a bank, potential equity provider or of the project sponsor itself. Depending upon the scale of the project and the level of participation of the entity that the auditor represents, the financial model will be interrogated more or less rigorously. In any event, the end user will require the model to permit easy change of inputs and will wish to confirm that such change is appropriately and thoroughly transmitted throughout.Accordingly, there are some ‘dos and don’ts’ that can be readily applied in the creation of the financial model that will greatly assist the end user, not just in the change of inputs, but also in reviewing the model’s integrity. The less time and effort required by an auditor in this regard is reflected directly in the cost of the review process.CITATION:Gemell, S G, 2016. Financial modelling with the auditor in mind, in Proceedings Project Evaluation 2016, pp 172–180 (The Australasian Institute of Mining and Metallurgy: Melbourne)."

Mar 8, 2016

By Jr. Winters

The United States continues to be the largest producer and consumer of copper in the world. Table 1 on the following page shows several production statistics for 1974, the most recent year which the non-communist world copper industry might consider a good year, and for 1976 and 1977. In 1974 an estimated 24 percent of the non-communist world's newly mined copper was mined in the United States, and. 87 to 89 percent of that was from the western porphyry coppers. In 1976 U. S. new mine production was down to 22 percent of the non-communist world's newly mined copper, and the percentage of U. S. new mine production supplied by the porphyry coppers had risen to 89 to 91 percent. In 1977 the statistics remained the same as in 1976. U. S. porphyry copper production represented about 65 percent of U. S. refined copper consumption in 1974, rose to 75 percent in 1976, and dropped back to 61 percent in 1977 as imports of foreign copper into the United States began to swell.

Jan 1, 1978

By Peter J. Szabo

The mining executive works in a cyclical industry. His employment is subject to the vagaries of the marketplace. Boom and bust has always been the industry's story. "Big oil" failed in its mining effort. This left emotional and financial scars on many mining families. One must remember that mining executives always play a high-stakes game. Given the cyclical nature of the mining industry, mining executives need to take care of their own financial security. The mining executive that does not plan for his financial security in this cyclical business is playing Russian Roulette with his future. Take a look at those people who have reached their later years with the mining industry. One usually finds three categories of people. Those few in the first group have been fortunate enough to have worked for one company. They have survived the winnowing process of cyclicality, political problems, and takeovers. They have reached normal retirement age. For them, the retirement years are usually comfortable. People in the second group have worked for those same mining companies. But these people have been forced out by early retirement. Or they have been laid off for cyclical, takeover, or political reasons. The third group includes those who have held many positions in the mining industry. Probably not until their later years are they fully vested, if at all, in a pension program. The first small group, then, is the exception. The others, unless they have taken care of their financial security, are doomed to later years of financial problems, stress, and unhappiness. Too late in life, many realize the harsh realities of failure to plan and implement a personal financial program. Mining executives go to some of the world's leading mining schools, to learn how to make money. The curriculum is technically strong. Most mining graduates are familiar with the intricacies of discounted cash flow, present value, and the Hoskold formula. But few of these same mining schools require courses on personal financial planning. Such courses could give mining students a realistic foundation and the mechanisms with which to cope with their cyclical profession. An executive has only three sources of money. He can make money at work. He can put his money to work. Or he can get money from charities, such as government programs. Of these three sources of money, money at work has the best chance of providing financial security in later years. The mining executive must think of the day when he will be too old to work and contribute to the market place. At this point, the quantity and quality of his investments will determine whether his later years will be secure. Along with the Mining Engineering Handbook, two key books should be included in the mining executive's library. These are Venita Van Caspel's The Power of Money Dynamics and Benjamin J. Stein's Financial Passages. These books contain the basic concepts of personal financial planning so critical to an individual's financial survival. Venita points out the simple formula that is the key to financial independence: Time + Money + American Free Enterprise (Rate of Return) = Opportunity to Become Financially Independent Chart 1 shows that this is not a trite formula. The chart shows the dramatic effects of compounding over time. The chart also shows at various yields what a $2000 a year Individual Retirement Account (IRA) contribution will accumulate. Chart 1 (from Money magazine) is based on the future value of an ordinary annuity. It shows that the key to amassing a small fortune by the time a person reaches his 50s is starting to save methodically in his 20s. This, coupled with the highest yields consistent with safety of principal will ensure financial security. There are significant effects from compounding money over time. Every year the decision is put off to save for later years will cost a person dearly by the time he reaches his 50s. For example, consider the decision to put off for one year a $2000 IRA investment at a 12% return. Starting it at age 31 instead of 30 will cost the executive almost $100,000 by age 65. What if the executive waits until age 35 to get started with his $2000 a year investment? He will then lose nearly $400,000 by age 65. Stated another way, the executive costs himself this $400,000 simply because he did not invest $167 a month for five years. $167 a month - that's less than an inexpensive second car payment. This $400,000 pool of money could provide the executive a $40,000 a year income at age 65, assuming a 10% return on invest-

Jan 11, 1985

"Investment in diamond exploration has been declining over the past decade, in spite of positive long-term industry fundamentals and a growing interest in diamonds as an investment category. The lack of new significant discoveries in recent years has eroded investor confidence, yet no new discoveries are possible without investment in exploration. Junior ‘mine finders’ have been the hardest hit. Their agility, tenacity, and appetite for risk are not sufficient to attract the funding required, even at the greenfield stage. Developing new discoveries into mineral resources can be crippling without solid financial support. Junior incubators could play a crucial role, especially at the project evaluation stage – but where are they? Alternatives to traditional funding mechanisms have become available, many still untested in the junior diamond exploration space. Valuable lessons can be drawn from the past and used to inform emerging new strategies. IntroductionDiamonds are the ultimate expression of love. Their ancient and timeless allure continues to influence consumer emotions and behaviours across continents, cultures and age groups. Analysts are predicting a sustained supplydemand shortfall in the years ahead which will trend diamond prices generally upwards. With positive long-term industry fundamentals, one cannot help but wonder why funding for diamond exploration and development projects is so scarce.Investment in exploration across commodities – including diamonds – has been declining for a number of years, reaching a historic eleven-year low early in 2017. The lack of major diamond discoveries in recent years has done little to strengthen the case for investing in diamond projects, yet no new discoveries can be made without investment in exploration.Global estimates of known carats in the ground stand currently at 2.5 billion carats, which equates to around 18 years of production at current levels of 140 million carats (mct) per annum. Sustainable replenishment of depleting diamond resources is possible only through the development of new discoveries. This is what junior explorers are best at – but they need investors to fund their evaluation activities from early in the project development continuum."

Feb 1, 2019

By James Mackie

The Vancouver Stock Exchange (VSE) has been providing venture capital for start-up companies since 1907. Ninety years' experience in the junior mining industry has enabled the VSE to develop policies and procedures tailored to the unique needs of start-up companies. Policies and procedures applicable to listed companies are documented in the Corporate Finance Services Department "Policy and Procedures Manual." Approximately 50% of the companies listed on the VSE are in the mineral exploration and development business. The largest number are exploring base metal, precious metal or diamond properties. A recent count shows that about 20 companies are exploring industrial mineral or non-metallic deposits. The minerals sought by these companies include limestone, decorative stone, building stone, lava rock, wollastonite, zeolite, garnet and graphite. There are two basic routes to obtaining VSE financing for an industrial mineral property. The owner can either sell an interest in the property to a listed company or form a company and have it listed on the VSE. In each instance, the listed company is responsible for raising funds to develop the property. A typical financing consists of the sale of company securities byway ofeitherprivate placement or prospectus offering.

Jan 1, 2001

By Wallace W. Wilson

It scarcely is possible to read a new issue of any of the principal mining trade journals without noting some mention of a major new overseas mining venture with which one or more domestic companies are involved. These projects follow a fairly consistent pattern; most are large open pit mines with relatively low grade orebodies but huge reserves; the total price tag is in nine significant figures and half or more of the total cost is for infrastructure. West' notes that nearly $7 billion is being invested annually for new mining projects and the expansion of existing mining ventures in the free world. He anticipates that by 1975 such investments will reach the $10-11 billion annual figure and that in the period 1972-76 total capital requirements can be expected to aggregate around $45 billion. West estimates that 75% of the total capital will come from internally generated funds. Conceivably, a substantially higher percentage could be attributable to external financing, especially if the trend of recent mineral development in Canada and Australia is any criterion, and including local sales of equity as a part of the package.

Jan 7, 1973

By Wallace W. Wilson

It scarcely 1s possible to read a new issue of any of the principal mining trade journals without noting some mention of a major new overseas mining venture with which one or more domestic companies are involved. These projects seem to follow a fairly consistant pattern; most are large open pit mines, with relatively low grade ore bodies but huge reserves; the total price tag will be in nine significant figures and around half or more of the total cost will be for infrastructure. West1 noted that nearly $7 billion is being invested annually for new mining projects and the expansion of existing mining ventures, in the free world. He anticipates that by the year 1975 such investments would reach the $10-11 billion annual figure, and that in the five year period 1972-76 total capital requirements can be expected to aggregate around $45 billion. The proportion of this total investment which will be financed in some manner is difficult to estimate because of the variety of available financing arrangements. West estimated that around 75% of the total capital would come from internally generated funds, with the balance from external sources. Conceivably a substantially higher percentage could be attributable to external financing, especially it the trend of recent mineral development in Canada and Australia is any criterion, and of course, including local sales of equity as a part of the package.

Jan 1, 1973

By William L. Young

I think I should let you in on one of Canada's best-kept secrets, if you will promise not to tell it all over the place. Believe it or not, good, honest, enterprising capitalism is still alive and flourishing north of our common border, and I am living proof that capitalism is still working for the little guy. My personal story of mining development in Canada isn't all that rare -- you've probably heard something like it from other areas and other days several times -- but my case brings it up-to-date. I would like to Tell you briefly the history of Northumberland Mines Limited, a contemporary case of individual enterprise getting a mining operation underway. And if I can do it you probably can too.

Jan 1, 1981

By Julian Malnic

Various natural, commercial, engineering and operational factors govern the evolution of approaches taken in the exploration for Seafloor Massive Sulphides (SMS) and in delineating the resource. These stages are prerequisites to the proposed mining of SMS deposits. This paper presents and analyses these factors from the view of an SMS exploration company that is pioneering the exploration of this rich alternative source of zinc, copper and gold. Current exploration practices developed by Marine Scientific Research (MSR) workers for SMS deposits are expected to give way to industry-generated methods as the SMS exploration industry gathers momentum. The exploration process falls into three phases that are described below: Prospecting (locating targets), Indicating Resources, and Measuring Mineral Resources Considerable streamlining of the SMS exploration process will accelerate the rate of discovery. The economics of SMS mining are projected to be superior to comparable terrestrial mining operations in both operating cash cost and capital terms.

Jan 1, 2001

By Mark Vardy, Kate Dobson, Isobel Yeo, Paul Lusty, Bramley Murton

In response to anthropogenic climate change, the way in which we use and generate energy is changing. To facilitate these developments, it is essential that we increase and diversify the supply of ‘E-Tech’ elements essential for cleaner energy generation and more efficient usage. The vast majority of these materials (e.g. cobalt, lithium, niobium, platinum group metals, rare earth elements and indium) come almost exclusively from mining and new resources must be found and developed in order to secure supply and meet the demands of the future. Ferromanganese (FeMn) crusts are rich in cobalt, tellurium and rare earth metals, and are common on seafloor hard grounds at water depths over 1000 m. The mining of both FeMn crusts and nodules is potentially viable dependent of the balance of cobalt and nickle prices (Martino & Parson, 2012), however, crusts need to be at least 4 cm thick with cobalt contents of at least 0.8% (International Seabed Authority, 2008). The difficulty for those wishing to exploit these resources is firstly finding them, and secondly assessing their potential remotely. Such capability would not only save time and money, but also allow mining operations to be more focused, reducing needless destruction of seafloor habitats from exploratory mining or mining of noneconomically worthwhile deposits. In this contribution, we examine the distribution of crusts on a single Atlantic Gyot (Tropic Seamount), the morphology of FeMn crusts, their variable growth patterns and the characteristic geophysical response from crusts in various datasets, including ship based 60 m resolution multibeam and high resolution bathymetry, backscatter and sub-bottom profiler data acquired using an Autonomous Underwater Vehicle (AUV).

Jan 1, 2017

By J. D. Miller

Many factors -- political, environmental and technological -- will determine the extent to which the United States realizes the potential of its vast coal resources. Not the least of these factors is technogical development including mining, processing and transportation. With regard to processing technology, about 50% of the 800x106 tons of coal mined annually in the U.S. is processed in preparation plants. The purpose of the physical separations accomplished in these preparation plants is to remove ash (present as clays and other oxide minerals) and sulfur 'present mostly as pyrite). Coal flotation circuits for such separations are becoming more important in the processing of minus 28 mesh coal. (1,2,3) For example in the U.S. in 1960, 31 flotation plants processed 26,500 tpd; whereas in 1980, there were 80 flotation plants which processed 78,300 tpd. This corresponds to an annual growth in flotation plant capacity of 10 per year during the past two decades. Coal flotation is based on the natural or induced hydrophobicity of coal particles which are separated from hydrophilic ash and sulfur constituents by attachment to air bubbles. The coal particle/air bubble aggregates are collected in a froth phase which is created by the addition of a suitable frother such as MISC. Without exception, such separations are made in a conventional flotation cell, which, in essence, is a stirred tank reactor with a shrouded rotor to shear the air as it passes through a hollow shaft. The dispersed air bubbles (4.0 mm diameter) are stabilized by addition of the frother. Collision of the air bubbles with, and/or precipitation of the air bubbles on, the coal particles results in the formation of coal particle/air bubble aggregates which rise in the gravitational field and are collected in the froth phase developed at the top of the flotation cell. Restraints on successful separation by this conventional flotation technique are particle size and retention time. Generally it is found that effective flotation is only achieved for particle sizes between 10 and 1000 microns. Further, with respect to retention time, it is found that a nominal retention time of at least 2 minutes is required for successful separations. These facts limit the effectiveness of conventional coal flotation. Coal fines may be lost in the reject stream and disposal is frequently a problem. The retention time required for conventional flotation results in large floor space demands which limit the capacity of the plant.

Jan 1, 1981

By M. E. Holuszko

A research program has been carried out at the Mining Department of the University of British Columbia to study the effect of wettability of coal on its handleability and bulk density. The effect of moisture content on the bulk density of coal was found to be more pronounced for hydrophilic coals than for hydrophopbic ones. Altering wettability of coal surface leads to different effects of moisture on bulk density. The samples were studied at different fine fractions content, and it was shown that there was no effect of increased content of fines on the bulk density for hydrophobic coals, while for hydrophilic coals this effect was very significant. It was shown that the moisture content at which the lowest bulk density was reached coincides with the critical moisture content for studied samples, as determined from handleability tests using Durham Cone method. This critical moisture is the moisture content at which a sudden deterioration of coal handleability occurs. Based on the bulk density and handleability tests, the flow theory of moist coal is proposed.

Jan 1, 2006

By Yuemin Zhao

Pre-combustion cleaning of coal plays a key role in the process of efficient and clean utilization of coal resources. Recently, wet beneficiation of coal is predominant around the world. Nevertheless, wet beneficiation processes are limited by the increasingly serious problem of worldwide shortage of water, especially in China. Thus, it is imperative to develop efficient dry coal beneficiation techniques. Currently, several technologies such as air dense medium fluidized bed, compound dry cleaning and air jigging have successfully achieved high-efficiency separation of 50~6 mm coal. However, in recent years, a large amount of fine coal is generated as the mechanized mining technology has been progressively deployed in coal sector. Thus, it is necessary to develop efficient dry beneficiation techniques for fine coal. In recent years, many countries including China, India, Canada, Germen, and Australia have carried out many research works on fine coal dry beneficiation techniques. China University of Mining and Technology has carried out systematic researches on the introduction the vibrated energy to traditional air dense medium fluidized bed for fine coal beneficiation. This paper studied air dense medium vibrated fluidized beds (ADMVFB) for fine coal dry beneficiation. The experimental results show that the coal of <6 mm size can be beneficiated in an ADMVFB efficiently with the E value of 0.065~0.085, the separating density can be adjusted in the range of 1.45~2.2 g/cm3, and the lower limit of beneficiation can reach to 0.5 mm. Keywords: fine coal, air dense medium vibrated fluidized bed, coal separation, dry separation

Sep 1, 2012

By D. C. Hatch

At the MacIntyre Development of the Titanium Division of National Lead Company a magnetite-ilmenite ore together with gabbro-anorthosite waste is mined from an open pit by shovels and trucks. The ore from the pits is trucked to ore stockpiles for blending ahead of the crusher and to free the mine from crusher delivery schedules. The ore stockpiles are blended to yield a 16.5 to 17.0 % TiO, crusher feed. This requires mining on an assay cut-off rather than a visual grade cut-off. Highly mineralized ore runs from 20 plus % TiO2 and 30 plus % Fe to 15 % TiO2 and 40 plus % Fe as the ratio of ilmenite to magnetite changes. There are three major ore types in the present pit with magnetite ratios varying from about one to one up to three times as much magnetite as ilmenite. Ilmenite and magnetite together liberate from gangue down to about 10 mesh and this is the basis of the magnetic cobbing. Below 10 mesh the ilmenite and magnetite start to separate and ore cobbing pulleys will not hold the ilmenite.

Jan 1, 1968

A. L. BLOMFIELD, ? Colorado Springs, Colo. (written discussion?).¬I congratulate the author on bringing out a paper of real service to the profession. His contention of uniform size in balls is borne out by my own experience; in coarse crushing at the Golden Cycle in 6 by 6-ft. (1.8 by 1.8-m.) ball-mills we unquestionably gain by screening out the small balls once or twice a month. The point of gaging the ball size to be used by the uniformity of screen sizing is of particular interest. The necessity of sufficient return feed from classifier to the ball-mill is sound and clearly shown. In connection with this, I wish two further points had been gone into as thoroughly: (1) The effect of the quality of classification. In general, it is true that the smaller the per cent. of undersize in the feed the more effective is the mill&apos;s work. This is true on a bucking board, in tube-mills, ball-mills, and grinding pans. Given the possibility of returning. a full-feed load to any mill, it has been my experience that the effective work in the grinder is almost proportional to the quality of the return feed. (2) Again speaking generally, the shorter the tube-mill the greater is the quantity of return feed necessary to keep it loaded. The classification thus keeps the oversize in the mill more free from finished product and thus the crushing more efficient. It is very easy to overload any long mill with too much return

Jan 4, 1919

By E. J. Duggan

CLIMAX ore is an altered and highly silicified granite, about half of the gangue being quartz. Molybdenite is the only mineral recovered and most of it is intimately associated with the quartz in fine veinlets. Other minerals are molybdite, pyrite, and chalcopyrite. Although the molybdite may be readily extracted by hydrometallurgical methods, its content is too low to make this profitable. The pyrite ranges from 2 to 5 per cent and the chalcopyrite from 0.03 to 0.05 per cent. There is not enough copper to make its recovery attractive and one of the problems is its elimination, and that of pyrite iron, from the final product. On account of the high degree of dissemination of the molybdenite and the necessity of eliminating the iron and copper, fine-grinding followed by flotation is the only known feasible method of concentration. Two factors, peculiar to Climax ore, have a predominating influence on the metallurgical attack: (1) Molybdenite is one of the most easily floated minerals. High recoveries may be made with pine oil alone if the

Jan 1, 1946

By The Staff

THE object of the work was to increase the capacity of the plant and, if possible, to reduce costs of the actual unit grinding while doing so. The accompanying assays of an infra-sizer analysis of the cyanide tail (Table l) illustrate the problem in hand. The cyanide tail is a combination of two products, gangue and FeS2. The assay alters by virtue of a change in gold value due to grinding and the relative quantity of FeS2 in the sizes, which itself varies with the grind. The disposal tail is the residue after the cyanide tail is scavenged by flotation, most of the pyrite being removed for roasting. It presents a somewhat different problem, since grinding gangue is all gain, but -10 micron FeS2 does not float nearly as well as + 10 product. This results in compromise in the final size to be aimed at. Extra grinding has hardly any appreciable effect on the gold extraction from the FeS2. (See Milling Investigations Into the Ore as Occurring at the Lake Shore Mine; Trans. C.l.M.M., Vol. XXXIX, 1936).

Jan 1, 1940

By D. Hu, J. Xu, N. Liao, C. Wu, J. Ye

The vertical stirring mill’s fine grinding equipment is affected by the operating conditions during the grinding process. The grinding media has a great influence on the energy consumption and particle size distribution. This paper investigates the fine grinding performance of nano-ceramic balls and steel balls of the same weight for magnetite by a wet grinding process in a vertical stirring mill, where 15 mm nano-ceramic balls and 12 mm steel balls are used as grinding media to carry out batch grinding tests. We have observed that the newly qualified particle content of the nano-ceramic balls is higher than steel balls of the same weight at the same specific energy. The reason may be the advantage of a greater surface area and volume filling rate with the nano-ceramic balls. Moreover, the specific energy of nanoceramic balls is less than steel balls of the same weight under the same grinding fineness. In addition, energy efficiency indicates that the nano-ceramic ball has a higher energy efficiency than a steel ball of the same weight. This is due to the light bulk density of nano-ceramic balls. The application of a nanoceramic ball in a vertical stirring mill will improve iron ore grinding performance. Keywords: Steel balls, nano-ceramic balls, vertical stirring mills, fine grinding, particle size distribution, energy consumption

Jan 1, 2020

By A. G. Doll

"Many power-based grinding models exist, and most operators are familiar with Fred Bond's ""third theory"". Bond's model is most commonly used to describe primary and secondary grinding to product sizes above, for example, 100 µm. Operators sometimes use Bond's equation to describe grinding in situations where it is not appropriate, such as fine grinding below 50 µm. Using an alternative model would be a better choice in this situation.Bond's equation is one in a large family of models. Related equations better suited to fine grinding include the “signature plot”, Von Rittinger's model and Charles' equation. These models have a similar form to Bond's and can be fit to industrial regrind mills and laboratory tests using the simple regression tools in the charts of computer spreadsheets. Operators will find that fine grinding calculations are both easier and more accurate when using the alternative equations to fit their regrind milling surveys or when performing laboratory regrind mill scale-up for plant design.None of these models are new: Charles' equation was published in 1957 and Von Rittinger's model was proposed in 1867. A quick refresh how to apply these equations can turn these oddities from the undergraduate curriculum into useful tools for plant optimization. They can be fit to any type of mill including stirred and tumbling ball mills.IntroductionBuilding a case for fine grind modelling requires reviewing some theory before building a framework for doing fine grinding calculations. The actual calculation procedure recommended is easy and can be applied by plant metallurgists. Don’t be frightened by the theory; the end result is reasonably simple.The observation that mineral breakage is related to the absorption of energy is usually attributed to Von Rittinger (1867). Lynch and Rowland (2005) describe that the ability to empirical test and calibrate energy models of breakage didn’t exist until the widespread adoption of electric motors in the mining industry during the 1930’s and 1949’s. A series of technical papers published by the Allis Chalmers company during the 1940’s demonstrate that they were attempting to do such a calibration using Von Rittinger’s model which is usually stated as: “the energy consumed in the size reduction is proportional to the area of new surface produced.”"

Jan 1, 2017