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By S. M. Grillo, M. Fiori, R. Bornioli, C. Marini, S. Fadda

The Na-feldspar orebodies in Sardinia occur along structures belonging to a regional ENE-WSW system that developed during the late stages of the Hercynian orogeny, and that was reactived during the Alpine orogeny. The main petrographic facies include granitoids, albitized granitoids, albitites (more or less rich in quartz), and albitites containing Mg minerals. Field observations and petrological and geochemical data point toward a metasomatic origin for the albitite orebodies. Albitization involved depletion of K from K-feldspar and biotite, dissolution of free quartz, and a lowering of Sr/Na2O and CaO/Na2O ratios in the protolith, under conditions of a positive thermal gradient. The absence of later K-metasomatism implies that, during a subsequent decline in temperature, the composition of the albitizing fuids was modified by an influx of meteoric or other waters. Copyright © 1996 Canadian Institute of Mining, Metallurgy and Petroleum.

Jan 1, 1997

By David Williamson

In the post-World War II years, metals analysts and statisticians have tracked the demand for metals in line with changes in Organization of Economic Cooperation and Development (OECD) industrial production (IP) growth rates, Williamson said. This was because the correlation between IP growth and metal demand was reasonable. "However, the correlation was exaggerated," he said. During times of expanding IP growth, metal demand increased at a faster proportional rate than IP growth. This was probably due to industry restocking in anticipation of growing demand at the start of each economic cycle. Conversely, metal demand would slacken at a greater rate than would be suggested by negative IP growth as industry destocked to reduce costs. Nonetheless, he said, a reasonable correlation could be painted between IP growth over the longer term and metal demand. "Yet, although this correlation has stood well since the last world war, it has been based on the fact that the bulk of the world's IP growth stemmed from the industrialized countries of the western world, lately including Japan," Williamson said. The so-called "developing world" had been of little consequence. The Soviet Union and other communist bloc countries were deemed to be closed, self-contained entities that, for each metal, would either be net exporters or importers, he said. These quantities would be used by analysts to calculate the overall supply/demand equation for the western world only and to deduce whether a commodity was in shortage or surplus. It is now believed that this method of projecting total world supply and demand for raw materials is outdated, Williamson said. It does not take into account the worldwide political changes that have occurred since the collapse of communism and the revitalization of China. "It is no longer appropriate to assess global balances for raw materials on the basis of three economic blocs," he said, including the western world, developing world and communist bloc. Rather, global balances need to be projected on a global basis. In this regard, since the collapse of communism and the removal of many other totalitarian regimes, capitalist forces are attempting to satisfy the expectations of the great mass of the world's poorer people, Williamson said. Such people, usually located in Asia, Africa and Latin America, have aspired to the same standard of living as people living in western Europe, North America and Japan. "Now, with free market forces at work, their aspirations will start to be met." Consequently, the demand for metals and other raw materials will now rise at a much faster rate. The production of raw materials has to keep pace with rising IP in the developed world. It will also have to keep pace with the demands associated with the rising expectations of increasing populations in the developing world, as well as from within the old communist bloc countries.

Jan 1, 1997

By M. J. Fairweather

"The nature of minor element values and impurities are important both in the assessment of new properties and in the continuing improvement of operating plants. Impurity elements are frequently present as fixed solid solution impurities in association with the constituent minerals of a deposit or process streams in a concentrator. This paper uses five case studies to illustrate the application of simple regression analysis to the evaluation of minor element distribution in both operating mines and new deposits using analytical information readily available. This information maybe used to determine opportunities for improvements to the performance of an operating mine, to the economic assessment of anew deposit, or to the subsequent planning of an experimental study.IntroductionThe nature of minor element values and impurities are important, both in the assessment of new properties and in the continuing improvement of operating plants. Minor element values often contribute appreciable incremental revenue to a complex base metal deposit. Examples of valuable elements include precious metals, but may also include elements such as indium and bismuth which can be recovered at a profit by smelters provided with the necessary recovery circuits. During preliminary metallurgical studies of a new property there is usually a strong incentive to maximize the recovery of such valuable by-product elements. For example, the extent to which the by-product gold in a porphyry copper deposit is associated with chalcopyrite rather than pyrite may determine theeconomics of developing a new property.The nature of impurity elements in base metal concentrates is correspondingly important in minimizing the penalties which may be imposed by smelters in the treatment of such concentrates. Penalty elements include silica, dolomite (magnesia), arsenic, antimony, mercury, nickel and cobalt. The mineralogical association of these minor elements determines the ability of the mine to remove them in the concentrating process. This paper discusses means of assessing the mineralogical nature of such impurities without the use of sophisticated micro-analytical techniques."

Jan 1, 1997

By E. Ilgar

"Deposition studies were conducted in acid copper electrolyte to determine the influence of chloride ions on cathode morphology. A statistically designed screening test was carried out in the absence and presence of 20 ppm CI- using a three factor, two level factorial design, in an electrolyte containing 36 gl'! Cu2+ and 150 gl-! H2S04, The independent variables evaluated were agitation; current density and temperature and their influence on surface roughness was determined. The copper deposited at current densities where activation was the primary control mechanism appeared similar in morphology whether stirring was used or not. The addition of 20 ppm CI- to the electrolyte gave rougher deposits under the same conditions. In the mixed control regions, considerably rougher, dendritic deposits were obtained when CI- was present. Agitation was effective in reducing the copper surface roughness both in the apparent activation and mixed control regions in the presence ofCI-. The results of this study showed that 20 ppm Cl- polarized the copper deposition at low overpotentials but caused depolarization at higher overpotentials.IntroductionChloride ion is inherently present in copper electrolyte, either as an additive or from other sources such as make up water. The behavior of the chloride ion is well documented in electrorefining operations, but its role in copper winning is less obvious. However in both cases there is evidence that cathode growth and solution chemistry are strongly influenced by its presence. The mechanism and electrochemical action of the Cl"" have been shown to be very complex, therefore a better understanding of its influence on electrocrystallization is essential for improved cathode deposit growth control. It was proposed that Cl"" polarizes the copper deposition reaction at low concentrations due to CuCI formation but depolarization occurs at higher concentrations due to the formation of a soluble CuCI2"" complex [1,2]. Franklin [3] reviewed the mechanism of additives in the electrodeposition process and proposed that the Cl"" complexed with copper, adsorbed on the cathode as an induced anion leading to an increase in the reduction rate. At cathodic overpotentials less than 100 mY, lppm NaCl had a polarizing effect, i.e. an increase in impedance of the charge transfer step. At higher Cl"" concentrations up to 100 ppm, depolarization occurred as evidenced by a decrease in impedance, which was attributed to soluble cuprous complexes [4]."

Jan 1, 1997

By V. S. Sastri, M. Elboujdaïni

"Corrosion rates of silicon brasses, highzinc yellow brass, low-zinc yellow brass, leadedtin bronze and silicon bronzes in both permanent-mold and sand-cast conditions were determined in soft water of pH 3, 5 and 8, and hard water of pH 8 at 70°C by electrochemical polarization technique. The alloys in permanent- mold condition showed greater corrosion resistance than sand-cast condition. Corrosion rates obtained from weight loss measurements showed no observable trend of a difference between permanent-mold and sand-cast alloys.The corrosion rates decreased with increasing pH of the medium. Silicon bronze and silicon brass showed high corrosion resistance while leaded-tin bronze showed the least resistance. Addition of small amounts of aluminum improved the corrosion resistance of silicon bronzes and silicon brasses. Alloys in permanent- mold condition showed greater resistance to dezincification than sand-cast alloys when average pit depth parameter is considered."

Jan 1, 1997

By James E. Hoffmann

This paper briefly reviews the conventional technologies employed for the treatment of copper refinery electrolyte bleed. The strength and weaknesses of conventional practice will be reviewed and a number of process options to address the weaknesses of present process technology will be described and evaluated. The effect of process selection upon energy consumption and the environmental aspects of process effluent control will be discussed.

Jan 1, 1997

By V. de Macedo Torres

There are technical and commercial limitations on using high fluorine copper concentrates in industrial copper smelters. The presence of more than 1000 ppm of fluorine in copper concentrates affects the sulfuric acid units generally integrated to copper smelters, and penalties are normally applied to high fluorine concentrate prices. Several process alternatives to this issue were studied at CVRD Technology Center (SUTEC): modifications on conventional sulfuric acid plants to use high fluorine concentrates, removal of fluorine containing minerals in flotation using depressants, selective leaching of fluorine minerals and sulfuric leach of copper concentrates. Finally, a hydrometallurgical process of removing fluorine was developed by SUTEC.

Jan 1, 1997

By Arthur P. Chase

The Tacubaya subway tunnels form a link in the Sistema de Transporte Colectivo (Mass Transit System) of the Federal District of Mexico. One tunnel 327 m long lies to the north of Tacubaya Station, the other 811 m long, to the south. The tunnels are designed to accommodate two subway trains, one inbound and one outbound, within the inside diameter of 8.5 m. The designers of the tunnel lining and tunnel driving equipment were faced with the problem of driving two subway tunnels 9.0 m outside diameter through water-bearing soil, directly beneath a high speed limited access highway, a main drainage sewer, structures including residences and office buildings, on an alignment curved for 67 per cent of tunnel length, and on grades as high as 7 per cent, within a limited budget, with minimum damage to property and disruption to the community. Planning The following decisions affecting tunnel design and construction were made at an early stage of planning: Shield. To enhance safety, a tunnel shield would be used for tunnel driving. Dewatering. The water-bearing soil could be effectively dewatered; consequently, tunnel driving could be performed in free air. Hand Mining. To minimize investment in equipment, hand mining would be used to excavate and support the face.

Jan 1, 1997

By A. D. Davis, C. J. Webb, A. Heriba

Introduction The disposal of spent ore from cyanide heap-leach processing facilities is of concern to the mining industry, the regulatory agencies and the general public. The disposal of an additional several hundred million tons of spent ore from heap-leaching operations is planned in the western United States during the next decade, and this amount could increase if gold prices rise. In the past decade, more than fifteen million tons of spent ore have been disposed of in the Black Hills of South Dakota. The criterion for offloading spent ore was set by the South Dakota Department of Environment and Natural Resources at 0.5 ppm weak acid dissociable (WAD) cyanide. South Dakota's nitrate offloading limits vary for each mine, depending on ore type and other factors. Concentrations of nitrate in the leachate from spent ore depositories could be the result of conversion from other nitrogen-containing species. One likely source of nitrate is residual explosives from the blasting of ore. Previous work on the combustion products of nitrogen explosives has shown incomplete oxidation (Johansson and Persson, 1970). Another likely nitrate source is the degradation of cyanide to ammonia, followed by oxidation to nitrite and nitrate. A third possibility may be leaching of background nitrate from soil or rock. Objective The primary objective of this research was to investigate laboratory procedures for predicting nitrate concentrations in effluent after the disposal of spent ore at heap-leach gold processing operations. Laboratory tests were performed to define the concentrations of nitrate and nitrite in leachate as a function of time. Sources and species conversions were examined by investigating the nitrogen contributions from cyanide neutralization and from blasting with ammonium nitrate/fuel-oil (ANFO) explosives. Ore processing at cyanide heap-leach facilities Gold mines in the northern Black Hills of South Dakota normally use the following steps in their heap-leach cyanidation processing: Blasting. Surface gold mines in the Black Hills use ANFO explosives (approximately 95% ammonium nitrate and 5% fuel oil). Field evidence and studies show that explosives often fail to ignite or burn completely in shot holes. One reason is that ammonium nitrate absorbs moisture readily, which reduces blast efficiency. Ferguson and Leask (1988) cited a study conducted at the Fording coal mine in southeastern British Columbia. In that study, the total nitrogen released to surface and ground water was estimated to be about 6% of the slurry explosives. However, Ferguson and Leask (1988), in a later analysis of water quality near coal mines in the Kootenay coal fields, indicated that this is likely an overestimate of the nitrogen release. Mines that used ANFO explosives in dry conditions released 0.2% of the nitrogen from blasting. Cyanidation. At surface gold mines in the northern Black Hills, cyanide species from heap leaching can be classified into free cyanides and simple ions, weak complexes, moderately strong complexes and strong complexes (Scott and Ingles, 1981). Degradation of cyanide and disposal of spent ore. Methods of destroying cyanides include hydrogen peroxide oxidation, natural degradation and evaporation, water leaching and alkaline chlorination. Hydrogen peroxide is used to oxidize cyanides in the northern Black Hills mining area. The hydrogen peroxide oxidation reaction forms cyanate, which can hydrolyze to form ammonium and carbonate ions. After formation of ammonia or ammonium ion, further oxidation to nitrite (NO2-) and nitrate (NO3-) can occur. Spent tailings from gold processing in the Black Hills normally are disposed of in tailings facilities constructed in nearby drainages. Infiltrating rainwater with a typical pH of about 5.6 is an additional component introduced into the spent ore after disposal. Methods Field sample collection. Spent ore samples were collected from conveyor belts (or other convenient points) at heap-leach mines by personnel from the South Dakota Department of Environment and Natural Resources. The samples were placed in black plastic bags that were contained within 5-gal buckets and sealed to prevent exposure to ultraviolet light. The samples had a minimum head space to limit evaporation and contact

Jan 1, 1997

By A. Flemming

"As the next century draws near, new mine properties must be brought into production to replace existing operations that are approaching their economic life. This paper presents some of the critical technical issues being addressed by Manalta Coal Ltd. as they strive to bring the Telkwa Coal Project near Smithers, BC into production during the year 2000. The mine is planned to produce between 1.0 to 1.5 million tonnes per year of medium volatile coal for export to overseas thermal and PCI markets. IntroductionManalta Coal Ltd. (Manalta) is proposing the development and operation of a surface coal mine and associated infrastructure approximately six kilometres southwest of the village of Telkwa, British Columbia (Fig. 1). The infrastructure consists of a coal washing facility, tailings disposal area, clean coal haul road, access road and rail loadout facility. Over a 25-year period, the mine is expected to produce between 25 and 37 million clean tonnes of coal primarily for the export market.To achieve public and governmental approval for the development, the project will be reviewed under British Columbia’s Environmental Assessment Act. Manalta entered the formal Assessment process in February 1, 1997 with the submission of an Application for a Project Approval Certificate for the Telkwa Coal Project."

Jan 1, 1997

By R. C. Hubli

A chemical model has been developed to investigate the dissolution of sulphide minerals in brine solutions containing copper and iron chlorides. The model has been employed to study the dissolution .of synthetic NiS using different initial concentrations of Cu(II), Cu(I), Fe(III) and temperature. The speciation of copper with particular reference to the formation of hydroxy-chlorides as a function of total chloride and H+ has been computed. The model predictions are in agreement with experimental results. It has been found that addition of Fe(III) results in the maintenance of a high Cu(II)/Cu(I) ratio leading to enhanced rates of dissolution and suppresses the loss of Cu(II) due to the formation of hydroxyl-complexes.

Jan 1, 1997

By M. Suzuki, M. Dobashi, M. Kahata, T. Yoshida

Almost 30% of steel in Japan is produced by electric arc furnace (EAF) treatment of iron scrap. EAF dust includes approximately 20 wt % of Zn and 3- 5 wt % of CI and is treated by the pyrometallurgical processes to recover Zn as Zn oxide. Direct hydrometallurgical processing is one of the most effective methods to recover high purity Zn. In this case, CI in the EAF dust is dissolved in the liquid phase by leaching, and the CI anion in electrolyte attacks anodes which are commonly made of a lead base alloy. Several processes have been proposed to remove CI anions from acidic sulfate solution. In this study, an electrolytic process was examined to eliminate CI anions from Zn sulfate electrolyte. From our study it can be said that the elimination rate of CI anion depends on the anode material ( i.e., the elimination rate is Pb-Ag alloy == Pb > DSE== Pt). In industrial Zn electrowinning process, the electrolyte contains Mn, which means the influence of Mn should be considered in the elimination of Cl. Mn dioxide deposition on an anode plate reduces the efficiency of CI removal. A periodical reverse current electrolytic system was examined to prevent this efficiency decrease, and deposited Mn dioxide could be removed very rapidly when the current is reversed. More than 95% of CI anion could be removed by this method in a shorter period than direct current method.

Jan 1, 1997

By T. Acton

The Zarafshan/Newmont Joint Venture is currently operating in the Republic of Uzbekistan producing in excess of 400,000 oz. of gold per year from low grade oxide ore stockpiles adjacent to the Muruntau open pit gold mine located in the Kyzylkum desert of central Uzbekistan. Four stage crushing and screening produces a final product for heap leaching, Merrill-Crowe processing, and local refining for International market export. The Zarafshan/Newmont Joint Venture is the first major commercial project of its kind in the former Soviet Union to be successfully negotiated, engineered & constructed, and placed into continuous operation,

Jan 1, 1997

By D. C. Peck, H. D. M. Cameron, N. M. Halden, L. S. Jobin-Bevans

Abstract-The late Archean Pipestone Lake anorthosite complex (PLAC) is a 0.9 x 17 km sill-like layered intrusion that is part of a suite of coeval megacrystic anorthosite bodies in the Cross Lake region, northwestern Superior Province. Exploration for Ti-V-Fe oxide mineralization and concurrent geological investigations have contributed to a greater understanding of the lithostratigraphy of the PLAC and its oxide mineralization. Mapping and drill core studies have established a laterally continuous igneous stratigraphy comprising six leucogabbro/anorthosite zones and three melagabbro/gabbro zones. Field evidence, including disrupted blocks of layered units, scour contacts, and size-graded and modally-graded layering, suggests younging towards both the northern and the central parts of the complex. A decrease in the anorthite content of the feldspars from An75 in the south to An30 in the north suggests that the magmas become more evolved to the north. Macrorhythmic layering and gross morphological features suggest that the PLAC crystallized from four major influxes of geochemically similar basaltic magmas. The paucity of magmatic erosional features in the PLAC indicates that layering developed in a relatively static magma chamber, so that in-situ crystallization processes are required to account for the observed petrologic diversity. Drilling has confirmed that a significant Ti- V-Fe resource is contained in two of the four discrete mineralized subzones in the PLAC. Textural evidence and the stratiform nature of the oxide-enriched subzones are consistent with a magmatic origin for the oxide mineralization.

Jan 1, 1997

This Workshop was held at the Doubletree Inn, Seattle, Washington from September 26 to 28, 1997. Run under the auspices of the Deep Foundations Institute (DFI), it was co-funded by the newly formed Japanese Association of Micropiles (JAMP), and the Federal Highway Administration (FHWA). The Workshop was jointly organized and facilitated by Fujita Research Corporation and ECO Geosystems, Inc., with close support by Donald B. Murphy Contractors, Inc. DFI kindly consented to publish these Proceedings. As is clear from the list of attendees, 42 specially invited engineers from all aspects of micropile technology were present, representing Japanese, European and American practice. This proved to be a most friendly and interactive group of people, who freely exchanged ideas, views and close comradeship, not only during the technical sessions, but (and especially!) during the numerous social events. Perhaps the best illustration of this came in Day 2 when the attendees were divided into five competing teams, each comprising representatives from the different geographic groupings. These teams had to quickly devise solutions to two technical problems (using standard data previously provided. A team of "referees" (who also acted as "coaches") later determined the most apposite response, based on constructability design concept, cost, schedule and so on. Not only were the winning team very liberal in distributing the prize (vintage California champagne) among themselves, but the whole Workshop soon benefited from their generous division of the spoils of victory.

Jan 1, 1997

The implementation of NAFTA in January 1994 was expected to have small but beneficial effects on the Mexican economy, mostly through increased investments. Mexico's mining industry was especially likely to benefit, as mineral investment funds would be diverted to the now safer Mexico and away from similarly endowed but more risky Latin American mineral economies. The results during the past two years have shown that it is government and macroeconomic factors that influence investment flows, rather than the fine tuning of trade flows through so called 'free-trade" agreements.

Jan 1, 1997

By Alan Rice

The mechanism by which stratiform ore deposits of PGE (platinum-group elements) are laid down in ultrama?c igneous complexes is not completely clear. Early studies by the author and coworkers on numerical analyses of the convective cooling of low-Rayleigh-number magma chambers examined the effect of suspended crystal load on ?uid density, and raised the possibility that the growth of the suspended crystal load during cooling could split a magma chamber into several convecting layers. The lower layers would have a higher content of refractory phases than the upper layers, which would consist of more evolved melt. This paper considers numerical modelling, as well as theoretical and experimental work in other ?elds dealing with suspended loads in ?uids. The calculations, which are based on the physics of convecting magmas, yield quantitative relationships consistent with the observation that economically interesting stratiform PGE deposits are restricted to large magma bodies, and also yield estimation of the depth in a magma chamber at which certain grades of mineralization may occur.

Jan 1, 1997

Jan 1, 1997

By Lawrence D. Meinert

Most large skarn deposits are zoned in both space and time relative to associated intrusions. Zonation occurs on scales from kilometers to micrometers, and re?ects in?ltrative ?uid ?ow, wall rock reaction, temperature variations, and ?uid mixing. The most spectacular examples of skarn zonationusually occur at the skarn-marble contact, where transitions between monomineralic bands can be knifesharp. Other small-scale examples occur in zoned veins and individual mineral crystals. Although,visually striking and scienti?cally interesting, in mineral exploration these small-scale variations areless useful than deposit- or district-scale zonation. In most skarn systems there is a general zonationpattern of proximal garnet, distal pyroxene, and vesuvianite (or a pyroxenoid such as wollastonite, bustamite, or rhodonite) at the marble front. As well, individual skarn minerals may display systematic color or compositional variations within the larger zonation pattern. Such patterns are reviewed for 14well-studied examples of Cu, W, Sn, Au, and Zn-Pb skarns. In addition, many deposits have endoskarnor other alteration of the associated intrusion, and recrystallization or other subtle changes have occurred in the surrounding wall rocks. Copper skarns, such as Mines Gaspé in Quebec and Big Gos-san in Irian Jaya, have high ratios of garnet:pyroxene and are zoned outward from the intrusion, to gar-net, to pyroxene, to massive-sul?de replacement and vein deposits. Garnets in Cu skarn are Fe-rich and change from dark red-brown near the intrusive contact to paler brown, green, or yellow in distal loca-tions. Pyroxenes in Cu skarns are pale and diopsidic near the intrusion, and become darker and more Fe- and Mn-rich away from the intrusion. Tungsten skarns, such as Salau and Costabonne in France and Pine Creek and Garnet Dike in California, have intermediate ratios of garnet: pyroxene, are more extensive vertically and along strike than perpendicular to the intrusive contact, and have zonation pat-terns commonly complicated by overprinting of metamorphic lithologies. In W skarns, garnet is com-monly subcalcic and the pyroxene is Fe-rich, re?ecting particularly reducing wall rocks or great depth of formation. Tin skarns, such as Dachang in China and Moina in Australia, also can have subcalcicgarnet and Fe-rich pyroxene, but this reduced mineral assemblage typically is due to an association with reduced S-type granites. Tin skarns differ from most other skarn types in having a late greisens stage that may replace earlier Sn-bearing calc-silicate minerals, thus liberating Sn to form cassiterite.Many high-grade Au skarns, such as Hedley in British Columbia and Fortitude in Nevada, have low ratios of garnet: pyroxene and are associated both with reduced plutons and reduced wall rocks. Gold-rich zones occur in Fe-rich, pyroxene-dominant, distal skarn. Zn-Pb skarns, such as the Yeonhwa-Ulchin district in Korea and Groundhog in New Mexico, have low ratios of garnet: pyroxene and generally form distal to associated intrusions. These skarns also are zoned from proximal garnet to distal pyroxene and pyroxenoid (bustamite-rhodonite), with signi?cant zones of massive sul?des within and beyond skarn. Manganese enrichment of most mineral phases, particularly pyroxene, is characteristic of distal zones. Fundamental controls on skarn zonation include temperature, depth of formation, composition and oxidation state of associated plutons and wall rocks, and tectonic setting. Most W skarns form at relatively great depth, 5 km to 20 km, with extensive high-temperature metamorphic and meta-somatic mineral assemblages. In contrast, most other skarn types are relatively shallow, <10 km and mostly <5 km, with limited, lower temperature metamorphic aureoles. Differences in oxidation state correlate well with different skarn zonation patterns, particularly garnet: pyroxene ratios and compositions, and can be used in both classi?cation of and exploration for skarn deposits

Jan 1, 1997

By D. K. Dysinger

Capital resource budgeting is the means by which managers of publicly held companies fulfill their fiduciary responsibility to maximize the wealth of stockholders. Managers maximize shareholder wealth by allocating investment capital to the most productive of competing alternative projects in a manner that maximizes the net present value of the firm&apos;s future cash flow. The techniques of cash flow analysis are the primary tools available for selecting a corporate portfolio of projects that meets or exceeds the rate of return expected by shareholders. The reliability of cash flow analysis hinges on the ability of managers to forecast the future values of individual components. The accuracy and reliability of forecasting determine the soundness of capital investment decisions and, ultimately, determine the value of the firm. The present paper will explore tools for forecasting the spot market price of a commodity, silver, to demonstrate the difficulty and uncertainty involved in forecasting the future. The commodity price is only one of a number of components of the cash flow equation. Each component has a unique and uncertain future and must be individually analyzed and forecast to arrive at a robust cash flow model.

Jan 1, 1997