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By C. Musingwini, A. S. Nhleko

"Since the Global Financial Crisis (GFC) in mid-2008, capital has been more difficult to access. Mining projects must contend with projects from other industries for scarce capital. A decision to invest available capital in mineral projects requires that valuation be conducted to assess the expected return on the projects. The discounted cash flow (DCF) analysis is generally applied for the valuation of mining projects, whereby future cash flows are discounted to present value using an appropriate discount rate. The discount rate significantly affects the outcome of a valuation. Economic and finance theory provides tools to calculate discount rates. The discount rate must account for factors such as the risk and stage of development of the mineral project; hence the appropriate discount rate to utilize in a project is often a subject of debate.The discount rate is the weighted sum of the cost of debt and equity. There are several methods for determining the cost of equity. This study considers the commonly applied Capital Asset Pricing Model (CAPM) and Gordon’s Wealth Growth Model because of their simplicity and availability of parameters required to estimate the cost of equity. This study explores how differences in the cost of equity obtained by these two methods can be explained for a mining environment. Data for empirical analysis were collected from the I-Net Bridge, McGregor BFA, and Bloomberg databases. It was found that Gordon’s Wealth Growth Model provides better estimates of the cost of equity compared to the CAPM under depressed market conditions. Therefore, this research recommends that Gordon’s Wealth Growth Model be used to estimate the discount rates for mining projects during periods of depressed market conditions."

Jan 1, 2016

By Chas. F. Jackson

The mining literature is replete with descriptions of methods and costs of operation at producing mines. To day the mine manager can find published information bearing upon almost any problem with which he may be faced. From this literature he can familiarize himself with methods employed by otter operators for coping with problems similar to his own, under more or less parallel conditions. Transaction of mining societies, publications of the U. S. Bureau of Mines, technical journals, and handbooks all afford valuable information dealing with operating methods and costs, Very little has been published, however, regarding methods and costs of equipping and developing new properties and bringing them to tae productive stage. There may be some question in the minds of many as to the value of papers on this subject, due to the great variety of conditions encountered. No two prospects are alike. Obviously, it is impossible to forecast what expenditure will be required to develop a mine from a raw prospect or even to predict whether the prospect can be developed into a productive mine.

Jan 1, 1933

By Alex Olivas

El presente trabajo señala la tecnología de control e información aplicada a las zonas donde se han instalado diversos equipos de medición y control de una planta de almacenamiento, los cuales están interconectados con un PLC central mediante una red LAN y de bus de campo. Asímismo, se definen dichas zonas y se detalla donde sea pertinente las soluciones en las que se empleó la tecnología de control e información.

Aug 25, 2002

By J Pric, M Fulton, C Xia

A cyanidation study was conducted on a mild refractory gold ore sample from the Central zone of Clarence Stream Property, owned by Freewest Resources Canada, to develop a leaching strategy to extract gold. Gold, at a grade of 8.00 g/t, is present as native gold, electrum and aurostibite. The ore also contains 2.8 per cent pyrrhotite, together with several antimony minerals (0.8 per cent berthierite and gudmundite, 0.18 per cent native antimony and stibnite). It also exhibits weak preg-robbing properties with 0.16 per cent organic carbon. Aurostibite, a gold antimony compound, is particularly known to be insoluble in cyanide solution. The antimony dissolves in cyanide solution to form antimonates, which retards gold dissolution. Industrial practice of extracting gold from aurostibite generally consists of producing a flotation concentrate, which is leached in a pipe reactor at low alkalinity and high oxygen pressure with about 20 g/L cyanide. The proposed new approach is efficient and allows the extraction of gold directly from an ore at atmospheric pressure and a low cyanide concentration at pH 10.5. The effects of grinding, pretreatment, lead nitrate, kerosene and cyanide concentrations have been investigated. The maximum gold extraction obtained on the ore was 87.9 per cent using 800 ppm NaCN, 500 g/t lead nitrate, 30 g/t kerosene, DO 10 ppm and pH 10.5 in 168 hours. The associated cyanide consumption was 1.3 kg/t. The additions of lead nitrate and kerosene increased gold extraction. In comparison to a P80 of 74 ¦m, a P80 of 30 ¦m significantly increased gold extraction. Gold in solid solution in gudmundite and arsenopyrite was believed to be responsible for the unleached fraction until mineralogical analysis of hydroseparation concentrates of leach residues showed that most of the unleached gold occurs as aurostibite, either as locked grains in sulfides/sulfarsenides or as grains with passivation rims of an Au-Sb-O phase. Coarse gold was also found. Gold extraction was not sensitive to cyanide concentration from 250 ppm to 1200 ppm NaCN and high pH was detrimental. Decreasing the cyanide concentration reduced the cyanide consumption to 0.85 kg/t. The removal of coarse gold using a Knelson concentrator and a Mosley table prior to leaching increased the gold extraction to 90.4 per cent (leach residue at 0.77 g/t).

Jan 1, 2007

As it is my opinion that deep alluvial mining in Victoria and in the Murray Flats in New South Wales is practically in its infancy, and considering that we, the old school of alluvial miners, who have thirty or forty years' experience to guide us, must in the natural order of things hand over the management of our mine, to the younger and less experienced' generation of miners, I thought that as our Association has been formed for the purpose of disseminating information and the exchange of ideas, a few notes on the practical working of alluvial mines might be of some service to aspirants for the position of mining manager.The greatest difficulty the alluvial miner has to contend against is the immense quantity of water contained in the drifts overlying the wash in the gutters or ancient river beds, and to cope with this water successfully and economically is the point to be aimed at by our mining managers; and if they thoroughly understand this part of their business in all its details, they will not only win kudos for themselves, but will be the means of saving large sums of money to the companies they represent, and, in many instances, will make a success of a venture which otherwise might be stopped for want of funds before it is properly proved. At the present time, although we have had over forty years' experience indraining the deep leads of the colony, I regret to say that a large amount of ignorance still prevails amongst both directors and managers.

Jan 1, 1901

By B. C. Alberts

Planning the use of South Africa's energy resources, especially coal, is of the utmost importance. The State and the mining industry require reliable official estimates of the economically mineable coal reserves for planning purposes. An overview of al the previous reserve estimates is given, with specific attention to the two most recent estimates-those of Petrick and De Jager. The differences between these two estimates are highlighted. The following important aspects are discussed: . the need to update the information regarding South Africa's mineable coal reserves, . the necessity of understanding and agreement between the coal-mining industry and the State department responsible for updating the coal-reserve data, and . the importance of the specific assumptions used in the updating of the data. A downward adjustment of mineable reserve figures is proposed, and the factors that influence the meaningful exploitation of the coal reserves are discussed. A recommendation is made as to how the Waterberg coal reserve should be exploited, and it is concluded that the Soutpansberg Coalfield cannot be exploited economically in the foreseeable future. An evaluation of the status of the coal-export trade is made and compared with the assumptions and targets set at the start of the coal-exportation scheme. The comparison shows the extent to which the exploitation of the coal reserves is being negatively influenced by the current market situation. Recommendations are made regarding planning for the coal-export market, and the aspects that have to be taken into account to keep South Africa in the export market are identified. Reference is made to the fact that the present unrestrained wage and salary adjustments, which show a total disregard of South Africa's poor productivity record, require serious thought and speedy rectification if the country is to survive in the export market. A salary and wage strategy must be developed to suit the specific needs of the Republic of South Africa.

Jan 1, 1987

By Tim Hughes, A. H. (Sandy) Gray, Jennifer Abols

"The selective recovery of gold and silver from solutions containing other metals such as copper is possible using AuRIX®100 resin in conjunction with the Gekko Resin Column. Selectivity is driven by controlling the solution pH, which enables activities such as loading copper, gold and silver and then selectively stripping copper before gold and silver. Alternatively gold and silver can be loaded and the copper left in solution. The selective loading of gold while reducing the silver loading has also been demonstrated opening the possibility of producing high grade gold doré from high grade silver pregnant leach solutions. This paper reviews the AuRIX®100 resin and Gekko Resin Column Technologies, discusses the uses of AuRIX®100 in the recovery of gold and silver and the chemistry relating to several projects for which AuRIX®100 is being tested.INTRODUCTIONGekko SystemsGekko Systems specializes in the design, development and distribution of innovative mineral processing equipment and systems with a particular focus on gravity separation for the gold and diamond industries. The company, which has been around since 1996, has five main products: the InLine Pressure Jig, the InLine Spinner, the InLine Leach Reactor (ILR), Gekko Resin Column and Modular Systems.The InLine Leach Reactor is an intensive cyanidation reactor that uses high cyanide (0.5 – 2 % NaCN) and high oxidant (20 ppm dissolved oxygen as O2 or hydrogen peroxide) to dissolve gold from medium and high-grade gravity or flotation concentrates. The ILR, which typically replaces a shaking table in the gold room, is available in both batch and continuous models. There are 42 installations worldwide. Further details on this technology can be found in papers written by Gray et al (2003) and Longley, McCallum and Katsikaros (2003). By replacing a shaking table with an ILR, the overall gravity and plant recoveries can be increased significantly. Other advantages include reduced security risks, lower operating costs, reduced operator involvement due to the automatic process and increased safety for gold room operators."

Jan 1, 2006

By F. A. Penning

An experimental and analytical investigation was conducted on a recoverable pit bottom buffer. Work was conducted at the Colorado School of Mines using the U.S. Bureau of Mine-s free fall test tower. The four-sided butter, one of several designs by Cable Belt Ltd., was constructed of reinforced rubber slabs. The kinetic energy of falling weights, 1670 to 6000 lb, was absorbed by the flexure of rubber slabs loaded along their edge. A series of constant energy, 3000 ft-lb and maximum design velocity, 600 fpm tests were conducted. Static testing of the buffer established the load-deformation behavior. A large hysteresis loop plotted above and below the data published by the manufacturer. Creep was evident during; the loading Lend unloading cycle. Electronic instrumentation measured deceleration using your accelerometers; overall and intermediate movement was found from four displacement transducers; bending strains were recorded at four locations; and base reactions were measured by using four load cells. Data were recorded on tape and played back on a recording oscillograph. High speed movies were taken of all the tests. Symmetry of response and rebounds, when they occurred, were noted. From the displacement-time and load-time data, maximum decelerations were calculated by four methods and different assumptions. Good agreement was found from these approaches. Impact loads ranged from a low of 0.7 to a high of 6.1 gs. A dynamic computer model was written for the response of the buffer. Displacement-time, and acceleration-time plots show close correspondence with experimental data for the ten experiments. Data from accelerometers, displacement transducers, strain gages, and load cells are included. The computer program listing, and displacement-time acceleration-time plots are also presented.

Jan 1, 1980

By William H. Schiffbauer

The Bureau of Mines is conducting research that is aimed at making the mining industry more efficient in term of both productivity and the health and safety of the worker. As part of this research the Bureau of Mines has integrated a testbed composed of computer and related peripheral hardware to form an intelligent base for performing autonomous mining machine experiments. Although this particular application was con- figured for use on a Joy 16 CM mining machine, its generic structure facilitates its attachment to a variety of mining machine types. The multitasking multiuser computer can be set up for other applications by changing a bubble memory cartridge. The Joy 16 CM implementation includes 96 digital input-output (1-0) ports, 32 analog inputs, 8 analog outputs, 2 serial data channels, and 1 printer port. Operation of the machine can be performed either through a local terminal or remotely through a modem hookup. This report describes a testbed for autonomous mining machine experiments (TAMME)--its hardware, software, and complete system integration--so that it can be used as a foundation for other applications.

Jan 1, 1988

By P J. Dailey, S L. Burchell, R F. Chiappetta

In recent years, high-speed motion picture photography has become a powerful diagnostic tool and technique to study, analyze, evaluate, and aid in blast designs. Production blasting, typically lasting less than two seconds, requires an extended time base for observation and clarification of short-lived phenomena. Information obtained from high-speed photographic analysis is categorized into two main groups.

Jan 1, 1989

By Richard E. Danell

"Blasting is a principal step in the surface mining process for breaking and, in the case of overburdencasting, moving rocks and minerals. As many surface mines are coming to the end of theiroperational life, blasting can once again play an important role through the earthmoving operationsrequired to rehabilitate the minesite. Since blasting is such an energetic and destructive process, itis difficult initially to envisage its use in rehabilitation. However, blasting has found applications inmany civil engineering projects aimed at rehabilitation, including well digging, channelling and soilcompaction. For surface mine rehabilitation, the main purpose of earthmoving operations is toproduce a stable landfonn that will sustain revegetation. In particular, blasting can be applied toreducing the slope of steep walls left by quarrying and open pit mining through a modified form ofthe overburden casting technique. Blasting can also be applied to breaking up pit floors andbenches to speed and improve revegetation of these areas (subsoiling)."

Jan 1, 1994

By A. J. Van Der Merwe, J. F. Erasmus

One of the valuation approaches applied to Advanced Exploration Areas and Pre-Development Projects is the so-called ?in situ Mineralization Method? or the ?Yardstick Method?. This method is based on the concept of a known undeveloped Mineral Resource being worth a certain fraction (the ?Yardstick?) of the contained commodity value (?metal in ground?), using commodity prices ruling at the date of valuation. The Yardstick value is derived usually from an average market-based figure obtained from an analysis of recent transactions and is expressed as a monetary value per ounce or per tonne. It maybe modified to accommodate the quality (e.g. grade) and category (e.g. confidence level) of the Mineral Resource/Reserve involved and the time, effort and expenditure expected to be involved in bringing the project to fruition. Some eighteen recent and relevant transactions were analysed, allowing the following general conclusions to be reached: ? a Yardstick with which to value undeveloped PGE mineral resources is likely to range between 0.5% and 2.5% of the in-ground contained metal value ? the expected method of mining (especially with regard to mining costs) and the grade of the mineralization both have a strong influence on the Yardstick ? the status (classification) of the Mineral Resource has some influence on the Yardstick and ? the ruling price of platinum and the regional location of the deposit appear to have insignificant influences on the Yardstick.

Jan 1, 2006

By Frederic Dewey

(New York Meeting, February, 1913) This old and well-known method of determining, silver is, in bullion work, so far superior to the furnace-assay that it is looked upon with reverential awe by many, if not by most, users, and its-ease of execution, with proper equipment, commends it highly where much commercial bullion work on silver is required. The method is so thoroughly well known that a, description of it here may seem to be unnecessary, but many thousands of determinations are annually made by it in the U. S. Mint Service and its practice is there reduced to an art. This is necessary both for the sake of economy of time, acid because high-grade work with it requires constant practice. It is useless for a person who uses it only occasionally to expect to attain high accuracy with it, without spending more time upon a determination than is warranted in a busy commercial laboratory. It is always employed in the Mint service whenever possible, but its chief field is in the determination of silver in standard silver (ingots and coin), which is 900 fine in silver and 100 fine in copper, and I shall first briefly outline its use on this metal and then take up various points in detail, especially as related to the accuracy of the results obtained.

Jan 4, 1913

By Silvana Costa

In the last two decades, there have been nearly no new mining towns built in Canada. Governments and mining companies have viewed long distance commuting (LDC), commonly known as fly-in-flyout or fly-in mines, as a way to avoid problems associated with building a new community and providing for its sustainability after mine closure. LDC is also considered more cost-effective than building a mine town. The intensification of the use of LDC in the Canadian mining sector has been quite rapid, particularly in northern regions. However, LDC has implications to employees, their families and communities, which deserve further examination, particularly considering the significant expansion in Northern mining and Aboriginal participation in this sector. This paper presents a review of the major issues in long distance commuting, both from an industry and community perspectives. It is a result of preliminary investigation for a PhD research project that will be pursued by a Bridge Fellow and UBC Mining Sustainability Working Group member, and guided by an interdisciplinary research team at the University of British Columbia (UBC). The Bridge Fellowship Program is research-training program linking the UBC?s Faculties of Medicine, Engineering and Graduate Studies. Its mission is to develop creative evidence-based prevention measures for public, environmental and occupational health problems. The SWG is an interdisciplinary student group based in the UBC Department of Mining Engineering, committed to respond to the complex sustainability-related challenges currently faced by the mining industry. In other to pursue this project, it is paramount that industry and local communities alike participate in the development and clarification of research questions as well as in the research design. It is hoped that this paper will function as an invitation for industrial and community partners for such study. The main themes identified for this research are occupational health and safety of LDC employees, family life impacts and community health impacts of this model of resource development.

May 1, 2004

By W. C. Babcock

This report covers Phase V of .a continuing program to apply a new liquid membrane process called coupled transport to the recovery pf metals from hydrometallurgical leach solutions. During this phase of the program, a membrane system of moderate scale was constructed and field-tested at the Exxon Highlands Mine and Mill Co. site near Douglas, Wyoming. The test unit contained four hollow-fiber membrane modules, each with 100 ft2 of membrane area. In the field tests, about 1000 gallons per day of leach solution was processed. The unit was operated on the leach solution for about 50 days. Leach solution entering the unit contained 100 ppm uranium. This concentration was reduced to about 5 ppm by coupled-transport treatment, and the uranium was concentrated to about 2 wt% as a uranyl carbonate product. Under these conditions, a transmembrane uranium flux of about 2.5 lb/ft2-year was obtained. An economic analysis showed that the cost of recovering uranium from this leach solution via coupled trans-port is about $1.20/lb. At higher concentrations of uranium in the leach solution this cost is reduced. For example, at 1000 ppm the cost of uranium recovery is about $0.30/lb.

Jan 1, 1983

By J. Labuschagne

There are a number of factors that contribute to the profitability of a mine and its associated concentrator. Chief among these is the time taken from the first hoist of material from underground to the first batch of concentrate shipped. The main aim of this project was to integrate the mining model with a concentrator production schedule to minimize the time it would take to produce concentrate (without the concentrator having to stop because of a lack of feed material) in the most capital-effective manner. A secondary goal was to ensure detailed stockpiling requirements, as the concentrator is in an area where 'visual pollution' is to be avoided. To achieve these two goals a dynamic stockpile model was created by utilizing the mine production schedule and breaking it down to a daily production figure. Four different concentrator development models were then proposed. The difference between the mine production and concentrator consumption was integrated over the life of the mine to provide the accumulated stockpile tonnages for both Merensky and UG2 ore. To prevent a situation where the concentrator was operational without any feed, the stockpile levels were never allowed to fall below zero. When a development option was selected, the standard metallurgical performance calculations were used to derive a concentrate production schedule, which was used as a basis for commercial negotiations for the sale of concentrate.

Jan 1, 2013

By Wesley Schmutzler

The Deep Mixing Method (DMM) was employed to raise and support the LPV (Lake Pontchartrain and Vicinity) -111 Levee in New Orleans. Even using innovative technologies, the tight schedule to achieve the 100 year elevation by June 1, 2011 was a daunting endeavor. The size and scope of DMM proposed for LPV-111 was on a scale never attempted outside of Japan. Over 1.65 million cubic yards of DMM was installed. LPV-111 is adjacent to the Bayou Sauvage Wildlife Refuge, which is the largest urban National Wildlife refuge in the United States. By utilizing DMM to control settlement and improve stability of the taller levee, side slopes were steepened from the conventional 1V:4H to 1V:2.85H, thus avoiding encroachment into the Bayou Sauvage and reducing the amount of clay needed for the completed levee. The COE utilized Early Contractor Involvement (ECI) for this contract. The ECI process allowed for input from the DMM contractor, TREVIICOS South, in order to optimize equipment resources and material requirements. This paper gives an overview of the extensive DMM requirements for LPV-111 and explains the benefits of the ECI process.

By E. A. Sarver

The Fe(II) regeneration process is an important aspect of Alternate Anode Reaction Technology (AART) for copper electrowinning (EW). In AART, Fe(II) is oxidized to Fe(III) at the anode during EW, and it must be regenerated to maintain recyclable electrolytes. Regeneration is achieved via Fe(III) reduction by SO2(aq), and the reaction is catalyzed by activated carbon particles. To better understand this process, a kinetic model was developed and experimentally validated for the Fe(II) regeneration in the current work. The investigation focused on the primary reaction mechanism and the reaction rate dependence on four variables: carbon particle size, flow rate, initial Fe(III) concentration and initial SO2 concentration. The Fe(II) regeneration reaction is mass-transfer controlled in the presence of activated carbon. Carbon particle size and initial Fe(III) are the most influential factors under the conditions tested. Initial SO2 concentration is insignificant to the reaction rate.

Jan 1, 2007

By John Frostiak, Lloyd Buckingham, Kenneth G. Thomas, Luis Wilson

"The El Indio roasting facility associated with El Indio Mine in Central Chile has operated since 1981. It is a facility developed to remove arsenic and antimony from gold bearing enargite/pyrite flotation concentrates.The three installed roasters are Nichols Herreschoff units each with 14 hearths and measuring 4.85 metres diameter. Hearths are rabbled by central shaft driven rabble arms. Product is progressively heated to 750°C under neutral to reducing atmospheric conditions to drive off labile sulphur, arsenic and antimony.Ancillary equipment includes skip hoist feed arrangements, water cooled screw conveyors for transporting and cooling calcine, gas cyclones, post combustion chambers, heat exchangers, electrostatic precipitators, bag houses, gas scrubbers and packaging facilities .Operating practices, history, mineralogy and results are reviewed. The improvements to arsenic and antimony extraction, ambiental conditions and environmental achievements are discussed.INTRODUCTIONHistoryThe El Indio property lies in the El Indio belt, a copper, gold and silver area approximately 175 km long by 10 km wide. The property is located in the Andes Mountains of the central part of Chile at latitude 30"" South and 160 km from the sea-side city of La Serena. Plant location is at 3850 meters above sea level.The property currently consists of two underground mines feeding the El Indio plant and an open pit feeding the newer Tambo leach plant. The property has been controlled by a succession of owners (St. Joe Minerals, Fluor, Bond Gold International and Lac Minerals Ltd.) before acquisition by Barrick Gold Corporation in 1994."

Jan 1, 1999

The projection of operating costs for mining, processing, and other site operating costs is an exercise which can be fraught with considerable peril. Not only are the physical characteristics of each mineral property unique, but a range of other factors will influence the consultant's approach to compiling cash flow estimates. This paper details some of the techniques used in estimating operating costs for use in order-of-magnitude cost studies and feasibility studies, and describes how to avoid common areas of difficulty. A series of examples relating to open pit gold mining and processing cost estimates illustrate these problems, and various corrective methods are described. The mining and treatment processes, and their associated cost elements, are followed in sequence of operation from on-going ore delineation through to disposal of the product. In addition the problem of assigning management, administration and overhead costs along with taxation allowances is addressed. Of critical importance is the application or possible misapplication of accrual procedures to the cost elements. In many cases such misapplication can introduce more pronounced errors with projects of short duration, such as the typical open pit/C.I.P. gold operation commenced in the last decade. The importance of providing verification of estimates depending upon the standard of the cost study is also investigated, and opinion is provided upon the minimum levels of verification necessary at various stages. Finally, the amalgamation of the various individual cost elements into a coherent whole is reviewed.

Jan 1, 1990