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By A A. Ndiaye, A Galli

In a companion paper on current hedging practices in the mining industry (Armstrong et al, 2009) we showed that contrary to popular belief, mining groups are still using financial derivatives to hedge against foreign exchange risk and interest rate risk, and more recently against adverse changes in energy prices, notably the oil price. This paper presents a case study on a hypothetical gold mine to illustrate the impact that hedging policies could have on its profitability by reducing the downside risk due to adverse changes in the exchange rate and increases in fuel prices. The characteristics of the hypothetical mine have been set to reproduce those of a real gold deposit, the Kisladag mine that is currently being exploited by open pit methods in Turkey. This mine was selected because its feasibility study was available to the public. Geostatistical simulations are used to reproduce the inherent uncertainty on the recoverable reserves û stochastic simulations are used to generate the variability of the other three key sources of uncertainty: the gold price, the cost of energy and the exchange rate. A simple strategy based on straightforward vanilla options (puts and calls) was developed for hedging the last two risks, on the assumption that the company sells its production at the prevailing spot price.

Jan 1, 2009

LAKE MARGARET is situate high up on the West Coast Range of Tasmania, and lies in a roughly triangular valley formed by the ridge of Mount Sedgwick on the south, the ridge formed by Mounts Geikie and Tyndal on the west, amid a ridge connecting Mounts Geikie and Sedgwick on the east. Any description of this hydroelectric installation, however brief, naturally divides itself into the following sections:1. STORAGE BASIN, &c. 2. DAM. 3. PIPE LINES. 4. POWER STATION. 5. TRANSMISSION LINES. 6. SUBSTATION 7. VARIOUS WORKS utilizing the power.The Storage Basin used is the natural lake itself, which has a maximum length of 110 chains, a maximum width of 40 chains, and a mean arelj. of 300 acres. The water-level of the lake, which has been maintained by a natural dam, is 2143 ft. above sea-level. The approximate catchment area at present appropriated is 7 sq. miles, and the rainfall, on the average, about 144 in. per annum. It is possible to increase this catchment area by suitable races, &c. Dam.-The dam constructed is of very small dimensions, and is not a storage dam in the usual sense of the term. The natural storage ot-the lake itself was used by means of a channel cut through the natural dam and thence to the mouth of the lake, the lake level being thus temporarily lowered while the outlet pipes, screens, &c., were placed in position, and the channel was then closed again with a concrete wall in which the pipes and screens are set. This channel was cut partly through rock and partly through sand and conglomerate boulders for a total...

Jan 1, 1915

By G J. Lyman, S A. Tittlemier

International regulations exist to manage the concentrations of mycotoxins such as Ochratoxin A (OTA) and deoxynivalenol (DON) in grains and prevent health risks from excessive exposure to OTA and DON. Since the permitted levels of these mycotoxins are very low (existing maximum levels are in the range of 5 ppb for OTA and 1–2 ppm for DON), sampling for these mycotoxins is potentially challenging. Given that the distribution of infected kernels in a consignment of wheat can be highly heterogeneous, detection by current sampling methods is subject to a high variance. Furthermore, the concentrations of mycotoxins in individual kernels vary over orders of magnitude, intensifying the heterogeneity of the bulk grain.In these circumstances, there is much interest in developing sampling plans that inform regulatory agencies, and mitigate the risk of misclassifying grain shipments as compliant or non-compliant within the global grain trade, when correctly implemented.Experimental data from laboratory and field studies describing individual wheat kernel concentrations of OTA and DON were combined with experimental data describing the variance due to the analytical methods used for OTA and DON to calculate the sampling distribution for wheat having various levels of contamination. This work has focused on quantifying the heterogeneity of samples at the point of submission for analysis and within subsequent sample preparation to arrive at total sampling distributions that include uncertainties due to the intrinsic heterogeneity and the analytical uncertainties. The sampling uncertainty that relates to the difference between the primary sample analysis and the true lot analysis is not included as it has been dealt with elsewhere.CITATION:Lyman, G J and Tittlemier, S A, 2017. The sampling characteristics of grains contaminated by mycotoxins, in Proceedings Eighth World Conference on Sampling and Blending , pp 281–294 (The Australasian Institute of Mining and Metallurgy: Melbourne).

May 9, 2017

Greater use should be made of lineations in investigations of the engineering properties of rock masses and in structural studies guiding prospecting programmes.A prominent alignment of elongate mineral grains and stretched pebbles usually marks the primary direction in which metamorphic rocks have been extended by flow. In local adjustment zones separating masses that have extended different amounts, this lineation has been a direction of slip. Kinks and crumples resulting from this slip lie in secondary lineation directions transverse to the primary mineral lineation.During deformation relatively mobile materials move into dilatant zones caused by irregularities in primary flow directions. This secondary movement transverse to lineated, primary-flow directions is the cause of crenulations and folds with axes parallel to flow lineations.INTRODUCTIONThe arrangement of inequidimensional particles in rocks is rarely statistically random. Platy minerals tend to be parallel to bedding and foliation planes. Elongate particles and linear structures lie most frequently in certain lineation directions. The types of elongate particles in lineated rocks include needle and blade shaped mineral grains, sheared out segregations, and stretched pebbles, amygdules, and aolites.Crenulations and kinks are the most common of the linear structures involved.Faint lineations are readily overlooked. Even strong lineations have been ignored. This is unfortunate as even weak lineations may be important.Use of lineation information Well-developed lineations influence the mechanical properties of rocks. Quarry workers have long known that the mechanical properties of rock masses vary directionally...

Jan 1, 1965

By P Wopereis

The Nokomai valley is located within the pumpellyite/actinolite facies of the Otago Schist, a regional scale metamorphic belt in Southern New Zealand. The Otago Schist is dominated by psammitic and pelitic greyschist with more subordinate greenschist, quartzite, marble, and ultramafics. Mining in the Nokomai, began in the 1860s, with sluicing of terrace gravels in the lower valley. Good gold is reported to have been won from unconformities within very weathered gravels lower in the terrace sequences, and particularly from within channels which dissect these older deposits. Gold was recovered from these terraces in the main Nokomai Valley, and two major tributaries (Victoria Gully and Bullock Head Creek). In the period 1885 - 1887 further gold was discovered in basal gravels beneath the Nokomai flats when the Hunter brothers sank two shafts and excavated a connecting drive to discover a lead 1.2 - 1.5 m thick. The Golden Lion Sluicing Company began mining in 1896 using an hydraulic elevator on the very 'tight' 1.8 - 2.4 m of basal gravels. This operation was followed by the Nokomai Gold Sluicing Company whose average return grade was >485 mglm3 until mining ceased in 1943 (Wopereis; 1988, 1989). A quartz vein, Commissioners Reef, was worked for small production at some time during the 1920 - 1930 period, until fault termination of the vein ceased production.

Jan 1, 1996

By Nicol S. K, Firth B. A

Much effort over the years has been put into the task of devising parameters which adequately assess the metallurgical efficiency of mineral processmg operations. One of the most celebrated of these methods is the so-called "release analysis" method of Dell (1953) which tackles the problem in terms of an ideal separation based on sequential retreatment of the products and tails of a given separation process. Other methods have also been proposed by Jowett (1969) and by Holland-Batt (1971 ). While these procedures are appropriate to multi-component mineralogical separations, they perhaps do not lend themselves to the much more simple two-component systems encountered in coal preparation. However Dell (1962) has suggested the use of the term "specific profit" in coal preparation in order to assess the conditions that give maximum economic gain. Specific profit is derived from data relating washability data with equipment performance and operating costs. The procedure for using this criterion for comparative purposes is therefore somewhat cumbersome as is illustrated by its lack of widespread acceptance in the coal preparation literature.In contrast, an efficiency index, E, which is both simple and meaningful from the utilitarian standpoint, has been proposed by Tsiperovich and Evtushenko (1959a). This index is defined by the relation, E = Yield X Tailings ash/Product ash (1) A cursory examination of this parameter shows that it increases when yield and tailings ash increase and also when product ash decreases; all of which are desirable circumstances in coal cleaning operations.Further, it will be shown that slight variations in operation are amplified by this function which makes comparisons simple and direct.While the use of this index is quite extensive in the Soviet coal preparation literature for some reason it has not received wide usag~ elsewhere.

Jan 1, 1978

Advances in Thickener Feedwell Design via Computational Fluid Dynamics Modelling

Sep 13, 2010

Procedures employing thiocyanate and dithiol complexes of molybdenum have been developed for the determination of the metal in the presence of large quantities of ferric iron. The procedures are developed for field application and it is possible to complete 200 analyses per day with laboratory accuracy. Use is made of sulphuric acid extraction and ascorbic acid reduction in the case of the thiocyanate procedure whilst the reducing system in the dithiol procedure is potassium iodide-sodium sulphite. Using a simple photometer the range of determination possible is 0-10~g for the thiocyanate procedure and 0-5 g for dithioI.INTRODUCTIONOf the many colorimetric procedures that have been developed for the determination of molybdenum only those using the thiocyanate or toluene-3, 4-dithiol complexes of the metal are sufficiently free from interference to be of use in geochemical prospecting. Rapid methods based on both these complexes 'have been developed at the. Broken Hill Division of The University of New South Wales as part of a general programme designed to improve geochemical procedures. Whilst speed rather than high accuracy is the important factor in prospecting, the aim of the programme is to develop procedures which will allow determination of 200· samples per man-day without loss of normal laboratory accuracy for the methods concerned.In most geochemical procedures visual estimation of a coloured complex is used in the determination of the quantity of metal present. At the high rate of sample determination of the improved methods this procedure places severe strain on the eyes. For this reason all methods are designed for determination by means of a simple filter photometer...

Jan 1, 1965

Were it simply a matter of extracting tin from the simple tin sulphide, the proposition would undoubtedly be simple enough. When, however, other valuable metallic sulphides are combined with the tin, and it is required to separate these intomarketable products, then the proposition becomes somewhat complex, and such is the case with the class of material of which I am about to write. The locality where it occurs is Howell, New South Wales, and chiefly at the Conrad Silver-Lead Mine. The tin sulphide occurs chemically alloyed with copper, iron and other metals associated with galena, pyrites, mispickel, blende and silver sulphide in varying proportions, and generally in a gangue of highly crystallised quartz.Several varieties of tin sulphides occur, and from the following analyses of three minerals, these being specimens specially selected free from foreign matters, it will be seen that the chemical composition is somewhat complex.

Jan 1, 1902

Authors have been conducting research on autonomous loading operation by wheel loader. Autonomous loading cycles has been demonstrated with real size experimental model. In V shape loading operation, travelling between scooping point and dumping point is dominant factor for cycle time of the operation. The positions of scooping point and dumping point changes with advancing the operation. In the developed system, path planning is performed at the beginning of every cycle. The path is formed by combination of curve and straight path elements. During travelling on the planned path, path following control is applied on the loader to keep position error in narrow range. Positioning of the loader is based on dead reckoning with correction by global positioning system (GPS) data. In a process of path following control, control value for steering angle is determined based on position error in lateral direction. Proposed method of path planning and position control is installed and tested in the real size experimental model. The detail and results will be described in the paper.

Dec 6, 2010

The variation of carbon monoxide and hydrogen utilization with the amount of the reductant in the blast furnace bosh gas was investigated for the No. 4 blast furnace at The Broken Hill Proprietary Co. Ltd.iron and steel works. Newcastle. The degree of CO utilization decreased with increasing CO in the bosh gas; the H., utilization increased with the H., content of the gas. Empirical relationships for CO and H., utilization are proposed.H2, is 3-6 times as effective a reductant as CO at present levels of CO (34-39 per cent) and H2 (6-10 per cent) in blast furnace bosh gas. H2, gas injection into the blast furnace is proposed as a means of lowering the coke consumption, and the economics of H2 injection are evaluated.

Jan 1, 1975

How the Australasian and Canadian Codes (VALMIN and CIMVal) approach mineral property valuation is described. Brief comment is also made on the International Valuation Standards CommitteeÆs interest in a global valuation standard for Mineral (Extractive) Industries and the South African SAMREC initiatives to adopt a VALMIN-like Code. The conventional tripartite classification of valuation approaches into those that are Market-based, Income-based and Cost-based is outlined. It is best practice to use as many of these approaches as possible (and as many methods as reasonable in the particular circumstances), given the quantity and quality of the data available on the Mineral Asset (which depends upon the state of development of the mineral property). The use of specific methods must satisfy the basic considerations of logic and reasonableness and the purpose of the valuation. The competence, judgement and repute of the valuer are critical factors, since all valuations are time and circumstance specific. What constitutes æMarket ValueÆ in the different jurisdictions is discussed and definitions are given. Challenges facing the globalisation of a VALMIN-type Code for the international Minerals Industry are the influence of real estate valuers and the US jurisdictional idiosyncrasies. This is mainly due to a fixation on real property rights with a preference for using real estate-like comparative sales techniques (Market Approach) to the exclusion of Income-based approaches; a regulatory reluctance in the US to accept that Resources have considerable value; and the International Accounting Standards BoardÆs preference for Historical, rather than Current Value, accounting.

Jan 1, 2002

By D A. Edmunds

The most important development that has been taking place recently relating to mining operations in New Zealand would generally be regarded as being the Resource Management Law Reform. This has been widely publicised by the Government as a comprehensive review of the laws governing New Zealand's natural and physical resources. Submissions have been sought and a free phone provided to encourage public participation. Recently a Discussion Paper has been prepared by the Core Group coordinating the review to explain progress on Phase One (Ministry for the Environment, Directions for Change: A Discussion Paper, Wellington 1988). It outlines Government decisions already taken which impinge on the Review and describes the possible models for resource management laws. However, it is possible that some fundamental practical issues of significance to the mining industry will not be addressed and may be lost sight of in the much wider issues which are to be covered. The purpose of our paper is to address one of these issues namely, the interrelationship between any new resource management legislation and the Conservation Act 1987 (as recently amended) in the context of Ministerial consents. The importance of this issue can be seen from the fact that as at 7 June 1988 there were 279 mining licence applications and 223 prospecting licence applications waiting to be determined by the Minister of Conservation. Since April 1987 only 19 mining and 13 prospecting licences have been consented to. In addition a major proportion of New Zealand's mineral resources are contained with land administered by the Department.

Jan 1, 1988

By J E. Lynch

The Weda Bay nickel and cobalt laterite deposits on Halmahera Island, Republic of Indonesia were first drilled in May 1996 by Strand Minerals Pte Ltd (Strand). Subsequent exploration has delineated four large laterite provinces, parts of which have been diamond drilled to outline an indicated nickel resource of 59.9 Mt of 1.51 per cent Ni and 0.09 per cent Co within a total indicated and inferred resource of 117 Mt of 1.36 per cent Ni and 0.12 per cent Co. The project is held as a Seventh Generation Contract of Work (COW) by PT Weda Bay Nickel, which is jointly owned by Strand (90 per cent) and PT Aneka Tambang (ten per cent). Strand is a wholly owned subsidiary of Weda Bay Minerals Inc, a company listed on the Toronto and Alberta Stock Exchanges in Canada. Halmahera is located in the north-eastern part of the Indonesian archipelago at the convergent junction of three major plates and is a region of considerable tectonic and geological complexity. The western arms of Halmahera form a classic volcanic island arc while the central region and eastern arms contain ophiolite complexes and interlayered sediments. The extensive areas of laterite discovered at Weda Bay have developed over serpentinised harzburgites and dunites of pre-Cretaceous age. Weathering of these rocks has produced laterite profiles that are enriched in nickel and cobalt. There are three economically mineralised laterite types, namely limonites, ferruginous saprolites and saprolites and all are amenable to rapid pressure acid leaching with recoveries of 98 per cent nickel and 94 per cent cobalt in less than 20 minutes.

Jan 1, 1999

By Peddie F, Low K, Madgwick J, Rajoka M. I, Gutierrez N, Lim C

Percolation irrigation of low-grade quartz feldspar porphyry ore with pH 2.0 H2SO4 at 510 litres/m2/day using particle sizes 1.7 - 6.7 mm in columns measuring 5 cm dia × 126 cm long was used to study effects of interrupted irrigation ('rest' periods) on metal ion release and leaching bacteria. Copper tenors increased approximately 16 fold and bacterial iron oxidation activity three fold following a 14 day 'rest'. A linear relationship between copper tenor and bacterial activity demonstrated that this experimental system was effective for quantitative studies of bacterial leaching in ore colums.

Jan 1, 1981

By J C. Waters

Pseudoclastic hydrothermal alteration textures occur within quenched coherent dykes forming part of a subaqueous dome complex (~4 Ma) onPonza Island, Italy. These textures are similar to those observed in considerably older (~500 Ma) subaqueous volcanic rocks at a number of localities throughout the Mount Read Volcanics in Tasmania and elsewhere in ancient volcanic sequences of this type in Australia. This is significant because the processes of formation, hydrothermal alteration and secondary mineralisation of ancient volcanic sequences may be better understood if we can make comparisons with modern analogues. Observations at Ponza imply that these pseudoclastic alteration features form synvolcanically or immediately after dyke emplacement and lava extrusion. This is compatible with scenarios presented for their formation in ancient sequences in the Mount Read Volcanics, Tasmania.

Jan 1, 1995

Blasts should be designed so as to maximise the percentage of charges which shoot to a free face (Le, to a pronounced rock/air interface).Free faces should be rough, parallel and reasonably near to blastholes and, very importantly, concavely·biplanar relative to the charges (see Fig. 6b). The presence of biplanar free faces requires that each charge fragments and detaches its quota of the burden rock before the detonation of:1. later-firing adjacent charges in single-row blasts, and2. dependent charges in multi-row blasts.In multi-row blasts, biplanar faces are best achieved:1. by drilling blastholes on equilateral triangular grids,2. by selecting a VI, V2 or V3 initiation sequence, and3. by using down-the-hole delays.Biplanar faces start to be created only when the conventional value of effective blasthole spacing/effective burden distance (Se/Be) increases beyond about 2.4. Values of Se/Be less than about 2.4 result in planar free faces. Where biplanar faces are created, conventional values of Se/Be are invalid and appreciably greater than real values of Se/Be.

Jan 1, 1986

By McLennan R. G

The principle of personal safety is as old as the human race. The application of this principle to industry is of much more recent origin, and may be said to be almost exclusively the product of the twentieth century. The enormous strides in technique and production mode prior to the turn of the century had been achieved without any real regard for the crippled human by-products of that expansive era. It was accepted that. accidents were inevitable and formed part of the price that must be paid for production. It was not until 1885 that the first Workmen's Compensation Act was passed in Germany making the employer financially liable for injuries suffered on his plant.With awakening social conscience came the first organised efforts to reduce accidents in industry. Early 19th century literature dealing with the development of powerdriven machinery and the growth of industry in Europe contains many references to the unsafe and unhealthy working conditions that accompanied the change-over from the home workshop to the industrial plant. By the year 1900, there were in Germany - and a little later in England governmental regulations dealing with the guarding of hazardous machinery. American industry, now the acknowledged leader in industrial safety, admits freely that when an organised safety movement commenced in that country, there was already a considerable amount of information available to them from European experience. The steel industry was well to the fore in this work, and in...

Jan 1, 1957

By Whitmore R. L

The action of water on a number of Queensland shales which are associated with particular coal measures and oil shales has been studied. The results suggest that the disintegration of some of the shales could cause significant problems in mining and preparation operations. The extent of shale breakdown varies widely from deposit to deposit and from seam to seam but a suitable assessment procedure utilises the test described in AS 1661-1979, and an improved method of presenting the results is described in the paper.

Jan 1, 1982

In the Bendigo district, with its large number of comparitively small leases worked by separate companies, we might naturally expect to find many different arrangements of winding machinery and, as a matter of fact, there are steam winches, old portable engines, single and duplex geared engines, twin engines on the first motion, and in one instance a single engine on the first motion, all employed for hauling purposes from depths of 1000 feet and over.It would be impossible in the compass of this paper to discuss at all fully the various arrangements of winding gear employed on the field the writer can simply refer to some of the more prominent features, in the hope that the information may prove of interest and benefit to the mining community. In criticising our machinery it must be remembered that when many of the plants in use at the present time were erected, they were not intended to wind from more than one third of the depths now common on the field; but so long as the machine could be made to haul a tank of water from the bottom of the shaft it has remained, the greater power required being obtained by increasing the piston speed and altering the gear wheels to suit. The consequence is, of course, that in some of our mines the speed of winding is painfully slow this feature, however, though certainly not consistent with modern ideas of economical mining, does not so seriously affect Bendigo as it would other fields, for the comparatively small quantity of stone to be raised from a given reef by some...

Jan 1, 1902