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By James R. Evans

Orange County, adjacent to the populous and industrialized Los Angeles area, is the fastest growing county in California and is second only to Los Angeles County in total population (figure 1). In addition to an equable climate and a burgeoning economy, there is room in Orange County for growth and expansion. Growth over the past decade has resulted in rapid development of industrial tracts, housing areas, and shopping and commercial centers, mostly in former agricultural areas. The value of new building in 1972 was a record amount-over I billion dollars (figure 2). Problems relating to the proper direction of growth are the concern of both government and the private sector. The intelligent and efficient use of areas to be developed requires planning for the conservation and protection of the County's natural beauty and for the orderly development of natural resources. The availability of sand and gravel, which is used in many phases of construction, will be a major controlling factor in the future of the County.

Jan 1, 1974

By Will H. Coghill, Fred D. DeVaney, R. S. Dean

Part I CONTENTS

May 1, 1934

By Edward S. Bell, Frank Angebrandt

"Nuclear reactors must have very large heat outputs to compete with conventional sources and the only feasible applications are in the production of electric power or large quantities of process steam. This paper considers alternative fuels for electric power generation in Canada. In a publicly owned utility, nuclear stations are economic for base-load generation for unit sizes of 500 mega• watts or larger where competitive fossil fuel costs are higher than about 30 cents per million Btu. In British Columbia, Alberta and Saskatchewan, fossil fuels will continue to be in adequate supply at costs lower than 30 cents per million Btu and thus, except for the special case of Vancouver Island, power generation in Western Canada will continue to be the hydraulic and conventional thermal type. In Eastern Canada, fossil fuel prices are likely to be higher than 30 cents per million Btu and most utilities will be able to install units of 500 mw or larger, so that nuclear power plants will provide much of the base-load generation required. Base-load generation comprises about two-thirds of the energy generated by power utilities. By 1990, the total annual electrical energy load will be over 600 billion kwh, with two-thirds of this load in Eastern Canada. Allowing for additional hydraulic resources which may be developed in Quebec, British Columbia and Manitoba, hydraulic generation is forecast to provide a little more than a third of this electrical energy, nuclear generation a third and fossil-fuelled generation about a quarter."

Jan 1, 1969

By Ankit Jha, Javad Sattarvand, Aaron Young

Blockchains are one of the prominent disruptive technologies that are being implemented in several disciplines. The application of blockchains in the mining and mineral industry can provide utility for several processes especially when the industry is undertaking digital transformation. The governing principles of blockchain technology are applicable in undertaking transformation in several processes within the mining industry. This study investigates the applications of blockchain technology within the realms of the mining industry and identifies key areas of implementation. A systematic review of publications on academic platforms relating to blockchain technology in the mining industry did not retrieve a considerable number of articles. Consequently, a thorough review of white papers and articles authored by individuals on use cases within the mining industry is compiled and presented in this manuscript. This paper identifies all the potential areas within the mining industry where blockchains could provide value and improve processes through their implementation. The broad area of implementation of blockchains includes supply chain, traceability in spare parts, contract management, regulatory compliance, and cyber security.

Nov 23, 2023

By A. Rodriguez-Prado, P. Kuschk, R. L. Legge, W. C. Lennox

Using constructed wetlands to chemically reduce hexavalent chromium Cr(VI) to Cr(III) from industrial and mining wastewater has proven to be feasible and efficient. Applying first-order kinetics to describe the process is simple, but in some cases a more accurate model is required to reflect the process. This paper studies the feasibility of using non–first-order kinetics to describe the reduction process. Results indicate that half- and second-order kinetics adequately described Cr(VI) reduction in laboratory wetland mesocosms. The organic carbon content played a relevant role, whether it was built up by plant growth or spiked into the feed water.

Jan 1, 2014

By C. M. G. Wortley, N. Randolph, I. Ralston, R. D. Beck

The ?AMIRA Metal Accounting Project? had its origin in a workshop held in Cape Town on 1 August 2001, with the title ?Challenges in Metal Accounting and Information Management?, which was organised by the Western Cape Branch of the South African Institute of Mining and Metallurgy. This workshop identified the lack of an accepted set of standard procedures for metallurgical accounting as an industry-wide problem. Discussions which followed this workshop led to the initiation of the AMIRA Project P754, ?Improving Metal Accounting?, in 2003. The primary objective of the project was to provide tools for improving the auditability and transparency of metal accounting from mine to product and to facilitate good corporate governance. The planned deliverables of the project were a series of research projects into aspects of metal balancing in different types of metallurgical operations, a Code of Practice on Metal Accounting, and a textbook on the subject which could serve as a guide for metal accounting practitioners and students studying the topic. An additional planned deliverable was the provision of a new variety of professional experts in metal accounting, through successful completion of the research projects. Researchers were engaged at the Universities of Cape Town, Queensland and Stellenbosch and the project was sponsored by five mining companies, including three of the largest global mining groups. Research Program Eight research projects were undertaken as part of the P754 project and these are described briefly here to indicate the scope of the project. University of Cape Town ?Development of a methodology for measurement network design for metallurgical accounting at Namakwa Sands?. This project was based on the Namakwa Sands Separation Plant, with a data rich environment, and involved the investigation of measurement network design through the use of heuristics and the analysis of complex processing circuits. An industry-wide survey of current practice to facilitate the development of an expert system for plant accounting measurements was carried out. ?Metallurgical accounting design at the Waterval UG-2 Concentrator?. The objective of this project is to develop a model for predicting metal recoveries from the different components of a blended ore feed to a plant. ?Optimal measurement network design for metallurgical accounting at Zincor?. This project provided a hydrometallurgical test case for the design and evaluation of a semi-automated optimal measurement network. University of Queensland ?Quantifying the relationship between mine and mill?. This project involved a case study at North Parkes Mine, in which copper and gold ore is tracked from the pit source to the product, as well as a stockpile modelling study. University of Stellenbosch

Jan 1, 2007

By Gabriel K. Nzulu, Lars Hultman, Per Eklund, Martin Magnuson, Abu Yaya, Prosper M. Nude, Hans Högberg

Pyrite is the most common among the group of sulfide minerals in the Earth and abundant in most geological settings. This gangue mineral in association with garnet, hematite, magnetite, and other sulfide minerals acts as an indicator mineral in the Kubi concession of the Asante Gold corporation in Ghana. X-ray diffraction (XRD), air annealing in a furnace, energydispersive x-ray spectroscopy (EDX), and X-ray photoelectron spectroscopy (XPS) were applied to investigate the crystal structure, identify individual elements, permanence, transformation, and chemical/electronic properties of such pyrite. The study aims to identify individual elements and to gain an understanding of the surface reaction mechanisms, as well as the properties of precipitated pyrite particles observed during the hydrothermal formation of the ore deposit. XRD shows that pristine and annealed samples contain some hematite and quartz besides pyrite. Results from air annealing indicate that the relationship between pyrite and hematite-magnetite is controlled by temperature. EDX reveals that the sample has O and C as contaminants, while XPS in addition reveals Ba, Au, P, Al, and N. These elements are attributed to pyrite that bonds metallically or covalently to neighboring ligands/impurity minerals such as oxides, chalcogenide sulfides, as well as the gangue alteration minerals of magnetite and hematite in the pyrite sample. These findings suggest that during the hydrothermal flow regime, pyrite, pathfinder elements, and impurity minerals/metals were in contact with quartz minerals before undergoing hematite transformation, which thus becomes an indicator mineral in the Kubi gold concession.

Feb 27, 2024

By Francis A. Thornson

WITHOUT desiring to perpetrate an Irish bull I think we may safely say that the major developments of the year in mineral industry education have taken place outside of the field itself. I refer to the remark- able and-to us of the Education Di- vision-most gratifying growth which is taking place in Institute consciousness regarding its responsibility for the recruitment and adequate training of student personnel and for the successful bridging of the difficult gap between graduation and achievement of professional status. Outstanding in this respect is President Jackling's interest in the students and schools of the mineral industry. Recalling his own hard struggle to ac- quire a technical education, Mr. Jack- ling is evidently anxious to smooth the path for the youngsters of this generation. Witness his splendid gift to the

Jan 1, 1939

By Henry Kreisinger, F. K. Ovrrz, C. E. Augustine

The Bureau of Mines is conducting investigations to determine how fuels belonging to or for the use of the United States Govern- ment can be utilized with greater efficiency. As a result of these investigations a number of reports have been published, each report treating of one phase of fuel utilization. A list of these publications is given at the end of this bulletin. The efficient utilization of coal depends on the correct design of furnaces and on their proper operation. To attain both of these conditions a knowledge of the fundamental principles of combus- tion is necessary. Therefore, the study of the combustion of coal in industrial furnaces has been made a part of the bureau's fuel in- vestigations. The desirability of investigating the fundamental principles of combustion was suggested by the study of a large number of steam- ing tests made by the fuel-testing division on coals from all of the more important fields in the United States. The results of these tests have been published in Bulletin 325 of the United States Geological Survey and in Bulletin 23 of the Bureau of Mines. As a result of that study a plan to investigate the combustion of coal in a special apparatus in which all conditions could be controlled was presented to the National Advisory Board for Fuels and Struc- tural Materials at its meeting of April 10 and 11, 1906. The plan received the approval of the board, and since the establishment of the experiment station of the Bureau of Mines at Pittsburgh the investigation of the combustion of coal has been carried on intermit- tently. The history of these investigations is given in Technical Paper 63.

Jan 1, 1917

By Leonard N. Hill

Cyprus Sierrita Corp. has 16 parallel 5.03 m-diam x 5.8 m long (16.5 ft-diam x 19 ft) primary ball mills, each operating in closed circuit with a nest of cyclones. Before the upgrade to 840 mm (33 in.) cyclones, each mill operated with a nest of five 660 mm (26 in.) cyclones - four in use and one on standby. In this configuration, the mill throughput was 88.5 kt/d (97,500 stpd). Flotation feed averaged 25.9% +212 pm (+65 mesh). The 660 mm (26 in.) cyclones normally operated at an inlet pressure of 34 kPa (5 psi), lower than the inlet pressure of 55 kPa (8 psi) recommended by the manufacturer. The circuit was typically operated with cyclone overflow densities greater than 40% solids to achieve the required throughput. This resulted in inefficient cyclone operation and excessive coarse oversize reporting to flotation. The apexes choked frequently. Larger apexes were tested but reduced the classification efficiency and resulted in circulating loads greater than 800%.

Jan 1, 1994

By B. M. O'Harra

The residues resulting from the retort distillation of zinc ores have from 40 to 75 per cent of the weight of the original ore and contain from 5 to 15 per cent zinc . A rough estimate indicates that approximately 450,000 tons of residues are produced annually in the United States , containing about 36,000 tons of zinc . Besides the current production of residues there are at many smelter sites large accumulations from past operations which are available for treatment if this can be done profitably . In addition to their zinc content the residues contain much unconsumed coal , which has been carbonized during the distillation process , and those from most western ores also contain lead and silver . In this paper is summarized the information obtained in a survey , recently made by the Bureau of Mines , in cooperation with the Missouri School of Mines and Metallurgy , of processes which are in use or which have been suggested for the treatment of retort residues . The complete report of the survey is to be published as a Technical Paper of the Bureau of Mines .

Apr 1, 1923

By R. Scheepers

"Abstract -Mineral deposits and prospects of the Pan African Saldanian orogenic belt in the south­ western Cape Province South Africa, are reviewed. Despite the entire absence of operating base or precious metal mines in the area, this study has established at !east four metal associations that offer enticing exploration potential .The poly-phase deformed, low-grade metamorphosed volcano-sedimentary Malmesbury Group constitutes a complex, poorly understood supracrustal sequence that has been loosely subdivided into the Tygerberg, Swartland and Boland tectono-stratigraphic terranes by northwesterly trending fault zones. Syn- and post-tectonic granitoids of the Cape Granite Suite selectively intruded these terranes. Early S-types preferred the Tygerberg terrane whereas the later I-types dominate the remaining areas. Anorogenic A-type granites, however, occur in all three domains. Known metallization is directly or indirectly related to the intrusives, yet syngenetic deposits are conspicuously absent from the supracrustals. Four metal associations have been identified.•,Cassiterite-wolfrarnite (± Au, Cu, Mo, Fe-sultides) in quartz and quartz/aplite veins hosted by tourmalinized and locally greissenized S-type granite. Similar exo-granitic veins occur in proximal metamorphites.•,Juxtaposed disseminated, stockwork, breccia and vein style Cu-Mo-Fe-(Au)-sultide mineralization hosted by matie to intermediate intrusives of high K calc-alkaline, 1-type affinity.•,Cu-Mo-Au-sultides hosted by hydraulic breccia pipes, stocks and veins occurring in anorogenic A-type alkali feldspar granites and amphibole quartz syenites.•,Scheelite with minor Cu-Mo-sulfides and Au-associated with endo- and exo-skarns spatially related to I-type monzogranite, granite and alkali feldspar granite .The first three associations occur along the Yzerfontein-Helderberg-Zone, a 180 km lineament in the Tygerberg terrane, a zone exploited by syn-, late- and post-tectonic intrusives and their related mineralization. The fourth association is typical of the Boland terrane. The spatial and temporal relationships between the various metal associations is interpreted as the result of sequential intrusion of relative early high level S-type, followed by intermediate level I-type and finally anorogenic A-type granitoids during the evolution of a contracting continental margin arc and its inner arc. This plate tectonic setting suggests subduction in an easterly direction underneath the Kalahari craton. The spatial configuration of the various terranes at the present erosional levels is the result of rifting and significant differential vertical displacement following cessation of subduction, a terminal tectonic event possibly synchronous with intrusion of the A-type granitoids.Near surface preserved roof zones and cupolas of both S- and I-type granitoids in the Tygerberg and Boland terranes, respectively, render these areas extremely prospective for Sn, W, Mo and Au mineralization. The presence of intermediate to mafic volcanics, a diversity of calcareous lithotypes and favorable plate tectonic setting of the Malmesbury Group suggest potential for the thus far elusive VMS, MVT and Sedex base metal and minor precious metal deposits."

Jan 1, 1994

By M. Karsten

Platinum mines in the Bushveld Complex are located in areas with a high geothermal gradient. This means that, compared to, for example, gold mines of the Witwatersrand region, high rock temperatures are encountered at relatively shallower depths. Thus air cooling and refrigeration need to be considered at early stages in mine development. Another factor that influences air cooling and ventilation requirements is the use of trackless diesel equipment for loading and hauling broken rock. At shallower depths it will be more cost-effective to locate the cooling and ventilation equipment on surface, whereas for deeper mines the more cost-effective option is to locate cooling equipment underground. For intermediate depths, trade-off studies need to be undertaken to determine the optimum mix between more cooling and less air or more air and less cooling, as well as the optimum location for this cooling equipment. Factors that are taken into account include power requirements, positional efficiency, and additional infrastructure requirements. Traditionally the approach has been to ventilate ?all of the mine all of the time?. However, with increasing power costs and growing pressure to ensure sustainability, this strategy must be modified to apply ventilation and cooling on demand. In other words, both cooling and ventilation equipment should be operated only when needed and should be adjusted to the demand at the time. Obviously there will be areas that will need to be ventilated (and cooled) continuously (for example, for dilution of flammable gases), but this can be built in to the overall strategy. In addition, in devising ventilation on demand (VoD) strategies, occupational criteria relating to exposure to gases, noise, and heat need to be taken into account. This paper discusses options available for implementing energy-efficient ventilation and cooling systems and suggests ways of changing traditional thinking in the overall ventilation and cooling of mines. Efficient ventilation and cooling designs can play a major role in improving sustainability and reducing energy costs and carbon footprint.

Jan 1, 2012

The development and distribution of gold placers in Otago û Southland is related primarily to the evolution and architecture of three distinctly different drainage networks that developed during and since Gondwana breakup: +        Late-Gondwana û Pre-marine; +        Middle Tertiary Post-marine; and +        Modern. Late Gondwana û Pre-marine drainage was dominantly recti-linear and controlled by normal faults and sedimentary basins formed before or during Gondwana breakup. Placers formed dominantly in 2nd order transverse drainages with primary sources in their catchments. This drainage network was progressively destroyed by inundation and burial by marine strata during Late Cretaceous û Middle Tertiary marine transgression that ultimately covered most of New Zealand. Middle Tertiary Post-marine drainage evolved on and incised the newly emergent low-relief landscape during regional marine regression driven by development of the present plate boundary through South Island. Most of Central Otago was drained into Southland and to the southern coast via a large braided river system with an extensive network of tributaries in its Central Otago reach. East Otago was drained by several smaller systems. Placers formed dominantly in proximal and medial reaches of 1st and 2nd order drainages with primary or pre-existing placers in their catchments. This drainage network was destroyed by inundation and burial of the Central Otago reach of the major system by lacustrine strata following tectonic damning of its middle reach by range uplift and development of a lake complex that covered >5000km2 of Central Otago. The Modern drainage network evolved from the Middle Tertiary network through complex response, firstly to uplift of NW-trending and NE-trending ranges throughout the region since the Late Miocene, and secondly to the effects of major Pleistocene glacial advances in West Otago. Placers formed in alluvial fans at range margins, proximal and medial pre-glacial fluvial systems and glacial outwash sequences. Evolution of each of these drainage networks has been accompanied by widespread sedimentary recycling of alluvial gold from older to younger placers, augmented locally by input of first-cycle gold derived from erosion of primary sources in the repeatedly exhumed basement rocks.

Jan 1, 2006

The final session of the meeting was preceded by a movie, "Contact That Kills," which was a color film clearly pointing out various causes of electrical accidents in mines and how such accidents could he prevented. This film was made underground and produced by the U. S. Bureau of Mines for use in teaching accident classes. President R. R. Williams, Jr., called the meeting to order and introduced Mr. Leif Arentzen of the Lee-Norse Company, Charleroi, Pennsylvania, who spoke on "Coal Mining in Australia." The text of his address is as follows: "I arrived in Australia in February of this year-my father sent me over there for an installation. He preceded me as he does in most things, and set up a showing of our machine in Australia. We had 200 of the top level coal mining men visit this showing. They were interested in what the Americans are doing and what the American manufacturer had to offer them. Conditions in Australia are very similar to our mining conditions in the United States and they have looked to us, the coal industry in general, because we have the know-how in answering some of their problems. They feel that European methods and their type of machines are too inadequate to cope with their conditions. My visit was to South Wales, 60 miles south of Sidney. Their mining operation resembled mining coal in Florida. The work is on about a 500-ft. elevation about three miles from the ocean and when you turn around and see about 30 miles of beach, it is quite a picture - the Pacific Ocean is so blue. The coal seam is about ten feet of relatively clean coal. Labor relations are very, very taught right now. They are agitated by a strong Communistic influence and their weekly publication is known as the ?Common Cause,? which is against mechanization of coal mines." Mr. Arentzen enlarged on the fact that America was the example they held before them and described the Australian coal men and their character.

Jan 1, 1959

By Sidney Katell

This report covers the period January 1963 through December 1963; it is a continuation of the series that began with the publication of Information Circular 7516 in October 1949. Also, it is the fifth in a series of reports prepared under a cooperative agreement between the Bureau of Mines and the American Association of Cost Engineers. The agreement provides for the publication of an annual cost bibliography with the work load involved in the preparation shared equally. The abstracted articles, concerned with all facets of cost engineering in the field of chemical and petroleum plants and related subjects, are from the following sources: 1. American Association of Cost Engineers Bulletin. 2. Bureau of Mines Information Circulars. 3. Bureau of Mines Reports of Investigations. 4. Chemical Engineering. 5. Chemical Engineering Progress. 6. Chemical Week. 7. Coal Age. 8. Coal--Today and Tomorrow. 9. Coal Utilization. 3/ 10. Cost Engineering. 11. Hydrocarbon Processing and Petroleum Refiner. 12. Industrial and Engineering Chemistry. 13. Nucleonics. 14. Oil and Gas Journal. 15. Petroleum Management. 16. World Oil.

Jan 1, 1964

By Michael S. Moats, Scott C. Campin, J. Brent Hiskey

"Electrochemical techniques are a valuable means of analyzing the passivation of commercial copper anodes. Electrochemical impedance spectroscopy (EIS) provides information concerning transport and reaction phenomena occurring at an electrode surface. Commercial. copper anodes of varying compositions have been examined using EIS. Experiments were conducted in a flat cell with an electrolyte of 40 gil Cu2 + and 160 gil H2S04 maintained at 65 DC. Impedance spectra were obtained at the potentials characteristic of the open circuit voltage and passive region for each anode. The spectra of the passivating films exhibited a flattened resistive/capacitive loop at middle to high frequencies and an inductive loop at low frequencies. An equivalent· circuit utilizing an inductor-resistor series in parallel with the double layer capacitance and charge transfer resistance was adequate in modeling the impedance data. The influence of anodes impurities on the components of the equivalent circuit is discussed and correlated with a hi-layer passivation model.IntroductionPassivation of copper anodes during industrial electrorefining has received considerable attention in the past few decades. Great strides have been made in understanding the roles of anode impurities [1-25], electrolysis parameters [20,26], and electrolyte chemistries [20,26]. Even so, passivation still occurs even in the most modem of refineries. The exact cause of passivation is not fully understood. It is known that the anode surface becomes covered by a passivating film. This film has been proposed to be CuS04'&5H20, Cu20, or mixed oxides. The localized concentrations of Ft, Cu+, and Cu2+ ions determines which phase is more favorable. The presence of these ions is controlled by the reaction kinetics and diffusion of species through the slimes layer.Reaction kinetics between Cu, Cu +, and Cu2+ are based on the dissolution mechanism of copper. There exists four different models to describe the dissolution of pure copper. The classical model of Mattsson and Bockris [27] involves two single electron transfers with the cuprous-cupric reaction being the rate detennining step. More recently, Wong, Collier, and MacFarlane [28] used ac impedance to elucidate a more complex mechanism involving the affect of pH and anions. Their findings indicate that the formation of cuprous ions in solution, Cu(I)so~ is favored over Cu(1I) ions adsorbed to the electrode surface in the presence of sulfate and as pH increases from pH 1 to pH 5."

Jan 1, 1997

By Ehab Gomaa, K. A. El‑Nagdy

Backfilling material such as tailing (mine wastes) mixing with cement or gypsum has grown throughout the world’s underground mines. However, despite their growing popularity, the typical hydraulic and mechanical fill types utilized in many mines still exist. Deep underground mining has increased due to the lack of commercial minerals nearby. Mine wastes were considered the main part of backfilling to prevent environmental pollution, ground subsidence after mine abandonment, and mine collapse during deeper extraction phases. The cemented backfill technique is the principal technique used in underground mines, which include cement with fly ash and/or filter dust, cement with tailing material and fly ash, gypsum with fly ash, and synthetic anhydrite with fly ash and have been reviewed. It has concluded that a backfilling material must be selected based on further goals, available material near the mine site, and economic factors. This paper analyzes different backfill material mixtures to create a technique that will increase safety in underground mining conditions and foresees an appropriate formula that gives high uniaxial compressive strength. The multiple linear regression (MLR) on the collected data from the experimental works to construct the relationship between the uniaxial compressive strength (UCS) of the mixture and the components of the backfilling and the prediction formula for expected compressive strength was obtained. The results revealed that the predicted regression equation was robust and reliable to predict the (UCS) for the new components of the filling (cement (CE), filter dust (FD), water content (WC), and time (T)).

Oct 3, 2023

By Oliver M. W. Sprague

THIS gold problem is full of complications and can hardly be handled adequately or comprehensively in any short period of time. Perhaps I might begin by mentioning a few aspects of the subject about which I suppose there will be no disagreement. The first of these is that we already have a stock of monetary gold in the United States far in excess of what is needed to support any desirable increase in the present volume of currency and credit. The second is that this already superabundant gold stock is certain to be considerably enlarged during the course of the war, and presumably during the months of readjustment following its conclusion. Some billions of additional gold, we may reasonably presume, will come into the country during these next few years, thus increasing the aggregate monetary gold stock from the present eighteen billions to perhaps twenty- two or even twenty-five billion dollars.

Jan 1, 1940

By Dodd SF

Valuation of mining companies and their underlying assets prepared by brokers' analysts are, by necessity, approximations. The reliability of the valuations is entirely proportional to the quality of available data, the reliability of forecasts and the nature of underlying commodity price assumptions. The latter is perhaps the greatest single cause of gross variations in company and asset earnings estimates and- valuations. Assumptions are often necessary regarding commodity price achievement based on commodity hedge positions. Public disclosure from listed companies provides a sound base from which to project earnings, cashflows and balance sheets. The uncommon disclosure of projected production and cost schedules often reduces the reliability of future estimates. The application of reserve and resource estimates is contentious with practitioners applying differing weightings to importance of resources in estimating mine lives (and therefore cashflow streams). Valuation methods applied in equity markets usually focus on relative value and the identification of pricing anomalies. The commonest ""rules of thumb"" applied in the valuation of mining companies (and therefore their underlying assets) is with the use of year specific price/earnings (P/E) and price/cashflow (P/CF) ratios, with low multiples suggesting undervalued assets, high multiples overvalued situations (but these rules can often be clouded by market expectations of underlying commodity price movements). Another simply applied valuation tool is to examine the examine the value placed on reserves and resources by the market. Inexpensive gold in the ground (expressed as $ of market capitalisation per ounce of reserves or resources) might indicate a buying opportunity, but the market does discount the value of gold in the ground prior to mine development and where development risk is perceived.

Jan 1, 1994