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By Barry James

"This paper discusses past and current energy use patterns in the mining and manufacturing sectors of the industrial minerals industry. Information is presented on the primary energy input types as purchased by the industry, the quality and form of the energy actually required by the various production processes, and the residual form of this energy, either embodied in the product or rejected in gaseous and liquid waste heat streams. With the continuing concerns about the availability of energy combined with the rapidly increasing cost of energy as a production input, the reduction of energy usage through improved efficiency will undoubtedly be an increasing priority for the industry during the 1980s. Reduced energy consumption through investment to improve energy efficiency appears to be advantageous from both the corporate and national perspectives.IntroductionEnergy, like labour and materials, is one of the basic production input s to the various mining, processing and manufacturing production stages in the industrial minerals industry. Energy costs, as a percentage of total production costs, have been well above the average for industry in Canada, accounting for more than 50 cents out of every dollar in the most extreme cases. Consequently, energy has always been a relatively important management concern in the industrial minerals industry.The energy supply and price situation in Canada and internationally has been changing rapidly since 1973, following a long period characterized by declining real energy prices and an abundance and wide choice of energy supplies. It is generally accepted that energy prices will continue to increase rapidly, and that there will be uncertainties about the long-term continuity of supply of some energy types. In essence, a period of relative stability has been replaced by a period of relative uncertainty. In such a changing situation, a reassessment of the role of energy as a production input is appropriate.The following sections outline some of the effects of the changing energy scene on the industrial minerals industry. These effects are dealt with primarily in terms of energy costs, because, in most circumstances, a change in the cost of energy as a production input is the end result of both energy price and energy supply changes."

Jan 1, 1981

By J. B. Sabey, V. R. Degner, D. MacGillivray

"Hydrodynamics principals are applied to the design of a natural air ingestion flotation machine for coarse solids applications. Preliminary laboratory test data and subsequent operating plant flotation kinetic performance evaluations are reviewed. INTRODUCTIONThe concentration of potash (sylvite, KCI) from halite and other salts using flotation is well understood and practice a with much success. Reagent schemes and plant circuitry for obtaining the desired product recovery and grade have been established with proven performance. These flotation circuits normally process the medium and finer size particles, less than 30 mesh (600 microns).However, often the potash market trends specifically demand a coarse product size. This emphasis, accompanied by the existing high losses of coarse (+30 mesh) potash in flotation circuits, creates the need for development of a flotation machines specifically designed for coarse potash beneficiation.This technical challenge was undertaken by the WEMCO Research and Development Group. The specific objectives of this flotation machine development program were ( l) to achieve an ""Ultra Coarse Flotation Machine"" capable of adequately suspending and transporting particles in the 4 - 30 mesh (4.75 - 0.6 mm) size range at solids concentrations of 30% or greater and (2) ascertain metallurgical performance of this machine.This paper covers the development (both theoretical and mechanical/ hydrodynamic), the field test program and results, a discussion of applicable flotation kinetics, and conclusions of this ""Coarse Potash Flotation Machine"" development project."

Jan 1, 1986

By C. Dodds, R. S. Ferrari-John, The University of Nottingham, G. Dimitrakis, J. Katrib, A. R. Batchelor

"Sorting technologies have the potential to reduce energy use in comminution by rejecting uneconomic ore before feed material enters the mill. However, a major challenge for sorting porphyry copper ores is providing a basis of discrimination between valuable and non-valuable fragments, due to their complex mineralogies and textural features. Microwave heating in combination with infra-red detection (MW-IR) has been shown to provide upgraded feedstock for certain ores at bench scale. Selective heating of copper sulphide minerals compared to the gangue leads to an increased thermal response for valuable fragments, providing the basis for sorting.Rapid scale up of MW-IR from bench scale to a 100 t/h continuous pilot plant facility has been facilitated by the design of microwave choking structures to allow continuous operation at industrially meaningful throughputs, whilst meeting health and safety and electromagnetic compliance standards, and the integration of materials handling with electromagnetic systems.Laboratory batch testing on a pilot scale microwave system has been undertaken to investigate the thermal response of copper ores under industrial conditions, at microwave energy inputs up to 1 kWh/t. These results provided the operating window and recommended test conditions for the continuous pilot plant. Sortability curves predicted in the laboratory are in good agreement with separations achieved during continuous pilot plant operations. The potential microwave sortability of a number of ores has been studied, allowing informed decisions to be made about potential ore candidates based on mineralogy. Future development of the technology will be underpinned by the creation and validation of scale up concepts for 1000 t/h operations. Understanding the value proposition for individual sites/applications will be central to unlocking the potential economic and environmental benefits of microwave sorting."

Jan 1, 2016

By Roy T. Bowles

This paper focusses on technological developments which occurred in the village of Deloro, Ontario between 1868 and 1919. These developments illustrate the manner in which improved metallurgical processes linked Ontario mineral resources to industrial expansion. Overview of Deloro The village of Deloro is in Hastings county, about 5 miles from the village of Marmora, the site of the old Marmora iron works and the more recent Marmoraton iron mine. In this area, the Canadian Shield meets the Great Lakes lowlands. The first settlement in the vicinity occurred in the 1820s and was associated with the Marmora iron works. Settlement grew around agriculture. Gold was discovered in Hastings county in 1868. Deloro - the name derives from gold - developed as a concentrated settlement in proximity to several gold mines and the related processing activities. By 1901, substantial smelting works were successfully producing gold and arsenic from local ores. The village was developing as a company town within the framework of benevolent paternalism. For reasons associated with markets and with local ore supplies, the Deloro mills were idle for a period beginning in 1902. Developments in later periods connected Deloro to world events. In 1903, silver was discovered at Cobalt, Ontario. By 1907, M.J. O'Brien, who owned mines at Cobalt, had purchased the Deloro works and was using them to process Cobalt-area ores*.

Jan 1, 1999

Arguably the SMC Test® has become the most popular laboratory hardness test in the world with over 17,000 tests having been completed to date, covering over 650 different ore bodies. It is now routinely used in design, optimisation and orebody profiling projects. The test is unique in that from relatively small amounts of drill core it simultaneously provides parameters that are used in simulation modelling of AG/SAG and crushing circuits as well as work indices that are used in power-based equations for predicting the specific energies of AG/SAG/Crushing and HPGR circuits. The very large data base that has been accumulated has provided the opportunity to study the differences in variability from deposit to deposit. This paper describes and discusses the trends that have become apparent from the study of this data base. Recommendations for appropriate selection of sample numbers are also made which are based on these trends.

Jan 1, 2012

By Tweedy. D. H.

"The paper describes the rapid development of, and operational experience in the utilization of, pneumatic low-pressure pipeline hoisting systems to vertically convey raw coal and rock through shafts, supplementing shaft capacity-the greatest lift to date being 535 m.A typical installation has raised over 250,000 tonnes in less than one year from a depth of 413 m through a 350/ 400-mm pipeline at a rate of 85 tonnes per hour. Operational experience on seven systems has provided valuable data on performance and operating costs.The main advantages of the systems lie in the flexibility of the pipeline to occupy existing free space in shafts and underground roadways, the relatively low first cost, the short delivery and installation time, and the economical running cost.Conclusions are therefore reached on future applications for example, the use of boreholes in older mines where new production technology has outstripped shaft or slope capacity, inter-level hoisting to implement concentration on transport roads and perhaps full mine output from relatively small mines.IntroductionIt is seven years since the basic art and practice of the pneumatic hoisting of minerals was described. The technique was developed in Western Canada by Radmark Engineering and found favour in the United Kingdom with the National Coal Board. Engineering and commercial feasibility trails were conducted in collaboration with the Mining Department and Mining Research and Development Establishment of the N.C.B. There was also considerable involvement with the British Health and Safety Executive.During the last five years, rapid progress has been made in the installation of new systems in the United Kingdom, Hungary and other countries. The operational experience gained makes it possible to report ""in depth"" on these installations, which cover a wide range of different physical mining applications."

Jan 1, 1982

By Robert B. Parsons

"A joint federal/provincial/industry subcommittee of the Intergovernmental Working Group on the Mineral Industry (IOWG) has published an informative and readable report on taxation matters concerning Canada's mining industry. The report, which was presented to the federal and provincial mines ministers in September 1986, identifies and discusses key tax issues relating to this industry. The report is mandatory reading for anybody with an interest in mineral exploration or production in Canada.IntroductionIn 1986, Canada's federal and provincial mines ministers were presented with an important report concerning the taxation of this country's mining industry. This document is important for a number of reasons, two of the reasons being: first, the report contains an objective analysis of the key mineral taxation issues of the day; and, second, the report is the product of a cooperative exercise involving representatives of various facets of the industry and government. The report should be regarded as compulsory reading for anybody who has an interest in fiscal matters affecting mineral exploration and production.The ""Report on Fiscal Proposals"" was prepared by a subcommittee of the Intergovernmental Working Group on the Mineral Industry (IOWO). IOWO is a group of senior federal, provincial, and territorial government officials concerned with the analysis of mineral policy issues in Canada."

Jan 1, 1986

By S. K. Sharma, Sanket Bacchuwar, Prabal Kumar Agrwal, G. V. Rao

"Iron ore processing industries play a vital role in the Indian economy. At present Iron ore of around +64% Fe is used for production of Iron through blast furnace. To produce +64% Fe from low/medium grade ores, crushing & beneficiation is compulsory. But during these processes, large amount of slime is generated. It is estimated that 18% -25% of tailing is generated during the processing of iron ore. The iron ore slime is discarded because of its particle size and chemical composition not being suitable as feed to the blast furnace. Although the fines/slimes can be agglomerated to larger particle, the alumina to silica ratio which is normally more than one pose serious problem during sintering process and subsequent smelting in blast furnace. The alumina content in the slime needs to be reduced for it to be used as the feed for blast furnace. The sample assayed 61.40% Fe, 7.68% SiO2, and 1.52% Al2O3, LOI 2.63% and all other elements were found in critical limit. A series of 27 tests were conducted by using a spiral for optimisation of process parameters to produce a pellet grade concentrate from the stacked slimes obtained from Kirandul. This paper deals with the optimisation studies of various parameters of a spiral concentrator and helps to utilize the fines from tailing ponds.INTRODUCTIONReserves of high-grade iron ores are diminishing all over the world at an alarming rate. As a result, alternative ways of augmenting and conserving precious and non - renewable natural resources are being seriously considered. One such attractive option is the recovery of metal values from slimes / tailings. Iron ore tailings containing around 48 - 60% Fe are generated from the iron ore washing plants and are disposed into tailing ponds without any further utility. These tailings in the form of slimes are not suitable in iron and steel making due to the presence of higher amount of gangue constituents. Several beneficiation techniques have been tried from time to time to reduce the gangue so that the beneficiated products could be effectively used."

Jan 1, 2016

By Lar Liljeblad

"As demands upon the earth's natural resources continue to grow, exploration companies, mining organizations and others face the problem of the need to tackle increasingly more difficult strata to open up new reserves. Innovations in materials technology and tool design have steadily improved this capability, but none perhaps so drastically as a recently introduced cemented carbide in which tool wear resistance and/or toughness can be tailored precisely to the user's drilling needs.Introduction Until about forty years ago, the bulk of rock-drilling operations had to be carried out with hardened steels. Short life between re-grinds was common especially in abrasive rock formations. Shortly after World War II, Sandvik, Sweden, pioneered the development of sintered (cemented) carbide-tipped steel tools as a means of improving drill tool life. The new material was a composite of tungsten carbide and cobalt, the latter acting as a 'cement' to bind the wear-resistant carbide grains together, and the composite, in turn, was brazed to the steel. The immediate effect was a 100-fold increase in the service life of the tool.Intractable ProblemsWhile the carbide-tipped tools served the mining and quarrying industries admirably there were, nonetheless, some seemingly intractable limitations. The greater the wear resistance of the material - the quality for which it is selected - the more brittle it is. Also, rocks vary widely in hardness and abrasiveness and no single tool, either in terms of material or shape, meets every need. Specifically, for fast penetration of non-abrasive rock, toughness must be combined with a relatively sharp tool prome. Highly abrasive rock, on the other hand, demands a substantially broad area of extremely wear-resistant material on the tool if long bit life is to be assured. Between these extremes there are innumerable variations in rock"

Jan 1, 1991

By Claudia Gasparrini

"The ore microscope and electron microprobe, two common instruments for academic research, have not been used to full advantage in the Canadian mining industry, perhaps because they are not readily available to most mining companies.The present paper gives a description of the two instruments and of the manner in which, when used together, they contribute to the identification and description of mineralogical and metallurgical samples, and reviews the applications, to . date, in the mineral industry.The metallurgical applications can assist in determining the best separation technique for a particular metal or other economically important element, can provide explanations for poor recovery and/or liberation, can be used to determine theoptimum concentrate grade and can indicate environmental problems that may arise from the extraction process.In certain cases, the use of the two instruments may assist in the evaluation of new mineral deposits and in the determination of the origin of mineralization.IntroductionThe ore microscope and electron microprobe, two widely used instruments in universities and other research institutions, have not been exploited to their full potential by the Canadian mining industry.High-magnification, high-resolution ore microscopes, owned by most Canadian universities and government mining branches, are not widely used by mining organizations. The situation is very much the same with the microprobe. The geology departments of several major Canadian universities have easy access to this instrument. Fifteen of them, to the author's knowledge, own one and a few have already acquired or are planning on acquiring a second and later model. The mining branches of the Canadian Government have similar easy access to microprobes, as at least four of these instruments are available to them in Ottawa alone. The mining companies, on the other hand, except for the few larger ones which have their own research laboratories, have not been able to take advantage of electron microprobes in the past.This failure to exploit good ore microscopes and electron microprobes has been mainly due to a lack of expertise in the use of the two instruments for the study of metallurgical problems related to ore mineralogy. Government institutions providing research and test work to the industry are few in number, and are not always equipped with these instruments or are not geologically-oriented. Information provided on a consulting basis by universities and by government mining branches is normally limited, and frequently is not oriented to the needs of the mining company."

Jan 1, 1980

By R. B. Stein

"Countercurrent decantation circuits(CCD) are often employed in hydrometallurgy to effect solids-liquid separation in combination with a barren solution wash to reduce losses of valuable solution component(s) from the tails. Bechtel Corporation uses its BEMSIM flowsheet-modelling PC computer program to simulate a CCD circuit where the ""dirty"" wash solution contains significant amounts of soluble components. An algorithm successfully models this condition and is simplified to a single expression when the wash solution is a ""clean"" solution containing no solubles. The CCD calculation module is compared to operating data from uranium and nickel-cobalt CCD circuits.IntroductionHydrometallurgical process schemes have often relied on countercurrent washing methods to reduce soluble losses of valuable product in the tails. Commonly used equipment to effect this operation is a CCD circuit of N thickeners in series, where a slurry is fed to thickener I and a wash solution to thickener N; clear pregnant solution overflows thickener I and washed tails exit as underflow from thickener N. CCD circuits of this type are typically employed when the solids tend to slime heavily and where a filter is not economic.A typical CCD circuit usually employs from two to five thickeners and can employ either a ""clean"" washing solution of, say, pure water or else the hydrometallurgical circuit may generate a ""dirty"" barren solution containing an appreciable amount of soluble component which may be advantageously returned to the process as CCD wash solution. Various authors have treated the case for clean washing solutions (Svarkovsky 1977, Merritt 1970). For the case of dirty wash solutions, an algorithm has been developed to enable efficient modelling by the BEMSIM computer program, because the need for an accurate method to calculate soluble losses is required when performing an economic trade-off analysis of the value of product lost in the tails as a function of the number of thickeners."

Jan 1, 1990

By Y. Wang, J. D. Miller, C. L. Lin, Virginia Tech

Conventional flotation machines are typically limited to a particle topsize of 150-200 microns due to inherent constraints created by the pulp and froth phases. To overcome these limitations, a novel fluidized-bed flotation system called the HydroFloatTM Separator has been developed specifically for the purpose of floating coarse particles containing only small amounts of exposed hydrophobic minerals. Over the last decade, this technology has been successfully applied to industrial minerals with several full-scale units installed to recover particles up to and exceeding 3,000 microns diameter. More recently, sulfidebased test work has shown that this novel device is also capable of recovering metalliferous values at a grind size that is much coarser than currently used in industrial concentrators. In the current study, high resolution X-ray microtomography (HRXMT) was used to experimentally compare the degree of exposed grain surface area necessary to recover coarse particles using the HydroFloatTM technology to that attainable using a traditional mechanical flotation cell. The data indicate that exposed grain surface area is a critical factor for coarse particle flotation. For the gold-bearing sulfide ore examined in this study, the HRXMT data suggest that near complete recoveries of coarse (850x500 µm) multiphase particles containing as little as 1% exposed grain surface area were realistically attainable using the HydroFloatTM technology. As such, this new technology may offer a unique opportunity for increasing concentrator capacity by increasing the primary grind size needed for rougher/scavenger separations.

Jan 1, 2016

By J. T. Vehkala, S. S. Kerr, D. E. Robertson

"Since the late 1970s, extensive work has been carried out at Placer Dome Inc. 's Dome Mine to develop new mining methods and equipment to improve the productivity of narrow vein mining (Mining Magazine, Oct. 1986, pp. 308-317; Mar. 1988, pp. 176-/79). This work has been focused on mining veintype deposits varying from 0.9 m to 1.5 m in width using open stoping and cut-and-fill mining methods.In 1989, the Dome Mine entered into a contract with Ram Raising Ltd., a joint venture company of Angus Martin and I.S. Redpath Ltd., to develop and mine a narrow vein test stope using an Alimak Raise Climber. Early results have been favourable, indicating that Alimak methods can be used successfully to mine narrow vein are.HistoryThe Dome Mine, which has been in continuous operation since 1910, is located in South Porcupine, part of the city of Timmins, Ontario. The mine is wholly-owned and operated by Placer Dome Inc. and is part of Placer Dome Inc.'s international stable of of 19 mines."

Jan 1, 1990

By P. R. Geoffroy

Extensive and Intensive Prospecting As often pointed out, the search for new ore deposits may be carried on along two widely divergent lines. It may be either extensive or intensive. By extensive prospecting we mean a search for mineralized outcrops conducted over large and more or less virgin tracts of land, followed by a test of the practical value of any discovery made, the test being limited to the immediate vicinity of the outcrop. Extensive prospecting, was, in fact, the only policy known to the early prospectors. of the American continent and is still the rule in the remote sections of the Canadian Shield and in the African wilderness. It can be further characterized by the lack of emphasis placed on geological and other technical means as an aid to the search for ore. However, very little virgin ground is left, nowadays, for a man or a company to test their luck, and whatever is left is so remote from the necessary means of development that any new discovery will require considerable delay and expenditures to be amenable to profitable mining. On the other band, a great many of the favourable and still unexplored areas (and this is particularly true in Canada) are overburdened to such an extent that outcrops of bed-rock are extremely scarce and extensive prospecting is nearly impossible. Intensive prospecting, to the contrary, must be understood as a detailed search for ore carried on over limited areas in districts already known to be mineralized and covering regional structures whose relation to mineral deposits bas been estahlis.hed with a fair degree ot certainty. The search for deep-seated deposits in the vicinity of successful mines is a perfect example of intensive prospecting. As a matter of fact, the majority of the geologists employed by the mining industry are engaged in some kind of intensive prospecting.

Jan 1, 1950

By William Skinner, Jim Pae Lem, Massimiano Zanin

It is well known that the specific density of minerals has adverse influence on the classification performance of a hydrocyclone, particularly when liberated high density minerals such as gold or uranium are present in sulphide ores. These liberated heavy minerals often misreport to the underflow and recirculate to the system. Such phenomena does result in serious issues in a closed-grinding circuit, such as overgrinding, leading to production of flaky particles (as in gold) or ultrafines, in addition to increased energy inefficiency. In plants which present gold liberated at coarser size, loss of gold due to cyclone inefficiency is sometimes prevented by incorporating gravity concentrators into the grinding circuit to recover the gold. The work reported in this paper looks at whether the effect of density will prevent successful rejection of liberated U-bearing minerals in the –10µm size range of a plant re-cleaner feed, which is necessary to minimize penalty U accumulation in a copper concentrator. The study was carried out using a cyclone rig with spigot diameter of 0.25 inches in combination with batch flotation. It was found that the density effect is almost negligible at particle sizes below 10µm. Consequently, the liberated U-bearing particles finer than 10 µm were successfully removed in the overflow stream as rejects and hence U grade in the copper concentrate remarkably reduced, by 16 ppm. Based on the results, de-sliming of the re-cleaner feed was recommended for plant trial and implementation.

Jan 1, 2016

By Tomoya Kawasaki, Tatsuya Motomura, Yutaka Yasuda

Saganoseki Smelter, one of the largest copper producers in Japan, currently operates a single flash smelting furnace to produce 450,000 tons of new copper annually. The smelter used to employ two flash furnaces, and integrated the two into one in 1996. Since then, various improvements to its facilities and technologies have been made to increase productivity. To upgrade the operation efficiency, "stability" was considered a key issue, and the measures were taken to increase the operation and facility reliability. Currently, the furnace is running at a feed rate of 215 DMT/h, while the furnace utilization has been maintained at 97%. This paper outlines recent improvements that have made to increase furnace productivity and efficiency.

Jan 1, 2014

By C. C. Li

The D bolt is a new type of energy-absorbing rock support element recently developed in Nor-way. The D bolt is not only able to accommodate large rock deformations, but can also provide a load-bearing capacity as high as that of rebar bolts. Furthermore, the anchoring quality of the D bolt is similar to rebar bolts because of its multi-point anchoring design.

May 1, 2009

By Thomas. Lisa, Mark Coleman

Schenck Process is an established customer-driven solutions provider, utilising its knowledge, expertise and technologies to transform production processes. Operating across several industries Schenck Process have developed quality solutions from their range of equipment to solve problems and fill holes in other people’s processes. In the non-ferrous metals industries Schenck Process have been using their Clyde Brand solutions in Pneumatic Transport to solve problems on smelter sites for a number of years, handling of concentrates, additives and metallurgical dusts. Working alongside clients around the world they have developed a number of dust handling systems for flash furnaces from New Boliden, through Codelco to PASAR. Solving handling issues in dust collection has proved to suit Schenck Process range of equipment well and now a series of solutions are available. Solutions have been developed to handle materials up to 600°C and can convey over 1 km. Conveying to remote location for disposal, injecting directly into a furnace through lances, return to furnace burner feed, or deliver and dose into leaching reactors, Schenck Process are ready to ‘make processes work’. Historic solutions at New Boliden and Codelco demonstrate a range of material application and the long term performance of the equipment. Recent installations at Pasar utilise the Schenck new ProPhaseTM equipment and handle the Waste Heat Boiler and ESP dusts directly and simplify the dust train. The paper will seek to show how this equipment can bring benefit in handling high temperature materials directly and eliminate several traditional steps that are often unreliable. The systems can be paired with Schenck Process new PHASiQTM and STREAMiQTM control systems which are complete PC, HMI, PLC, Interface system with full SCADA, Data Storage and IoT ready remote interrogation and support available. Installed in this challenging environment the systems are ready for smelter use. The systems can be also joined to our new E-nizingTM web portal. A perfect partnership to deliver the trend in ‘Big Data’ while providing visibility and off site support. The paper will show how these systems can deliver reliable equipment and remote support for these often isolated sites as well as delivering rapid return on investment. This paper discusses a step change in simplifying Flash Furnace Dust handling which Schenck believes shows the truth of Schenck Process Solutions claim that ‘we make processes work’.

Jan 1, 2019

By A. R. Trusiak, C. Bazin, D. Hodouin

"The On-Stream Analyzer has proven, and is still proving to be, an extremely valuable tool for the control of flotation circuits. This paper examines the possibility of going further in the utilization of the analyzer results by using a real-time material balance program to calculate the mass flow rates within the streams of a circuit for process control, analysis and optimization as well as for the detection of sensor malfunction. The material balance algorithm improves measurements and give good estimates of unmeasured variables during normal operating conditions. The potential and limitations of the method are illustrated using results of an application to the Line 3 flotation circuit of Brunswick Mining and Smelting, New Brunswick.IntroductionThe On-Stream Analyzer (OSA) has gained, over the last two decades, the status of key instrument for the control of flotation plants. The OSA is currently used in almost every sulphide flotation plant and its application in oxide mineral flotation plants isincreasing. Commercial OSAs include a sampling system that collectssamples from various streams of a circuit and exposes thesamples to an X-ray beam. The sample then generates X-ray pulsesthat are converted into assays using multilinear regression programs(Leroux and Franklin, 1994). The estimated assays arepassed to the flotation operators via operator consoles, or to controlloops of various degrees of complexity (McKee, 1991), whichmanipulate reagent addition, aeration rate or froth thickness toensure an adequate operation of the plant. Although this applicationrapidly pays for the purchase of the OSA, one should ask:""Could we get more from the OSA?"""

Jan 1, 1995

"In the first half of 1990, Cambior earned $1104 million, or $0.37 per share, on revenues of$66.4 million. The company's strong cash position, attained late in 1989 and in the beginning of1990 through the exercise of warrants, put working capital at $83.8 million as of June 30, 1990. Long-term debt was reduced by over $10 million during the weak gold market, leaving the company with a debt to equity ratio of only 0.03. Production for the six first months of 1990 was 107 720 oz. Au, an increaseof24% over the corresponding period in 1989.Financial Profile/Results and Corporate Financial StrategiesTotal revenue for the 1989 fiscal year was $116,883,000 compared to $109,848,000 for 1988. The 1989 results achieved despite a lower average gold price, resulted from a higher level of commercial gold production and a 115% increase in investment income over 1988. Investment income rose to $3,568,000 in 1989 due to higher levels of cash assets.Cambior's mine operating costs increased 19% to $68,561,000 in 1989 from $57,472,000 in 1988. This increase resulted from rising operating costs at the Doyon Mine ($250/oz to $274/oz) due to the shift from open pit to underground operations, as well as from the start -up of three new mines with relatively higher costs. These costs have reached a stable level that should be maintained for the next few years.In 1989, net exploration expenses were $6,838,000, down 31070 from 1988, partially due to the Canadian tax reforms introduced since 1987. Depreciation and depletion grew by $1,432,000 in 1989, reflecting a higher volume of commercial production from the Pierre Beauchemin, Lucien C. Beliveau and Chimo mines.Net earnings for 1989 amounted to $17,661,000 or $0.73 per share compared to $17,438,000 or $0.74 per share in 1988.Cambior has an exceptionally liquid and strong balance sheet. As at December 31, 1989, net working capital stood at $85.6 million, with a total assets base of $338.6 million. With a long-term debt (including gold loans) of $21.5 million and shareholders' equity of $277.2 million, Cambior has a debt to equity ratio of 8%. All but about $100,000 of long-term debt is in the form of gold loans.The total market value for Cambior's stock as at September 10, 1990, stands at $420million, based on recent stock market prices. Cambior's stock and warrants are traded on the Montreal and Toronto Stock Exchange."

Jan 1, 1990