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By Goldie R

The use of options theory in business has become well established in recent years and is currently one of the most exciting areas of current finance research. The theory can be used to value levered firms, and streams of contingent payments. This technique also has very practical applications in the areas of capital investment analysis and the valuation of equities in the natural resource industry. The use of options theory has been well accepted and used for many years in the trading of commodity options and futures contracts, in banking and insurance and in other industries. It also can be used to value such diverse contingent claims problems as the income tax liabilities of the firm and share underwriting agreements.Its application to the more complex options, such as those present in the resource industry, is only now becoming known. This lag is, at least partially, due to the difficult mathematics involved in solving complex options problems. Another factor is the almost overwhelming abundance of uncertainties, such as grade, tons and other natural risks, which must be considered in the evaluation mining projects.

Jan 1, 1990

By Eldridge B. J

During recent years, Central Queensland has experienced a boom in its coal mining industry. This has involved many companies in projects requiring large capital expenditure. As with most projects of this size, many operating problems are now being experienced which were unforseen at the feasibility stage. One of these problems is the failure of pit slopes and spoil piles at some of the strip mining operations. There have been serious stability problems associated with Utah Development Company's strip mining operations in Central Queensland, in particular the Goonyella Mine. A field investigation programme was under- taken to determine the cause of highwall and spoilpile slope failures. Spoilpile failures were found to result from weakness near the spoil/floor contact zone. Highwall failures were found to result from a combination of unfavourable bedding plane dips and weakness, and the presence of joints in weak o~erburdep; Satisfactory solutions fa the staiity, problems are difficult to formulate, and-field stability experimentation is still at an early Stage.

Jan 1, 1974

A new lead refinery with a. capacity of 230,000 tons per year com-menced operation at*Port'Plsie in October, 1959. This plant' superseded the refinery which had operated from 1933 with the advent of thecontinuous lead refining process. The incorporation of new equipment following local metallurgical developments, together with the overseas demand for lead of extremely low antimony content, created difficulties in operating the original plant. The new refinery project was under-taken to cover this disability and to gain the full advantage of the new processes.Desilverising and softening are carried out in units identical in size to those used previously. Metallic'zinc is now recovered from the entire output of desilverised bullion by vacuum distillation. Final refining is then carried out by batch'treatinent with caustic soda yield-ing lead of purity previously unattainable at Port Pirie.These two processes have replaced continuous dezincing by oxidation, a high temperature process which caused large quantities of lead and antimony to be recirculated. As the final stage is a .batch process the product composition can be.checked before casting. Individual batches can be adjusted to produce special alloys to,consumer's specification.Improved casting equipment has allowed the quantity production of pigs of good physical characteristics either as 56 lb bars or 2000 lb pigs. This, together with the high purity of the lead, has assured the B.H.A.S. position in world markets.Automatic control systems have been extensively employed particularly on the vacuum dezincing unit.The anticipated financial benefits have been achieved mainly by a reduction in the tonnage of recirculated materials, a smaller labour force, and reduced maintenance requirements.

Jan 1, 1963

The Olympic Dam deposit is located some 600 km north of Adelaide in South Australia. It was discovered in 1975 by Western Mining Corporation and in 1979 a joint venture was formed with British Petroleum for the evaluation and development of the project. Studies were completed and construction started in 1986 with the plant being commissioned progressively between April and August of 1988. In 1993 Western Mining acquired BP's interest and are now owners of the whole deposit. The scale of the initial development was 1.5 Mtpa of ore for the production of 45 000 tpa of copper cathode, 900 tpa of uranium oxide and some gold and silver. Two expansion programs have occurred in 1992 and 1995 and current performance is at the rate of 3 Mtpa of ore for the production of 84 000 tpa of copper cathode, 1500 tpa of uranium oxide, 24 000 oz per year of confined gold and 380 000 oz per year of confined silver (Table 1). An aerial view of the plant is shown in Figure 1. The benefit of diversifying into the production of more than one product is undoubted and the flexibility of being able to produce variable quantities of copper and uranium also allows advantage to be taken of a change in market conditions.

Jan 1, 1996

By T G. Vizcarra, B Wong

Optimisation projects are regularly undertaken without knowing the root cause of an issue. It is all well and good to trial a multitude of flotation reagents, change the operating characteristics of your flotation cells, or add more media into your ball mills, but time and again, root cause analysis traces issues back to the performance of hydrocyclones. In JKTech's experience, hydrocyclones are poorly operated and maintained (in both primary grinding and regrind circuits), exacerbating issues that many operations commonly experience.Recent case studies are presented where JKTech has been engaged to improve the process only to discover that the hydrocyclones were the main issue. At one operation it was found that the hydrocyclone feed density gauge was reading significantly lower to the actual density. Following re-calibration of the gauge, and with further improvement of cyclone operational and design parameters using JKSimMet, a significantly sharper efficiency curve was achieved. This resulted in improvements to downstream recoveries while alleviating pumping capacities that were previously constrained by fines and water caught up in recirculating loads.Several other case studies are presented which may seem to be relatively basic, but many basics seem to be getting lost in the day-to-day responsibilities of the modern plant metallurgist. Simple fixes to hydrocyclones can result in significant production increases, but more focus is needed in monitoring these to sustain the benefits.CITATION:Wong, B and Vizcarra, T G, 2018. What category cyclone is devastating your plant?, in Proceedings 14th AusIMM Mill Operators' Conference 2018, pp 665–673 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 29, 2018

By Watkins JR

Movements in the mineral trade cycle are almost invariably out of phase with the gradua- tion rate of mining engineers, metallurgists and geologists. This commonly leads to situations where graduates are scarce in "boom" periods and in free supply when the trade cycle is depressed. This problem reflects the difference in elasticity and flexibility between the educational and industrial environments. In the educational system the decision that brings students to graduation is made three to five years prior to the event. This is quite a lengthy period of time in terms of mineral trade cycles. By contrast, the mineral industry has far more elasticity in responding to short term fluctuations in mineral trade. The authors do not believe that the mis- match between the availability of skilled personnel and the manpower requirements of industry in the short term is intractable. Much is to be gained by more realistic and rational manpower forecasting combined with greater flexibility in the educational realm.

Jan 1, 1982

By K-S Kim, C-Y Kim, D-G Kim

In tunnel construction or other underground construction, a detailed knowledge of the rock mass ahead of the face is essential for both safety and efficiency of work. Many tunnel collapses have been reported to occur because of lack of appropriate information, such as the geological conditions ahead of the tunnel face. One of the methods which can identify rock mass conditions is the application of drill monitoring data obtained from blasting drill holes, which can detect abrupt and unexpected changes in ground conditions, geological structure and the mechanical and physical properties of rock mass. This paper presents a new approach to how drill performance parameters can be used for prediction of geological conditions ahead of tunnel face. The predictions are based on monitoring the drill parameters of instantaneous advance speed, torque and tool pressure. In order to assess conditions ahead of tunnel face, tunnel seismic profiling (TSP) and a horizontal boring investigation were undertaken and the obtained data compared to the drilling data. The predicted results using drilling performance parameters correlated well with geological conditions ahead of tunnel face.

Jan 1, 2008

Lower Silesia Coal Basin/SW Poland/ is adjacent to highly gas saturated igneous massiv and since the beginning of this century more than 1500 outbursts have occurred in four existing mines, including 1295 in the most hazardous mine Nowa Ruda. Prevailing part of these are carbon dioxide/coal outbursts of ejected masses 50-5000 tonnes/av.200/t and gas volume released from 200 m3 to 800,000 m3 Magnitude of these phenomena is growing with the depth and for present extraction levels/ 375-753 m/ may be expressed by a formula: M = 4.25/H-400/, where M-masses ejected, t and H - depth of extraction, m. Regulations obligatory hitherto call for gas pressure measurements to be made in 3 m long and 42 mm dia. boreholes spaces not more than 25 m along the longwall face and taking sample of drillings for desorption testing. Criteria of a hazard are following: pressure higher than 30 kPa /for C02/ or 80 kPa /for CH4/ and desorption more than 1,44 cm3/g. These criteria are not satisfactory because many outbursts occurred in spite of low values of parameters measured and for several times no hazard was evident after very high values were obtained. Moreover, observations show that a huge majority of case outbursts occurred in coal weakened by local geological distortion.

Jan 1, 1980

Techniques have been developed for the dissolution of a wide range of rocks and minerals by a sodium peroxide sinter process. A olarge number of elements are determined by atomic absorption spectroscopy, and other elements such as arsenic and sulphur are determined by chemical analytical methods. The methods adopted to overcome inter-element and ionization effects on the atomic absorption results are discussed.

Jan 1, 1974

LESLIE BRADFORD GOLDEN JUBILEE ORATION "Not only a metallurgist but a scientist of the highest order" Leslie Bradford and the Australian Metallurgical Industry

Jan 1, 1987

By Mur D. M

Metal ferrites are formed by the high temperature reaction of various metal oxides with hematite and are commonly found in the calcines derived from the sulfation roasting of zinc, copper and nickel sulfide concentrates. The Jarosite Process is designed to treat such zinc ferrites by hot acid dissolution but little information is available on the basic reactivity of various ferrites and the effect of Eh. As part of an overall study of the reactivity of calcine products from copper and nickel sulfide concentrates it has been found that Eh plays an important role in the rate of dissolution of magnetite, hematite and nickel oxide by HC1 and H2SO4. Further studies on the reactivity of pure synthetic copper,zinc,and nickel ferrites also show a dependence on Eh. This paper discusses the relative reactivity of iron oxides and metal ferrites in 1 M HC1 and the results of electrochemical studies using cyclic voltammetry. A mechanism for the dissolution reaction is proposed as well as factors which determine their leaching. It is shown that the rate of leaching of metal ferrites with HC1 is enhanced in the presence of reducing agents such as Cu(I) and Sn(II). By contrast the leaching of NiO is enhanced by oxidising agents such as Cu(II).

Jan 1, 1987

In an earlier paper(l) details of a laboratory method of extracting and separating tantalum and columbium oxides from tantalite have been given. In view of the fact that Australia may have need to be self sufficient in this field it was decided to erect a pilot plant for the production of tantalum oxide in the Metallurgy School, University of Melbourne. The plant was designed for treating about 40 lb. of ore in a batch over a period of two weeks, although; because of the sectionalized nature of the process, the capacity of the plant was 40 lb. ore per week.Australia is fortunate in possessing some very rich tantalite and columbite deposits, particularly in the Pilbara District in Western Australia. The ore used in this work was obtained from a small but high grade deposit near Greenbushes, Western Australia, and consisted of lumps, weighing up to 8 lb. each, of almost pure ferro-tantalite with occasional thin veins of the very' rare' mineral stibiotantalite.The main constituents were:

Jan 1, 1946

A new bench blast design method and its realization with the assistance of the computer is introduced. The basic design principle is to define a rhomb cell, called fully- fractured zone, through a series of full scale bench crater tests and apply this geometric pattern in multi-hole, multi- row blast design. To illustrate the design method, the optimization process and assessment of blast performance are presented in the context of a case study.

Jan 1, 1992

By E Kozan

The paper presents new developments of the methodology of open pit coal production scheduling optimisation. They deal with the specific features of the exploitation of single coal seam and utilisation of truck-shovel and dragline systems. A production scheduling optimisation model is developed as a linear programming problem. The objective function maximises the net present value of the mining project under the technological constraints for meeting the demand function of the coal processing plant and effective utilisation of the available production equipment. Both principles of mine planning, coal quality optimisation and waste deferment are incorporated in the model. Results of a case study are provided to illustrate the applicability of the optimisation model.

Jan 1, 2003

It is self evident that in many cases mining disrupts communities, however, community reaction to mining varies enormously. This is due to a whole host of factors, some physical, some financial, some political and some a direct result of the projected mining company attitude towards the community at large. Physical and political factors are increasingly being dealt with realistically and financial aspects are to a significant extent determined by profit margins. If the acceptable profit margin canÆt accommodate all necessary costs (which now includes a variety of community considerations unheard of even a decade ago), then the project is just not viable. Despite major commitments now made by many mining companies to their affected communities, corporate attitudes, and their projection, remain as the most outstanding factor in mining project development where real gains can still be made in effectively reducing social risk. This paper addresses both international and domestic experience gained in managing this aspect of mining development risk, including initiatives implemented by multilateral institutions.

Jan 1, 2003

By Scott B. R

Bougainville's copper mine is located on the west slope of the Crown Prince Range on Bougainville. A high grade copper concentrate is produced for sale to overseas customers. Production planning which was originally based on pilot plant data has developed progressively since commissioning of the concentrator in 1972. Pilot plant data and mine sampling have been supplanted by the correlation of concentrator performance with ore sources, as the basis for short term planning. The influence of accurate sampling is reflected in 1. hourly shift control, 2. the daily milling statement, 3. the prediction of the characteristics of ore from various mine locations, 4. production reconciliation, and 5. the control of copper losses. The mechanical and electrical failures of the original sampling system emphasized the need for a reliable, automatic sampling facility. The development of a pneumatic drive mechanism, which has now been fully field tested, was undertaken.

Jan 1, 1976

By T N. Little

The author contends that geoscience is presently under-utilised in the rock fragmentation by blasting process. Before we can set standards in this area, the following is required: mine geologists need to gain a better understanding of the blasting process and the blasting team needs to obtain a better appreciation of geology. Both groups need to be informed of what can be done to improve blasting outcomes, why it is necessary and how it can be achieved. By working closely together, both the geoscience toolkits and blasting expertise can be applied and focused on priority blast sensitive issues, with potential to improve mine economics and safety. Finally, and ideally, mine geologists need to take a leadership role in raw rock mass data collection and data management, and invited to take an active role in rock mass related behaviour data collection, integration and presentation.This paper attempts to provide insight into all these prerequisites for setting a new standard for collaboration and mutual learning in this strategic opportunity area. The potential for blasting to leverage downstream processes is highlighted. Blasting objectives and blast design principles are introduced along with the required rock mass related inputs. Some hazardous geological materials and environmental conditions are described, along with how they can affect operational complexity.Four case examples are used to illustrate the need for closer liaison between geology and blasting professionals. The first related to grade control blasting, aims to demonstrate how a blasting geology approach can add significant value. Case example two demonstrates how geological models and bench face analysis can assist with fragment control. The third and fourth case examples involve an overview of two case studies where timely geological and geotechnical knowledge input and intervention into blasting activities may have reduced losses due to blast initiated open pit slope collapses.CITATION:Little, T N, 2017. Geoscience input into blasting operations – let’s set a new standard, in Proceedings Tenth International Mining Geology Conference 2017, pp 375–384 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 20, 2017

By S MacKinnon, J Kok

Potential areas for improvement in flotation performance were identified during JKTech model development surveys in October 2003. Subsequent implementation of the JKTech recommendations in consultation with flotation cell manufacturer Outokumpu have resulted in gold flotation recovery increases of more than four per cent over a two-year period. One of these recommendations was the installation of High Shear Stators in the Cleaner and Recleaner flotation cells. The High Shear Stator installation project was justified based on simulations completed using JKSimFloat. Bubble size measurements completed before and after installation of High Shear Stators showed a reduction in mean bubble size of approximately 50 per cent in the Cleaner cells. Both Cleaner and Recleaner banks showed a significant narrowing of the bubble size distributions following the installation. Plant gold recovery increase resulting from the installation of High Shear Stators was 1.1 per cent, with a 1.9 per cent increase in flotation gold recovery and 5.4 per cent increase in flotation sulfur recovery. Based on the 1.1 per cent recovery increase and total project cost of less than $200 000, the High Shear Stator Project NPV was $8 200 000 with a 0.25 year payback period.

Jan 1, 2006

THE Yallourn chimney has aroused interest, as it is, for the time being, the tallest structural erection in Australia. Its height was not decided on, however, with the object of breaking records, but is purely incidental to the purpose which it serves. Theboiler plant at the briquetting works (first instalment) consists of five Babcock and Wilcox land-type water-tube boilers, each of 4510 sq ft. heating su:r£ace and 225 sq. ft. grate area in the form of step grates. Four boilers will normally produce 73,000 lb. of steam per hour at a gauge pressure of 265 lb. and a temperature of 6500 F., the fifth boiler being a reserve. Each boiler will consume about 100 tons of Yallourn coal per 24 hours. Provision is made for future installation of economizers, should it be found desirable. Designing for this condition, and allowing for a waste gas temperature of 3500 F. and an air temperature exceeding 1000 it was found necessary to have a draft of about 1.3 in. (water gauge) at the base of the chimney, and to deal with about 2000 cub. ft. of gases per second. Estimates were made of the cost of providing the necessary draught by means of fans and by means of a tall chill).ney. The annual charges of the two methods differed only slightly, and the tall chimney wasselected as being the more general practice in briquetting factories.Estimates were prepared for brick and concrete chiIlllleys. Yallourn bricks at that time were hand-made, and, while very suitable for domestic work, were not capable of withstanding high compressive stresses. The chimney design to suit these bricks thus required to be on very ample lines, resulting in high cost. Machine-made bricks from Melbourne would cost about £5 10s. per thousand on the site, with extra for radials, so that high cost again resulted. On the score...

Jan 1, 1924

By Grobler H. P, Chitombo G. R

Production blasting of Dc Beers Consolidated Mines Limited, Koffiefontein and Finsch Mines involves both uphole trough rings of 9 to I I holes and near vertical 360 degree compound rings of 42-54 holes. The rate of production from these stages is dependent upon being able to achieve a specified fragmentation size range and this has driven the derivation of blasting practices to consistently achieve this target fragmentation. At the Dutoitspan Mine, in Kimberley, where mining of the kimberlite pipe is by block caving, 100 per cent extraction of the undercut level by ring blasting is essential. If this is not achieved, pillars are formed which not only inhibit the efficient initiation of the caving process, but also concentrates load onto the extraction level, causing damage to draw points and pillars. These two case studies demonstrate the importance of achieving optimum blasting performance for downstream mining efficiency; ie fragmentation for increased productivity at Koffiefontein Mine and 100 per cent undercut extraction for efficient initiation of the caving process at the Dutoitspan Mine. The case studies also serve to highlight the long road towards blast optimisation taken by De Beers Consolidated Mines Ltd (Koffiefontein. Finsch, Premier and Kimberley Mines) since 1989.

Jan 1, 1995