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This paper addresses the valuation and development timing of an undeveloped mineral project. Traditional analysis has us developing the project immediately if its net present value (NPV) is positive. Option pricing theory finds that it is better to wait until the NPV of the property is significantly greater than zero before developing. Alternatively, when evaluating the development timing decision, we must calculate NPV using a higher "timing-adjusted" discount rate, and develop the property only if its NPV using this timing-adjusted discount rate is greater than zero. This paper uses option pricing ideas to convert this development timing advice into a more concrete and user-friendly decision rule: develop the project when its "development-timing NPV" is positive, this development-timing NPV being calculated using the normal discount rate.

Jan 1, 1997

By William H. Langer

U.S. Geological Survey (USGS) recently initiated the Front Range Infrastructure Resources Project. This is a multidisciplinary study along the Rocky Mountain Front Range from Pueblo, Colorado, to Cheyenne, Wyoming, and is designed to collect, compile, and analyze new and existing data on natural aggregate (stone, sand, and gravel), as well as water, and energy resources. To identify aggregate resources in the Front Range, a 1:500,000-scale reconnaissance map showing locations and quality of both bedrock and surficial sources of natural aggregate in the Front Range urban corridor was prepared by processing the digital geologic maps of Colorado and Wyoming. The first step of the process was to identify map units as either bedrock or unconsolidated material. Bedrock was classified according to type (i.e., limestone, granite, gneiss, etc.), which in turn was classified based on the suitability of the bedrock for use as crushed stone. Unconsolidated materials were classified according to relative age, with the older, more weathered materials being defined as less suitable for use as aggregate than younger materials. As a spin-off from the Front Range Project, the techniques developed for analyzing the Front Range geology have been modified and expanded to include all of Colorado and New Mexico. More detailed digital aggregate maps (1:24,000 scale) are being prepared in collaboration with the Colorado Geological Survey (CGS). Maps from the CGS "Atlas of Sand, Gravel and Quarry Aggregate Resources, Colorado Front Range Counties" show the distribution of potential resources of sand and gravel and provide general information about the physical properties of the resources. These maps are being digitized and merged into a single Geographic Information System (GIS) data base. In addition, the project is adding more specific information to the maps about deposit thickness, volume, and quality. This additional information is being obtained through field-characterization studies and modeling activities. The GIs data base can be displayed and queried using off-the-shelf software such as ArcInfo?, ArcView?, and Map Professional?. In addition, the USGS is developing a decision-support system to assist users in analyzing various land-use options on resource availability.

Jan 1, 1999

By J. J. Knoerzer

The scheduled replacement of Inland's A & B coke batteries in Plant No.3 posed some serious problems in terms of pollution control and strained sources for medium volatile coal for a conventional blend. The state-of-the-art of air pollution control during the charging step in the conventional slot-type coke oven has been less than satisfactory. In addition, the work done at the Illinois Geological Survey showed that by preheating the coal blend prior to charging a greater percentage of Illinois coal could be used to produce a high quality metallurgical coke. To assist The Management in the- decision on A & B replacement, Inland Steel conducted a full-scale test program on coal preheating and pipeline charging utilizing the Coaltek system installed on No. 2 battery of the Semet-Solvay Division of Allied Chemical Corporation. The basic objectives of the test program at Semet-Solvay were as follows: 1. Determine the feasibility of producing high grade metallurgical coke from preheated blends containing more than 60% Illinois No. 6 coal. 2. Confirm the performance characteristics in one of the Inland blast furnaces of the coke produced with 75% Illinois coal in the blend. 3. Verify several claims by Coaltek such as: a) Pipelining the hot coal presents no difficulties while essentially eliminates the air pollution problems associated with the conventional charging system. b) Preheating of the coal blend permits the use of higher percentages of high volatile, marginally coking coals (such as Illinois No. 6) in the blend as compared to wet charging.

Jan 1, 1973

By Leonard B. Rothfeld

For many years, pulverized coal (PC) boilers in utility power plants have been the dominant market for domestic coal. Today, two new coal utilization technologies challenge the PC boiler's dominance. Atmospheric fluidized bed combustion (AFBC) and "coal gasification/combined cycle" (GCC) stand on the verge of commercial demonstration in the utility environment at a scale of 100 MW. Developed over the past decade, these technologies respond to the demands for cleaner ways to burn coal and for more flexibility in fuel supply. In the near term, these are the "clean coal" technologies most likely to have a significant impact, because they are ready for commercial application. As for environmental acceptability, consider that just a few years ago one of the environmental slogans was "no coal in California." Indeed, the only large quantities of coal above ground in California at that time were in transit on the way to Asia. Today, thanks to new technology, we can point to two operational coal-burning plants in California and one in the works: * Cool Water GCC demonstration plant (100 MW) * California Portland Cement AFBC commercial cogeneration, near Riverside (190 000 lb/hr steam) * Energy Factors AFBC commercial cogeneration at Stockton, to be operational 1988 (44 MW)

Jan 1, 1987

By R. Fedors, T. Ghezzehei, D. Or

The phenomena of dripping into cavities (e.g., tunnels and drifts) within an unsaturated fractured porous medium under ventilated conditions was studied to improve estimates of dripping rates, drop sizes and the chemical composition of droplets that could affect the integrity of high-level nuclear waste packages placed in drifts. The sensitivity of dripping rates and water chemistry to ventilation was analyzed at various flow rates using analytical expressions linking flow on fracture surfaces to drop formation and evaporation. The model was tested using laboratory experiments involving machined aluminum slabs designed to represent a simplified morphology of a fracture face intersecting a cavity and using natural fracture surfaces from a welded tuff Comparison with ten years of data on dripping in natural caves showed good agreement with model predictions. In particular, for low dripping rates, evaporation due to ventilation leads to larger drop sizes and alters drop chemistry by increasing the concentration of solutes in the drop relative to that in the water flowing on the fracture face.

Jan 1, 2002

By Felix E. Mutschler

Alkaline rock-related precious metal deposits include: • orthomagmatic platinum group elements (PGE) ± gold (Au); • porphyry copper-silver-gold (Cu-Ag-Au, ±PGE); • epithermal Au-only, and Au-Ag-base metals; • submarine exhalative Kuroko-, Cyprus-, seamount- and Yellowjacket-type deposits; and • enigmatic deposits akin to Olympic Dam. Coeval epithermal deposits related to porphyry deposits suggest the two types represent separate immiscible fluids evolved in oxidized, CO2-rich alkaline magma chambers. Alkaline rock provinces develop above mantle hot-spots, but crustal structures control the final distribution of magmas and ore fluids. Prospecting guides for alkaline rock-related precious metal deposits include the presence of evolved alkaline rocks, pervasive K-metasomatic, redox and carbonatic alteration and low level Au (±Te, etc.) anomalies. Although alkaline igneous rocks crop out in less than 1 % of the area of the North American Cordillera and craton, alkaline rock-related ore deposits have produced nearly 13% of the total United States and Canadian lode gold production. Large (31-t or 1 million-oz) deposits are common (Fig. 1), and additional deposits and reserves are being discovered. New genetic models are evolving, making alkaline rock-related precious metal prospects attractive exploration targets.

Jan 1, 1991

By V. J. Hucka

A 0.5 m (20 in) diameter high pressure natural gas pipeline crosses over a coal mine located in Central Utah. Ground movement induced by the mining operation could possibly place excessive strain on the pipeline causing it to rupture. The mining operation extracts coal from two seams using the room and pillar method. The seams are situated one on top of the other and both lie directly under the pipeline. At present, only the upper seam is being mined beneath the pipeline. However, in the future, the mining operation of the lower seam will also affect the pipeline. As would be expected, mining of both coal seams causes surface subsidence. This is especially true when the pillars are extracted during retreat.

Jan 1, 1983

By J. D. Miller

The effects of operating variables on water transport to the over- flow, classification of hydrophilic particles and the recovery of copper and molybdenum from a low-grade porphyry ore are presented. Recoveries of copper and molybdenum exceeding 90 percent at a grade of 8 percent Cu and 0.2 percent Mo were realized for minus 100 mesh (1 49 µm) material at retention times of less than 500 milliseconds. The rapid rate of flotation and the effective separation of fine particles for an air sparged hydrocyclone appear to be due to directed interaction of particles in a high force field with numerous freshly formed small bubbles. This interaction occurs in the swirl flow developed by the system and is analyzed in terms of collision and induction time phenomena.

Jan 1, 1982

By J. Gawler

In June 2005 the Minerals Council of Australia signed a Memorandum of Understanding (MoU) with the Australian Government which states an intention ?for mining companies and government to work together with Indigenous people to build sustainable, prosperous communities in which individuals can create and take up social, employment and business opportunities in mining regions?. Implementation of the MoU has begun with demonstration sites established across Australia. All sites are using a Regional Partnership Agreement (RPA) model as a framework for enabling local people to find local solutions to local issues in partnership with mining companies, governments and Indigenous communities. Mining and resources companies can provide important input into regional economic development and capacity building by working through local partnerships. Company benefits include gaining a social licence to operate, access to a reliable skilled workforce, better longterm relationships with Indigenous communities and sustainable regional communities. All levels of government, Australian, State and Local, are working collaboratively to address unemployment and other issues in remote Indigenous communities. The Australian Government has adopted RPAs as one mechanism for implementing its whole-of-government approach to Indigenous affairs. This leading edge work is unique to Australia and the model has applications and significant learning for other countries and industries.

Jan 1, 2007

By R. G. Robins

The dissolution of metallic copper powder in aqueous solutions of cupric sulfate with ethylene under low pressure was investigated. The reaction stoichiometry obtained was:

Jan 1, 1988

By E. J. Rorem

Rockfall and unstable rock slopes can be effectively controlled by utilizing steel wire rope net systems, either as barriers or as slope draping. The chief advantage of such systems over rigid type barriers is the flexibility of wire rope netting, permitting kinetic energy dissipation, yet providing high strength and consequently low maintenance. A review of the design considerations involved with these systems, as well as a review of several mine and non-mine installations is presented with the hope that the information may contribute to the safety against the dangers of rockfall and other mine hazards in active and abandoned mines.

Jan 1, 1996

By William H. Peterson

How is the Government's oil import control program doing? In July 1954 Mr, Eisenhower established the Cabinet Committee on Energy Supplies and Resources Policy. On July 29, 1957, the Administration imposed "voluntary" company oil import quotas on American oil importers to maintain "a healthy domestic (oil) production industry" and safeguard "national security." On March 10, 1959 the President by proclamation made the voluntary program mandatory. But study of the program in practice shows that it is not working out as expected and-that there is some doubt that its aims and other related Administration purposes are being achieved. Take the Administration's anti-inflation policy. To be sure, the President apparently recognized in his March 10th proclamation that in restricting cheap imported oil in favor of more expensive-domestic oil he was making the inflation fight that much harder, for he called for Government surveillance of domestic oil prices to prevent them from getting out of hard, And indeed while domestic crude oil prices have not risen appreciably during 1959 neither have they fallen appreciably (although there has been some price weakness in the past few weeks).

Jan 1, 1960

By W. Zhang

"The adsorption of collector on chalcocite has been studied in situ in aqueous solutions by applying an atomic force microscopy (AFM). The AFM images show that xanthate, such as potassium ethyl xanthate (KEX) and potassium amyl xanthate (PAX), adsorbs strongly on chalcocite mainly in the form of insoluble metal xanthate, which binds strongly with the mineral surface without being removed by flushing with ethanol alcohol. The result clearly shows that the adsorption of xanthate on chalcocite is totally different from its adsorption on chalcopyrite, during which oily dixanthogen is the main adsorption product on chalcopyrite surface. AFM images also showed that increasing solution pH to 10 doesn’t prevent the adsorption of xanthate on chalcocite much and the result confirms with the fact that chalcocite floats well in a wide pH range up to 12 with xanthate being used as a collector. INTRODUCTION In flotation, the adsorption of collector on mineral surface is vital for a successful flotation process to achieve a satisfying metal recovery. Historically, many works have been carried out to clarify the adsorption mechanism of collectors on sulfides. (Gaudin and Schuhmann, 1936, Poling and Leja, 1963; Allison et al., 1972, Fuerstenau, 1982; Leja, 1982; Woods, 1984) The adsorption of xanthate on chalcocite surface in aqueous solution also attracted the interest of many researches. Gaudin and his colleagues (Gaudin et al., 1934; Gaudin and Schuhmann, 1936) studied the solubility of potassium ethyl xanthate and its reaction products in organic solvents and firstly proposed there was initially chemisorbed xanthate (X-) on chalcocite surface followed by insoluble cuprous xanthate (CuX). Allison et al. (1972) studied the reaction products of various sulfide minerals with xanthate solutions and reported that the measured rest potential of chalcocite in 6.25×10-4 M KEX solution at pH 7 was +60 mV and the reaction product of PAX on chalcocite was cuprous xanthate. Mielczarski and Suoninen (1984a, 1984b) applied the XPS and studied the adsorption of potassium ethyl xanthate on cuprous sulfide. It was reported that there was a relatively rapid formation of a well-oriented monolayer of xanthate ions followed by a slow growth of disordered cuprous xanthate molecules on top of this layer. Richardson et al. (1984) carried out an electrochemical study of chalcocite flotation with the addition of ethyl xanthate. It was proposed that cuprous xanthate and possibly cupric xanthate were adsorbed hydrophobic species on chalcocite surface due to the exchange and charge transfer oxidation reactions. Leppinen et al. (1989) applied an in-situ FTIR study of ethyl xanthate adsorption on sulfide minerals under conditions of controlled potential and they concluded that, for chalcocite, there were three different potential regions of xanthate adsorption, including chemisorption, copper ethyl xanthate formation on the surface and multilayer formation."

Jan 1, 2015

By Frank Matter

The production of ultrafine slurries and powders is possible with small media made out of Si02, A1203, Fe203, Zr03 or other raw materials due to the fact that since approximately 12 years from now, entirely new machines have been developed which allow to use this small media for the production of ultrafine pigments. Basically we distinguish between two grinding methods which are: A.) Dry Grinding with Air Classification: This method is used for more than fifty years but only since four years this technology is realized with small grinding media. Many problems like cooling, abrasion, control of the media flow, separation media from product, grinding media recycling etc. had to be resolved before it was possible to get in full production with this new system. Hereafter a flow-sheet of such a TRZK mill with an air classifier especially designed to produce end products with a top size between 2,5 and 3,0 micron and with an average particle size between 0,3 and 0,5 micron.

Jan 1, 1983

By Thomas D. Kaufmann

Introduction What drives the price of gold? Supply and demand, of course. But in ways far different from the forces that drive the prices of other major metals, such as steel, aluminum, and copper. Gold, in fact, is one of the few commodities where both buyers and sellers are happy when the price goes up. Current production, production costs, and variations in production have little influence on its price. Gold inventories are so tremendous that current production has small impact on the amounts available to the market at any time. Worldwide gold inventory and production The world's inventories seem to be between 78 and 98 kt (2.5 and 3 billion oz). Since biblical times, the gold miners of the world have produced about 98 kt (3 billion oz), mostly in this century. Only small amounts have been thrown away and most of it - more than 78 kt (2.5 billion oz) - remain in bullion, coins, or jewelry. About 40% is held by central banks and other governmental authorities, 30% by private individuals as bullion or coins, and about 30% as jewelry. Except for some of the jewelry and the few industrial applications, this inventory is constantly available in marketable form at a price. By comparison, gold production is indeed small. The US Bureau of Mines estimates that the world produced 1.5 kt (50 million oz) of gold in 1986. Consequently, production increased world inventories by only 2%. Variations in production have a negligible or very short-term effect on the supply and, consequently, on the markets for gold. Although South Africa mines about 40% to 50% of the world's annual production, continuing labor strife there does not seem to have ruffled gold prices. Determining gold's price Gold prices, however, do determine cutoff grades in the mines and, thus, do influence production. Nonetheless, changes in production have little impact on the inventory supply. Consequently, it has small influence on the price of gold on the market. With a fairly stable supply, price changes are driven by changes in its demand. Unlike other metals, very little of the demand for gold comes from industry. Dental, electronic, and other industrial uses for gold consume less than 46.6 t/a (1.5 million oz per year). It would be safe to assume that such uses are less than 124 t/a (4 million oz per year) for the entire world. Variations in the 124 t (4 million oz), compared to a supply of 78 kt (2.5 billion oz) of supply can have only a negligible effect. Production net of industrial uses adds perhaps 1% annually to world inventories. This could, in time, affect markets. The increase, however, is mostly absorbed by population growth - more people wanting to own gold - and by gold being put in more attractive forms, such as coins. As an ancient Lydian king discovered, minting bullion permits

Jan 9, 1987

By M. S. Duffy

To exploit the mineral resources of fine grained ore bodies the minerals processing industry is turning to fine grinding technology, of which tower milling has become an established part. However, compared to other mills relatively little is known about the operating mechanisms in tower mills. In all milling processes one of the keys to understanding how they work is in knowing how their grinding media move. To investigate the ball motion in tower mills a glass unit was therefore constructed and measurements taken of the movement of the grinding media. This paper describes the results from this study.

Jan 1, 1998

By Tetsuji Hirato, A. J. Monhemius, Yasuhiro Awakura, G. W. Warren, E. Peters

An electrostatic pseudo-liquid membrane technique, in which extraction and stripping take place simultaneously in a single reaction vessel using an electrostatic dispersion, was applied to recover Ni(II) from aqueous 0.1 kg m-3 Ni(II)(as NiSO4) – CH3COONa solutions, and the Ni(II) ions were concentrated by a factor of 9 into an aqueous 1.0 kmol m-3 HCI solution using D2EHPA as an extractant at the applied voltage of 3.7 kV for the dispersion. When the process of ESPLIM proceeds favorably, the concentration of Ni(II) in the upper part of the organic phase of the reaction vessel is lower than that in the lower part. In addition, the concentration of Ni(II) in the organic phase of the extraction chamber is higher than that in the stripping chamber. For the stable operation of this process, the stripping rate must be greater than the extraction rate to prevent the excess accumulation of Ni(II) in the organic phase which leads to the poor dispersion of the aqueous phase.

Jan 1, 1993

By Iain Weir-Jones

The efficient operation of an open pit mine presupposes that the slopes are maintained at an angle which closely approaches that of the ultimate stability of the slope. In order to do this in a safe manner, it is essential that the data relating to the behavior of the slopes be monitored and made available, through an instrumentation system, to the appropriate personnel so that soundly-based engineering decisions may be reached with the minimum of wasted effort. In addition to simply detecting potential failures, the system should also define what type of failure is developing; i.e., rotational, wedge, or dilational failures. Providing this data is the prime function of a stability monitoring system. Therefore, in an operating open pit mine, the instrumentation system must provide information which will have a direct bearing upon both the safety and the economics of the operation, as well as provide data which is pertinent to initial design, or to the re-design of slopes where developing instability is found to be a problem.6 It is possible to excavate pit slopes which will remain stable under extremely adverse conditions; however, such slopes would usually be so flat that they would tend to render the operation of a pit uneconomical which might otherwise be mined at a profit. On this basis, all practical pit slopes must be considered to be, to some ex- tent, unstable; if they are not, the design is too conservative and the mine is not returning its maximum profit. To reduce the problem to its fundamentals, one can simply state that the ideal pit slope design produces a slope which stands with zero maintenance for the entire life of the pit and then collapses into the final excavation as soon as the personnel and equipment have been removed. Such a design is impossible to achieve, but the fact remains that an efficient slope would hover on the edge of failure for the life of I the pit. As one retreats from this position, the profitability of the mine decreases because of an unduly conservative design.

Jan 1, 1975

By J. W. Leonard

Gravity based coal/mineral preparation plants must be operated to yield products of a quality satisfactory to existing markets; but, because of historic control problems, recovery is frequently sacrificed to achieve quality resulting in losses of valuable product. Plant control has ranged from intuitive in-plant spot quality judgments made by various operators to gross methods involving such devices as density gauges, floats, grab-sample on-the-spot sink-float tests, etc. Millions of tons of quality coal/minerals are lost to refuse each year, because of the historic lack of a continuous and dependable control system. The result is both serious economic as well as environmental losses. While the economic losses are obvious, less obvious environmental losses, in the case of coal, result from the misplacement of more ignitable quality fuel to refuse banks. A control system capable of supplying a market-grade coal/mineral product, while continuously minimizing product losses to refuse, has until recently escaped technology.

Jan 1, 1991

By L. R. Chirinos

The Tintaya mine of BHP Copper, located in Southern Peru, includes a copper oxide deposit hosted in a mineralized skarn zone. The ore contains large amounts of clays and high acid consuming species resulting in low heap leaching performance. A treatment scheme was proposed that included a wet screening separation. The coarse fraction would be treated by heap and the fines by agitation leaching. The dissolved copper would then be recovered through solvent extraction and electrowinning (SXEW). Testwork determined the optimum heap leaching conditions to treat the oxide in on/off pads of 3 meter height with an initial acid cure followed by variable acid strength during irrigation. The method resulted in a reduced acid consumption and good copper recoveries.

Jan 1, 1997