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The valuation of resources companies is open to a huge amount of subjectivity. Not only are valuations subject to fast changing assumptions, such as commodity prices, exchange rates, ore grades, etc., but there is also no common agreement on the methodology to be used. To borrow from Malcolm Fraser, life wasn't meant to be easy for the resource company valuer. I will demonstrate three recent examples of valuations carried out but where the market or actual transactions done show very different results.

Jan 1, 1989

With the exeption of the United States, Canada and Russia, oil has not been around in quantity near world centres of population. Production: in Western Europe is insignificant. Japan is without production as are Australia, Southern Africa, India; Brazil, Chile, New Zealand and China. The United States is, however, a large importer of crude oil. The very fact that oil is produced generally away from centres of population means that it has to be carried by sea to the area in which it is required. There is, therefore, a constant flow of oil around the world in very definite channels.

Jan 1, 1962

The reality is that in today's world almost half of nearly six billion people on the planet do not have access to commercial energy and the services it brings. Based on UN projections, in 30 years time there are likely to be nearly three billion more people in the world, over 90 per cent of them in countries which are already economically poor. The World Energy Council (WEC), through its 102 member countries, monitors trends and developments and projects future trends. WEC is a non-governmental international body representing all forms of energy and is committed to the sustainable use of energy for all mankind. This paper is based on WEC studies and papers presented at its many conferences and congresses worldwide. Primary energy demand growth is dominated by the developing countries over the next 30 years. The world energy mix is projected to change very little over the next 30 years. Fossil fuel supplies (ie coal, oil and gas) are likely to decline from 77 per cent to 73 per cent, nuclear energy may grow from five per cent to six per cent and renewable energy sources (eg hydro, solar, geothermal, wind, tidal and biomass) could increase from 18 per cent to 21 per cent. World energy consumption is expected to grow by over 50 per cent over the next 30 years. The paper reviews changes in energy demand in the world, particularly in the Asia/Pacific region. Environmental issues are covered, as are developments such as solar energy from space and the status of renewable energy forms. Agendas for action to achieve change are also reviewed.

Jan 1, 1997

Minerals similar to the indicator minerals used in kimberlite exploration are widespread in the Cainozoic alkali basalts of north Queensland. Magnesian ilmenite, pyrope garnet, chrome diopside, chrome spinel, phlogopite and zircon were recovered from most of the localities examined. The occurrence of these minerals creates significant problems when indicator minerals are used for diamond exploration. Basaltic ilmenite is visually similar to kimberlitic ilmenite. Untransported grains are rounded and have pitted surfaces. Basaltic ilmenite grains often have exsolution lamellae and reaction rims of titanomagnetite. Although kimberlitic and basaltic ilmenite are chemically similar, basaltic ilmenite grains are usually less magnesian than their kimberlitic counterparts. Basaltic ilmenite contains very little Cr203. Pyrope garnet occurs as megacrysts and in a variety of xenolith lithologies in north Queensland basalts. Most basaltic garnet is Cr-poor and comparable with kimberlitic garnet from Groups 3 and 5 of Dawson and Stephens (1975). Wine-purple, chrome-bearing garnet is common in kimberlite but rare in basalt.

Jan 1, 1984

The weathering of different types of base metal deposits in the semi-arid environment of the Lachlan Fold Belt of western New South Wales affects the geochemistry of outcropping ironstones (gossans) and derived soils. W eathering of the pyrite- and pyrrhotite-rich mineralisation at the Elura Zn-Pb-Ag deposit leads to highly acidic conditions and strong depletion of Cd and Zn throughout the profile. There are local attainments of high concentrations of Ag, As, Ba, Cu, Hg, Pb, Sb and Sn in the profile and As, Ba, Pb and Sb are still highly anomalous in surficial material (ironstone and soil). However, at Parkers Hill, in the Mineral Hill Field, the primary Zn-Pb mineralisation is pyrite-poor and so weathering is not as acidic as at Elura. Thus, although Ag, As, Cd, Cu, Sb and Zn may be concentrated at various levels in the Parkers Hill weathering profile, Cu and Zn (as well as As, Pb and Sb) are retained in surficial ironstones in essentially the same abundances as in primary mineralisation. Thus, variations in the suite of geochemical indicators present in ironstones and residual soils are likely to reflect differences in the original mineralogy and the degree of acidity produced during the weathering of base metal mineralisation. Hence, an understanding of weathering processes is necessary to fully interpret exploration geochemical data.

Jan 1, 2004

Mill liners provide the wear-resistant surface within grinding mills, they also impart motion to the mill charge, ie the grinding process, by providing the key between the charge and mill shell, and, at the discharge end, they remove the ground contents of the mill. As semi-autogenous grinding (SAG) mills have grown in size the process aspects of liner design and their impact on mill performance have become particularly important. While feedback from practical experience is critical to good mill liner design, increasingly sophisticated computer-based tools are being developed to assist in mill liner design.

Jan 1, 2007

By A G. Dempster, N Barnett, J Oh, S Saydam

NASA’s Artemis III mission is expected to return astronauts to the surface to explore and sample the lunar volatiles by 2026. These volatiles are anticipated to provide scientific insights as to how the Moon was created and economic value to off-Earth operations. These same volatiles can pose health implications to astronauts and Earth based personnel handling lunar regolith samples. Using Australian, USA and NASA airborne contaminant exposure limits and the Lunar CRater Observation and Sensing Satellite (LCROSS) measurements of lunar volatiles in the Cabeus crater ejecta, the minimum mass of lunar regolith that can be safely handled by humans on Earth and in spacecraft can be calculated. This analysis determined a 0.15 grams pure sample of Cabeus crater regolith within a cubic metre of air has enough volatiles to exceed safe working conditions, and 14.9 grams of pure Cabeus crater regolith per cubic metre of air can impact human life. The intent of this analysis is to assist safe handling and exposure calculations for the safe handling procedures of lunar regolith containing volatiles.

Sep 1, 2024

By T Sparks

The Collie River catchment, located approximately 200 km south of Perth, covers an area of around 2830 km2 and is the source of run-off to the Wellington Dam, an important irrigation water resource for the Collie Irrigation District. The salinity of the Wellington Dam has increased due to historical clearing and irrigators currently use water with salinity levels approximately twice that of the Murray River in South Australia (Water and Rivers Commission, 2001). The Collie River Salinity Situation Statement (2001), released by the Water and Rivers Commission (now the Department of Water), identified realistic actions that could achieve the salinity reduction target. Subsequent benefit-cost analyses and prefeasibility studies recommended the diversion of the most saline flows in the Collie River away from the dam as an immediate intervention (URS, 2003). The East Branch of the Collie River above the locality of Buckingham (20 km east of Collie) contributes around half of the salt that flows into the Wellington Dam and the diversion and storage of the saltiest flows from the East Branch at Buckingham was identified as a viable option for reducing salinity in Wellington Dam. The proposal had one problem û the water could not be disposed of as quickly as it was diverted. However, in the vicinity of the diversion site were a number of coal mine voids and after preliminary discussions, the Government/Griffin Coal alliance was formed and from this the opportunities have continued. Diverted water would be stored temporarily in an adjacent mine void (Chicken Creek 4 void) and then disposed of to the sea. The disposal options included Western Power CorporationÆs saline discharge pipeline from Collie Power Station, or a new pipeline. The diverted water was also identified as a potential raw source for treatment and use in industry. This has opened up opportunities including desalination, water efficiencies in the power stations, increased reliability of water supply for the power stations, water for new industries, wastewater disposal options and extra water for PerthÆs water supply. In the process of solving the water storage problems the project introduced a range of mine water quality problems û heavy metals and pH û and the Department of Water (DoW) is now working with the mining industry and the Centre for Sustainable Mine Lakes (CSML) to develop treatment and management technologies. The project has received support and funding through the National Action Plan for Salinity and Water Quality (NAP) and it has been possible to accelerate and enhance this project as a result of NAP. The DoW has developed the proposal to an advanced stage and gained approvals for the capital diversion program to go ahead. The partnerships have expanded to include the second mining company, Premier Coal, the Water Corporation, Western Power and the Harvey Irrigation Cooperative. The proposal could feasibly result in a $90 million integrated water management initiative for Collie using the latest technology, mining operations and providing water for value adding industries in the local area. The DoW is not a mining company; however, our experience in managing water in times of shortage, environmental water quality criteria, competition for water and managing community expectations will have the same success factors:consultation and knowing your community and stakeholders, sharing issues and working in partnership can provide results far greater than the initial issue, even brackish water has value, every sector is in competition with each other and has to have a share of the water, an integrated approach can provide opportunities for development in areas of water shortage, and never think of water as wastewater.

Jan 1, 2006

By V P. Beskrovnaya

Tests for the development of a metals recovery technology from samples of a Russian gold-bismuth deposit were carried out. Gold, silver and bismuth assay reported 5.6 g/t, 3.0 g/t and 0.08 per cent, respectively. Two flow sheet options were pilot plant tested: gravity/cyanidation of gravity tailings with subsequent flotation of cyanidation/carbon-in-pulp (CIP) tailings, and gravity/flotation concentration with cyanidation/CIP of concentrates. Option 1 results showed lower gold, silver and bismuth recoveries (81.3 per cent Au, 55 per cent Ag and 74.0 per cent Bi) due to low flotation efficiency for cyanidation tailings. Therefore, a flow sheet involving gravity/flotation concentration to produce bismuth-gold concentrates (0.8 per cent Bi) with subsequent cyanidation/CIP was recommended. Gold, silver and bismuth recoveries obtained by this method to the combined gravity/flotation concentrate were 90.2 per cent Au, 83.3 per cent Ag and 80.2 per cent Bi of the ore, respectively. Overall gold, silver and bismuth recoveries were 83.0 per cent Au, 40.5 per cent Ag and 80.2 per cent Bi, respectively. Gold and silver recoveries to the cathode precipitate were 92 per cent Au and 48.6 per cent Ag (per operation). Reagents consumed for flotation were 0.1 kg lead acetate/t ore, 0.4 kg butyl xanthate/t ore, 0.2 kg T-80 frother/t ore, 0.02 kg sodium hexametaphosphate/t ore, 0.15 kg copper sulfate/t ore. Reagents consumption for cyanidation was 0.42 - 0.48 kg NaCN/t ore and 0.2 kg CaO/t ore. It was recommended to deliver bismuth concentrates after hydrometallurgical treatment to a smelter. Overall bismuth recovery including bismuth recovery achieved by pyrometallurgy was 60.0 per cent. However, it was obvious that delivery of bismuth concentrates to a smelter and their commercial treatment would be very expensive due to relatively high mass pull of bismuth concentrates (7.6 per cent of the ore weight). For this reason, thiourea leaching and hydrochloric acid leaching with subsequent cyanidation/CIP were investigated as alternatives to cyanide leaching. These two alternatives were proposed to enable optimal recovery of valuable metals from concentrates on-site. Recoveries obtained by thiourea leaching were 91.2 per cent Au, 90.5 - 91.9 per cent Bi and 77.0 - 78.1 per cent Ag. However, that method required considerable capital and operating costs. As an alternative, hydrochloric acid leaching with subsequent cyanidation was investigated. Test results showed improved gold, bismuth and silver recoveries, which were 94 - 95.9 Au per cent, 94 - 96 Bi per cent and 76 - 78 Ag per cent, respectively. Hydrochloric acid consumption was 100 kg/t concentrate or 7.6 kg/t ore. Current efficiency during electrowinning was about eight to 12 per cent. A recommended flow sheet involving hydrochloric acid leaching of concentrates, electrowinning of bismuth from solutions, recycling solutions after electrowinning and cyanidation of hydrochloric acid leaching cakes is described. Overall recoveries achieved by the proposed flow sheet were as follows: 84.8 - 86.5 Au per cent, 75.8 - 76.9 Bi per cent and 63.2 - 64.9 Ag per cent. Based on results from these tests, initial data for a bankable feasibility study and plant designing were developed.

Jan 1, 2007

The energy input requirement to produce the molten slag associated with iron production to the modern Australian blast furnace, is estimated to be 2.OMJ/kg. In converting blast furnace slag to products of higher commercial value, advantage should be taken of this energy content by transporting molten slag from the furnace for beneficiation and processing in the molten state at an "off furnace site". The refined slag melt may then be converted into a variety of products for use in the building and construction industries, e.g. slag cement, slag sand and slag aggregates, insulation wool and various slag ceramic products. Some results of studies into slag melt beneficiation and conversion processes involving both molten and cold granular slag raw material, are presented.

Jan 1, 1979

Monazite sand is processed at the rate of 25-30 tons per week at Rare Earth Corporation of Australia's plant at Port Pirie. Main products are rare earth concentrates of cerium, lanthanum and yttrium. By-products are commercially pure water soluble thorium sulphate and tri sodium phosphate. The more recent developments in volume rare earth applications are Discussed.

Jan 1, 1972

Teller Underground Mine was established to extract ore from the Middle Vale Reef located on the eastern flank of Telfer Main Dome.The mine is located below a 150 m deep open pit operation. The ore body is shallow dipping highly structured, and is a main aquifer in quite difficult ground conditions.In respect of these conditions it was determined to access the orebody using an adaptation of coal mining and hard rock mining methods, with support being achieved using a combination of island pillars, rock bolts and timber stalls.The paper will describe these methods in more detail, then discuss the successes and failures of these methods when put into practice. As well, it will detail several factors whose influences were found to be greater than previously expected and stress the importance of good geotechnical advice.

Jan 1, 1993

There are two main areas of application of geology in quarrying: (i) In regional planning for industrial mineral requirements.(ii) In direct quarry management. The regional planning requirement has recently become more evident because of greatly increased land demand conflicts around cities. The direct quarry involvement is a reflection of both the economy and the greatly increased sophistication of the quarry industry. Here, professional planning and development expertise by a geologist is required, to ensure continued supply of raw materials at the best price to the consumer with sufficient profit to the producer. Today, geological insurance safeguards capital investment in plant and assures economical development plans.

Jan 1, 1978

Australasian mining companies expect a high standard of professionalism from their metals exploration teams. They also have, increasingly, a global perspective, employing explorationists of diverse cultural backgrounds and operating in diverse environments. Human resource development (HRD) of these professional explorationists needs to address all personal facets of functioning independently and interdependently in a modem working culture, as well as the needed technical competency. Creation of a learning organisation to promote this development is critical. Organisational consultants can support managers and supervisors as mentors facing the wide spectrum of development required by the explorationists; mentorship and guidance counselling can then complement training in the maturing of professionals from technical competence to professional independence and interdependence. Empowerment and clearly stated expectations are keys by which professionals can learn efficiently and effectively.

Jan 1, 1996

By Stewart R

Potential acid rock drainage from the destruction of metalliferous sulph-ides is recognised as a critical factor in the design and economics of any mining venture. While this realisation is relatively new, mining companies have embraced the issue with the aim of scientifically quantifying the magnit-ude of the problem, specific to indiv-idual properties.Coinciding with the development of the open pit mine at Porgera, a comprehensive assessment of the potent-ial for the formation of acid rock drainage was initiated in 1991. Detail-ed study of the mineralogical charact-eristics of all rock types, along with extensive test work to determine the maximum potential of rocks to generate and consume acid (known as acid base accounting or ABA), has been conducted. Correlating this with the known and interpreted geology of the open pit has indicated a strong relationship between rock type, sulphur content and the acid base character. This relationship is used daily as a simple, cost effective means for classification and management of the variety of material types produced from the minincx operation.

Jan 1, 1994

The role played by lawyers in business has, in the course of the last 15 to 20 years, changed perceptively. This development has coincided with, and indeed has been a reflection of, the changing nature of Australian business, especially as the mining industry established its predominance in the Australian economy. The nature and extent of governmental regulation of business, too, has changed markedly. As a consequence, there has been a qualitative'change in the nature of commercial law practice. For the needs of business to be met, lawyers have had to develop specialist skills in new areas. Furthermore, there has been the emergence of the "in-house" lawyer, who increasingly plays a primary rather than a subordinate role in corporate law practice. There is no evidence to suggest that this trend, which is by now so well established, will prove to be ephemeral. Instead, with all indications pointing towards even greater governmental regulation of business activities, the intimate role of the lawyer in business seems entrenched.

Jan 1, 1980

The link between exploration success and new ideas from research and development (R&D), although often assumed, is rarely well explained or well illustrated. One issue is understanding the role of innovative ideas in the exploration process, and another is determining the relative contributing factors to an exploration success. A useful measure of gold exploration success over an extended time period and geographic area is discovery rate (θ): Discovery rate θ = gold discovered/exploration expenditure (usefully expressed as tonnes of gold per $1 million). The total gold discovered is strongly leveraged to discovery rate, as any increase in θ typically has a positive effect on exploration expenditure. Hence, improving the discovery rate is a key driver for a sustainable mineral industry, especially for gold. There are very few ways to influence θ beyond innovative R&D ideas and breakthroughs, and well-motivated and trained staff. The Australian gold industry has experienced exceptional exploration success with 9956 tonnes of gold discovered from 1979 to 2003, inclusive. This equates to: Discovery rate θ = 0.9 t/A$1 M Two-thirds of this gold has been found in the Yilgarn craton of Western Australia (6265 tonnes Au). Without this exploration success, there would have been no platform on which to build the current gold industry and to take advantage of elevated gold prices and advances in mining and processing. Several causes of the Western Australian gold success have been proposed, and more than one may be correct. Gold price, and mining and processing advances have all had influence; but exploration success and discovery of gold were essential to add to the miniscule resource base of 1979. A comparison of the exploration methods used to search for gold in the Yilgarn craton in 1979, and 1990, highlights a small number of breakthrough ideas introduced to the industry during the 1980s, and in most cases emanating directly from local R&D. By the 1990s, these ideas were being used in most gold exploration programs in the Yilgarn craton, and are still used today. These six breakthroughs are: epigenetic timing of gold deposit formation (ie after formation of rock sequence), chemical and mechanical role of host rocks, relevance of carbonate alteration haloes, gold dispersion in the regolith, optimal sampling media, and appreciation of landforms in exploration program design. Interestingly, gold exploration science in Western Australia entered the 1980s period without rigid paradigms in place regarding gold deposit formation; there was a balance between descriptive and genetic models, there was scope to research gold deposits from microscopic to global scales and there were highly effective industry research uptake processes in place: it is suggested here that these favourable conditions contributed to the exploration success and industry growth.

Jan 1, 2007

By Cocker A, Kavetsky A

A numerical model describing blast fragmentation and damage in three dimensions has been developed at the Julius Kruuschnitt Mineral Research Centre (JKMRC) and applied to numerous blasting operations in mines throughout Australia. The model combines the rock structure (summarised by block size distribution) with blast strain energy and uses comminution theory to calculate the resultant block size distribution. The model distinguishes between rock breakage and failure, the former being defined as size reduction and the latter as block dissassembly. The background and basis of the model are discussed in detail and three case studies presented describing the application of the model to explosive performance evaluation, explosive selection and drill selection in Australian mining operations.

Jan 1, 1990

By Willis G. M

Preliminary experiments have shown that, when used in a fusedchloride electrolyte, titanium carbide anodes dissolve yielding lower titanium chlorides which nlay be electrolysed in situ to produce a cathode deposit of pure titanium metal. The anode residues are easily withdrawn from the cell. Further experiments have established the operating conditions for maximum efficiency in the process.The process is essentially two-stage, viz.: (1) titanium carbide production, (2) electrolysis producing metal. Power requirements appear to be moderate and this fact, combine·d with the simplicity of the process make it attractive as a possible method for the production of titanium.INTRODUCTIONDue to the high reactivity of titanium and its, affinity for oxygen and nitrogen, the extraction of this metal generally involves the use of halide. compounds as intermediates. For instance, magnesium reduction of titanium tetrachloride is the basis of the well established Kroll process and electrolysis of the lower chlorides in a molten salt bath has been proposed by Cordner and Worner (1951, p. 358) and others (Brenner and Senderoff, 1952, 223C; The TitaI Company (Inc.), 1952) as means of production of the metal. Thedifficulty of preparation of these compounds prompted a search for an alternative extraction process. The fact that aluminium, an equally reactive metal, has been prepared by electrolysis using aluminium alloy anodes suggested the possibility of a similar process for titanium production.The Titan Company (Inc.) (1952) has patented the use of crude titanium metal anode, but it was thought possible that a metallic compound, such as the carbide, could be used for this purpose. Although Lorenz and Kaufler (1909) suggested the use of carbide anodes for metal production, no...

Jan 1, 1956

A substitute for rutile can be produced by leaching natural or pre-treated ilmenite in hydrochloric acid. Ilmenite in its natural form is an extraordinarily inactive mineral from which the selective removal of iron is rather difficult. The reactivity of ilmenite so that it can be leached with dilute hydro- chloric acid (=2O% w/w) can be enhanced by pre-treatment steps of oxidation and re- duction. The temperatures at which oxidation and reduction are carried out have an effect on both the kinetics of these steps and the leaching kinetics and optimum temperatures for oxidation and reduction are 950 and 850¦C respectively. The mechanism of leaching of iron from pretreated ilmenite and the effects of rate of agitation, temperature, acid con- centration and addition of ferrous chloride to hydrochloric acid on leaching kinetics and production of fines are discussed in the paper.

Jan 1, 1984