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For resources projects with healthy net present value (NPV) and low cash flow volatility, conventional discounted cash flow (DCF) analysis will continue to provide the dominant investment decision-making criteria. However, DCF analysis can be biased because it often applies a single risk-adjusted discount rate (RADR) to compare the value of projects with different risk characteristics. Many of the difficulties with DCF modelling arise from analysts' inability to determine appropriate risk discounts and to estimate expected spot prices inputs for the commodities produced over the life of the project. Modern asset pricing (MAP) is a very valuable complement to DCF analysis in addressing some of these issues. Most papers dealing with MAP, however, while academically rigorous, tend not to be explicit in terms of practical application of this methodology in routine project evaluation. This paper has the objective of reviewing the MAP methodology and of demystifying its complexity, by providing a simple but realistic step-by-step evaluation of a mining project, comparing its DCF and MAP NPV values. The paper concludes that MAP provides a minimum, risk-adjusted `floor' value, thus representing a valuable complement to any DCF valuation.

Jan 1, 2007

Namakwa Sands, an Anglo Operations Limited subsidiary, is a world-class producer of heavy minerals. A layer of duricrust imposes a pseudo-stratigraphy to the primary deposit and has sterilized part of the generally unconsolidated ore in the open cast mine. The bulk of this ore cannot be treated by the present infrastructure, which employs conventional mineral separation technology. The mineralogy of the cementing agent consists of magnesium and calcium silicates and minor carbonates in addition to clay minerals such as sepiolite and those from the smectite group. Although the duricrust ore is friable and can be easily crushed, the significant clay-sized slime fraction produced, in particular the highly sorptive sepiolite, adversely affects mineral separation. The geometallurgical challenge is to cost-effectively remove the slimes from the ore before it is delivered to the concentrator.

Jan 1, 2007

By M. Khodadazadeh, K. G. van den Boogaart, T. Leißner, L. Tusa, J. Gutzmer, R. Gloaguen, M. Kern

Ore sorting is a technology that is increasingly used to process primary raw materials. Timeconsuming and expensive empirical state-of-the-art test work is carried out to assess whether the use of ore sorting for the enrichment of a particular ore makes technical and economic sense. With the innovative simulation-based approach presented here, it is possible to direct the selection of a suitable sensor based on quantitative mineralogical and textural data, thus avoiding much of the empirical studies. Required data can be collected quickly and cost-effectively using available methods of automated mineralogy. The obtained parameters such as mineral grain size distribution, modal mineralogy, mineral area and mineral density distribution have been utilised in this study to simulate the prospects of success of ore sorting, applying different types of sensors. Empirical tests with commercially available sensor systems have been conducted to experimentally validate the predictions of the simulations. The estimation of the target mineral grade can be further optimised by the use of machine learning algorithms for the integration of automated mineralogy data and sensor data. The approach can easily be adapted to other types of raw materials and thus has great potential to become a key technology for the optimisation of processing experiments. Keywords: Automated mineralogy, hyperspectral imaging, machine learning, ore sorting

Jan 1, 2020

Ausmelt is supplying commercial quantities of an alkyl hydroxamate flotation collector AM28 for flotation of oxide and supergene base metal ores and tailings. AM28 is a non-hazardous product used as a ten per cent to 50 per cent solution in dilute potassium hydroxide. It is a selective flotation collector for oxide or oxidised base metal minerals and replaces conventional sulfidisation for oxide mineral flotation. At Radio Hill, the AM28 is used in conjunction with traditional sulfide collectors, which allows simultaneous flotation of oxide and sulfide copper minerals. The Fox Resources Radio Hill copper concentrator near Karratha, Western Australia, is currently configured to treat supergene copper ore sourced from the West Whundo open pit. This Archean VMS type copper deposit has been deformed and remobilised with uplift, erosion and weathering to form a significant supergene zone. The sulfide copper minerals present in the upper zone are digenite and chalcocite with lesser chalcopyrite and covellite. Oxide copper minerals present include cuprite, with lesser malachite and azurite. Gangue minerals include quartz, talc and chlorite. Plant trials at Radio Hill are reported for supergene West Whundo ore, where the AM28 was stage added into the circuit at nominally 80 g/t. Plant data over three months shows the copper recovery increased consistently from around 50 - 60 per cent to above 70 per cent when AM28 was added. This has been proven statistically. The grade of the concentrate was consistent with and without AM28, at nominally 22 - 24 per cent copper.

Jan 1, 2007

By F. M. Russell

Scheduling the extraction and rates of production for an underground mining operation is a common task carried out during the life of a mine, from the initial feasibility study through to the final production phase. The scheduling process can be complex when several requirements have to be satisfied, for example, match mill capacity and maximize net present value while constrained by mining sequence and availability of resources. Many mines have computer programs relevant to their operation but because they are site-specific they need considerable reprogramming to be adapted to other operations. Other methods currently in use also suffer drawbacks: manual spreadsheets are laborious, computerized spreadsheets cannot handle sufficient constraints, and operations research techniques require a complex mathematical model to be set up. The use of network analysis techniques has been proposed previously but the unavailability, until recently, of easily used computer programs has not allowed this approach to be developed. There are now many programs which can be used; however, the particular program which has been adapted to mine scheduling is Metier's 'Artemis-PC' running on IBM-XT or compatible machine. The use of network analysis offers many advantages, including the use of a logical mining sequence; activities can be as detailed as required; related activities can be readily incorporated, and costs can be easily extracted. A heuristic approach is necessary to optimize the schedule, but the ease and speed of program execution enables this to be readily achieved, while leaving the mining engineer in full control. The paper discusses the problems encountered in mine scheduling and current solutions. It then details the use of network analysis techniques and the application of the Artemis-PC program to solve mine scheduling problems.

Jan 1, 1987

Petrus (Peter) Lambooy was born in Johannesburg of Dutch-speaking parents on 13th November, 1911, and died in August 1988. These are the bare statistics, which obviously tell nothing of the years between and the man who lived them to the full.

Jan 1, 1988

The 95th Annual General Meeting of the South African Institute of Mining and Metallurgy was held in the Gold Room of the Transvaal Automobile Club in Johannesburg on Wednesday, 12th August, 1992.

Jan 1, 1992

The following corrections should be made to pages 346 and 347 of the December 1981 issue (vol. 81, no. 12) in the paper by O. L. Papendorf entitled 'A note on rapid determinations of present values in the presence of growth and inflation'. (1) Equation (2) on page 346 should read as follows:

Jan 1, 1982

The 94th Annual General Meeting of The South Mrican Institute of Mining and metallurgy was held in the Gold Room of the Transvaal Automobile Club in Johannesburg on Wednesday, 14th August, 1991. Obituaries The President announced the deaths of the following members of the Institute: Honorary Life Fellow and Past President

Jan 1, 1991

The addition of binder to full plant tailings significantly affects the rheology of a backfill mixture and, consequently, the pressure gradients in the pipeline. The binder increases the yield stress and apparent viscosity of the mixture, and the transition velocity between the laminar and turbulent flow regimes. In a test conducted at a slurry relative density of 1,72 with binder addition, the mixture also exhibited time-dependent behaviour owing to the hydration of the binder.

Jan 1, 1993

By J. H. Dalton

The paper reviews the effects of fast-neutron irradiation on the tensile properties of austenitic stainless steels at irradiation temperatures of less than 400°C, using, as an example, work carried out at Pelindaba on an AISI 316 type steel produced in South Africa. Damage produced in these steels at higher irradiation temperatures and fluences is also briefly discussed. The paper concludes with a discussion of some methods of overcoming or decreasing the effects of irradiation damage.

Jan 1, 1979

By G. J. McDougall

After defining activated carbon, the author describes its structure and outlines the physical characteristics distinguishing one type of activated carbon from another. The adsorptive properties of these carbons, the raw materials used, and the manufacturing processes-chemical activation, and physical or thermal activation-are outlined. The high-temperature thermal route (which is the most important for the products employed in gold recovery) using coconut shells or coal as the raw material is then discussed In some detail.

Jan 1, 1991

By A. Vogelzang

The paper describes how the level of the water-table was reduced as a result of increased pumping of water from the mine. Because such a condition in an area where there is compactable material above solid dolomite results In surface movement, steps were taken to restore the water-table to its former level. These included the return of water underground via a sinkhole and boreholes, and the piping of water from another mine.

Jan 1, 1978

By W. A. Te Riele

The National Institute for Metallurgy was the venue for a one-day colloquium on 'The Chemistry of Processes for the Recovery of Gold on Activated Carbon'. Organized by the South African Chemical Institute (Southern Transvaal Section) in collaboration with the National Institute for Metallurgy (NIM) and the South African Institute of Mining and Metallurgy, the colloquium attracted tremendous interest from the mining industry. Some 300 metallurgists, engineers, and chemists were brought up to date on advances in this technology made by scientists of NIM and the Anglo American Research Laboratories (AARL).

Jan 1, 1980

By G. W. Donaldson

Theoretical and engineering aspects of slimes-dam construction by G. W. DONALDSON, M.Sc. (Eng.)(U.C.T.), D.I.C. (Visitor) Tile paper reviews the recommendations made in 1959-60 as a result of research into slimes-dam construction and finds that these recommendations are still valid. The requirements for pollution control, vegetating, in situ leaching, and future development of slimes dams as building areas are considered as they affect the engineering aspects of slimes-dam construction, and it is found that these requirements can be met without any major changes to current recommended slimes-dam construction practice.

Jan 12, 1973

By C. Pohlandt

A literature survey of methods suitable for the determination of cyanides in process streams and effluents is presented. Of the large number of methods published, 92 are examined in detail, emphasis being placed on the selectivity of the methods, i.e. the extent to which they enable one to distinguish between ionic cyanide and metal-cyanide complexes. Methods designed for the determination of 'total cyanide' (i.e. ionic cyanide as well as coordinated cyanide) are evaluated critically. Other aspects of the methods are also considered, such as sensitivity, accuracy, speed, and freedom from interferences.

Jan 1, 1983

By A. M. Starfield

SYNOPSIS A description is given of a new computer programme that has been developed for the rapid computation of the changes in temperature and humidity of air passing through mine airways. The programme enables the ventilation engineer to calculate air temperature increases along airways with an ease that is comparable with that of looking up a set of graphs or tables in an engineering hand-book. The pertinent information for a particular airway can be fed to the computer either on a standard punched card, or by typing directly into the computer at a remote terminal teletype unit.

The problem of providing adequate thrust to manually operated rockdrills operating at air pressures of 70 lb/in2g to 80 lb/in2g with the aid of an air-leg is analyzed. It is shown that adequate thrust is provided by an air-leg or the stiff-leg if it is inclined at an angle to the floor of about 25°. However, this requires that the leg react against some support or protuberance, as the friction force between the leg and the floor is inadequate to contain the thrust. Conclusions summarizing optimum thrusts, blow frequencies, penetration rates, drill steel life and bit wear are presented.

By A. D. Thomas, K. C. Wilson

Some years ago, the authors developed an analysis of non-Newtonian pipe flow based on enhanced turbulent microscale and associated sub-layer thickening. This analysis, which can be used for various rheologic modelling equations, has in the past been applied to smooth-walled pipes. The present paper extends the analysis to rough walls, using the popular Bingham plastic equation as a representative rheological behaviour in order to prepare friction-factor plots for comparison with measured results. The conditions for laminar-turbulent transition for both smooth and rough walls are also considered, and comparisons are made with earlier correlations and with experimental data.

Jan 1, 2007

By L. Woollacott, R. P. King

This paper presents data collected from full-scale plants in order to verify the predictions of a new simulator of CIP or CL operations. Good agreement was found between the experimental data and the simulator predictions. The simulator is able to predict the effects of many of the complex operating phenomena in GIP and CL plants that previous simulation techniques could not describe. This is illustrated by predictions of how factors, such as the manner of carbon transfer, concurrent leaching, and gold loading on eluted carbon, can affect the performance of an adsorption plant.

Jan 1, 1990