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By E. V. Lilford

Valuators of mineral properties are faced with a range of valuation methodologies, the most important of which are grouped under the headings of the market approach, the cost approach and the income approach. The way in which value is defined and the detail of the different valuation methodologies is examined here. This paper aims at documenting the variety of valuation procedures and applying each method to a variety of gold projects and comparing the outcomes. Any decision to apply a valuation technique will depend principally on the stage to which the project has been developed. The valuation approach to a greenfield project will be substantially different from that applied to a well-drilled, extensively explored mineral property. Furthermore, a valuation exercise may produce different outcomes for the same gold project depending on which method is applied. In order to investigate the variability in valuation methods and to explore the outcomes of different approaches, a series of five gold projects was analysed. The projects differ in regard to levels of capital application, infrastructural setting, depth below surface, in situ grade, and the stage of development, and were valued using the different methods. The most critical aspect of any valuation is the capacity of the valuer to identify the salient issues and ensure that they are incorporated into the valuation. The danger of simply applying ?black box? solutions to valuation problems without a full understanding of the parameters and the areas of uncertainty is emphasized. The importance of the valuator?s experience, insights into best practice and the ability to recognize and submit to the requirements of compliance within the minerals industry is among the most important characteristics of a valuer.

Jan 1, 2005

By O. Lundhede

Today, systems and machinery usually are designed to meet only one specific customer?s requirements. One reason for this is that underground automation and smart functions are often developed tightly together with a customer. This is natural, since risk and cost can be shared between the customer and the supplier. Nevertheless, when the automation product develops and the market increase this will cause problems: The highly specialized products will not fulfill the next customer?s demands. In order to cope with this problem, Atlas Copco works towards a common platform. Instead of designing solutions for specific customers, we will lift the abstraction and focus on standardized modules. These modules, or function blocks, can then be combined in a large variety of configurations. The benefits of combining modules into products are, for example: increased flexibility when options are available for many machines; easier commissioning and maintenance since less different spare parts and tools are needed; and easier operation since the user interfaces have a similar look and feel. This paper will present the ongoing work towards standardized modules. We will discuss how our Rig Control System (RCS) allows for modular design at Atlas Copco. RCS has number of standardized modules that are used in different surface and underground mining and tunneling equipment. These modules are also used for optional products such as, drilling, radio-remote control, and telematics systems.

Aug 1, 2013

Terramin Australia LimitedÆs Angas Lead and Zinc Mine operates in the unique and picturesque environment of Adelaide Hills, 60 km South East of the Adelaide city centre itself. The mine was granted approval for construction by the South Australian Government in April 2007 and the Process Plant was constructed and commissioned in July 2008. This paper outlines the background to the plant design and the approval process given the close proximity to the local town of Strathalbyn, with a major focus on the commissioning learnings from the Concentrator startup for future reference and a review of the operational performance of the Concentrator throughout the first year of successful production versus design and expectations.

Jan 1, 2009

By A. C. Fieldner

"Decline of the Beehive Coke OvenTwenty years ago a favorite theme of the crusader for fuel conservation was the enormous waste of valuable by-products incurred in the manufacture of blast-furnace coke in beehive ovens. Indeed, there was good reason for arousing the national conscience to this needless' loss of an irreplaceable mineral resource. In 1910, 83 per cent of the coke production was made in beehive ovens, from which surplus gas, tar, light oil, and ammonia, aggregating in value (at 1910 prices) 40 million dollars annually, were discharged into the atmosphere.In 1929, proportions were reversed and 90 per cent of the production was made in by-product ovens. The average value of by-products obtained in the production of 1 ton of coke in 1929 was $3.60, as compared with $1.16 in 1910, although the value of a ton of coke had increased only from $3.47 to $4.80. As shown in Figure 1,1 the production of by-product coke progressed rather slowly until 1915. War needs suddenly expanded the demand for coke and the by-products benzol and toluol for the manufacture of explosives. Except during the depression of 1921, this accelerating rate of production was maintained up to 1929, largely at the expense of beehive plants. The 1929 production of 60 million tons of coke will probably remain a record-breaking figure for several years. The developments which are now in progress in long-distance transmission of rural gas and in the utilization of volatile petroleum products and refinery gases for augmenting, city gas supplies may retard an other- wise accelerating demand for coke and coke-oven gas for domestic and industrial heating, Trends in Value of By-ProductsThe increasing value of by-products in comparison to the value of coke is shown in Figure 2. In 1913, the average value of by-product coke was $3.38, the value of the by-products per ton of coke was $1.41, and the cost of coal per ton of coke was $3,27, In 1929 not shown in figure) the value of the coke had risen to $4.80 per ton, the value of the by-products to $3.60, and the cost of coal per ton of coke to $5.07. The by-product values in were 155 per cent higher than in 1913, although the coke value had increased only 25 per And the cost of the coal 55 per cent. Actually the increase or the total value of coke plus by-products in this period was very little more than the increase in the coat of the coal, being 55per cent for coal and 60 per cent for coke plus by-products."

Mar 1, 1931

By Robert M. Becker

This investigation (in five parts) extends the theory of sample reliability from a sample consisting of a fixed number of items to a sample consisting of a fixed amount of items. Examples of a fixed amount of items per sample are samples consisting of a fixed weight or a fixed volume of unequal size particles. The extension of the theory is confirmed by experimental laboratory sampling using standard procedures. The probability distribution functions (the binomial, hypergeometric, multinomial, generalized hypergeometric, and those here called the compound binomial and compound multimomial functions) are developed from fundamentals. Their distributions are generalized to include some measured characteristic of the items. Infinite population moments are derived from moment-generating functions, and finite population moments are developed from corresponding infinite population moments using a newly defined mathematical operation. The first three experimental moments in laboratory sampling to given weights of particles are compared with the theoretical moments of their corresponding compound mult.inomial distributions. The agreement is striking. The study is divided into five parts. Part 1 deals with probability or random sampling to n items and with all sampling to n items per sample from some one probability distribution. This is the area of sampling covered by well-known theory. Accordingly, the procedures may be different but many of the results are well known.

Dec 1, 1964

By Ö. Erdem

The investment decision making process in the insurance and finance industries is affected by new advances such as simulation techniques. These advances have improved the discounted cash flow method (DCF). In DCF, a dynamic and flexible model construction is not possible because it does not consider uncertain conditions. Each project should be evaluated taking into account the related uncertainties because the related uncertainties determine the characterization of the project. Related uncertainties can be processed in dynamic DCF, which is applicable to both financial and non-financial industries with different kind of uncertainties, such as power generation and petroleum projects. The dynamic DCF method can estimate net present value (NPV) while managing related project uncertainties with a simulation method like Monte Carlo Simulation. The simulation method is preferred because its output is unbiased. Therefore, a more realistic financial evaluation of the project can be concluded. In spite of the improvement of dynamic DCF, this project evaluation method is not used frequently in mining industry. However, the mining industry is ideally suited to this concept because it is highly dependent on estimations such as orebody size and ore grade. During the project evaluation stage, these uncertainties can be included with the dynamic DCF method. This study aims to contribute to increasing the usage of this method in mining projects. A copper reserve in Turkey is selected as a case study to apply uncertainty assessment for the evaluation of NPV.

Jan 1, 2012

By C E. Vidal

Geological exploration and mining development increased their intensity and rate of success during the last five years in Peru. Particularly relevant are the mining projects of Yanacocha and Pierina for epithermal Au and Ag. Also relevant are the new mining operations at Iscaycruz and Uchucchacua for limestone replacement Zn- or Ag-rich base metal skarn deposits. Miocene continental volcanics host the low-grade but near-surface orebodies of the Yanacocha mining district in Cajamarca. Several deposits have been mined since 1994 with open-pit and heap-leach gold production increasing from 300 000 ounces to 1 300 000 ounces in 1998. In a similar geological setting, but with three times the grade of Yanacocha, the Pierina valley-leach operation in Ancash is set to produce 800 000 ounces Au during 1999. At Iscaycruz in Lima, Cretaceous limestones host massive pyrite and sphalerite skarn deposits with 10 to 20 per cent Zn. Mining and milling were started in 1996 with last yearÆs production rising to 180 000 tonnes of Zn concentrates. At Uchucchacua, selective underground mining of fracture-controlled Ag skarns, with 400 to 420 g/t, has been recently increased from 1200 to 2000 tonnes per day to produce 5.5 million ounces Ag during 1998. Advanced exploration projects are located in the framework of nine Phanerozoic metallogenic provinces. Mineral deposits of preferred attention are precious metal disseminations and veins, base metal replacements and skarns, porphyry Cu (Mo-Au), Mississippi-Valley-type Zn and base metal volcanogenic massive sulphide deposits. Geological discovery of new orebodies enables a sustainable development of the mining industry in the country.

Jan 1, 1999

By J. F. Havard

The enterprises based upon the industrial minerals are diversified in geologic habit, mining systems, processing techniques and marketing methods. Nevertheless, in 1972 these enterprises faced many of the same frustrations and hopes and knotty problems and crucial decisions. Volume and profits were generally improved but were uneven in extent and effect. The U.S. cement industry, for example, was unable to meet demand in major markets. It was constricted by a frozen low-level price structure, faced expensive pollution control measures and watched heavy imports penetrating its markets from several European nations, Mexico and Canada.

Jan 1, 1973

By S. Banisi, A. Ghasemi, A. Fazeli, M. Rezaei, M. Maleki-Moghaddam

The efficiency of high capacity SAG mills which consume large amounts of energy depends on the grinding and slurry discharge systems. A 9.7 m × 4.8 m SAG mill with radial pulp lifters is used at the Sarcheshmeh copper complex grinding circuit. The process audit indicated that the pulp discharge system was not efficient, judging by the amount of slurry flow back and carry over. These events limited the discharge rate and increased the wear rate of the lifters and grates. With the objective of finding a new design for pulp lifters, a 3D DEM software (KMPCDEM ©), along with the plant operational data and photographic evidence was used. The KMPCDEM © software was used to compare the efficiency of the radial and curved pulp lifter design based on the material flow. The slurry flow was analysed in terms of ease of discharge and lifter wear rate. It was found that changing the radial pulp lifters to curved pulp lifters could improve the discharge efficiency,and decrease wear rate of the pulp lifter in particular at the base of the pulp lifters. The simulation results showed that if curved lifters with a radius of 0.3×mill radius are used, the amount of slurry flow back and carry over will be negligible. It is predicted that by installing the curved pulp lifters, the capacity of the mill increases by 10% and the pulp lifter service life improves by at least 20%. Keywords: SAG mill, radial pulp lifter, DEM,curved pulp lifter, Sarcheshmeh

Jan 1, 2020

By G. W. Elger

This report describes pilot-plant studies and an economic evaluation of a process developed by the Federal Bureau of Mines, Albany Metallurgy Research Center, to produce synthetic rutile from a rock-type ilmenite concentrate. In this process, ilmenite blended with coke and lime is smelted in an electric arc furnace to separate most of the iron as salable pig iron and to form a titania-enriched slag of low iron content, which is treated with oxygen and titanium pyrophosphate. The titanium oxides are converted to crystalline rutile; the phosphate glass contains most of the associated impurities. The treated slag is ground and leached with sulfuric acid to liberate rutile crystals, which are concentrated by physical methods. In pilot testing conducted to obtain data for a cost estimation, a synthesized product containing about 88 wt-pct TiO2 and less than 2 pct FeO was extracted from a rock-type ilmenite concentrate containing about 45 wt-pct TiO2. The estimated fixed capital cost (on a mid-1975 basis) of a plant producing 500 tpd of synthetic rutile is $28,290,100. Based on 330 operating days per year, the estimated operating cost for this process is $351 per ton of synthetic rutile. The estimated selling price of synthetic rutile made from rock-type ilmenite is $344 per ton, based on a credit of $160 per ton of pig iron and a 20 pct interest rate of return on investment after taxes.

Jan 1, 1976

By E. L. McHugh, R. T. Mayerle, J. M. Girard

Ground control problems at surface mining operations can occur for a variety of reasons. Stress, gravity loading, rock strength, geology, pore pressure, weather effects, underground workings, and many other factors contribute to slope instabilities that range from small rock falls to massive slides of material. While some of these failures can be predicted or controlled by preventive measures, each year many completely unexpected failures occur. Current methods for monitoring generally involve measuring displacements at a few, selected points in and around the suspected area of instability. While most of the displacements along these points will be in a downslope direction, freeze-thaw cycles of water-filled joints, horizontal stresses or pressure, buoyancy in saturated soils, human measurement errors, or other situations can produce deformation in almost any direction, even without any instability in the slope. Determination of which, if any of the observed movements represents a potential hazard is essential. Because of the enormous surface area of many large open-pit mines, several varieties and scales of instability can occur. Small, unexpected rock falls may indeed be more hazardous than a massive failure that involves slow displacement of material over a longer period of time. Complete vigilance to detect all small potential falling blocks is neither feasible nor economical and certainly is not attainable using today's most common point displacement monitoring techniques. As part of an on-going study at the Spokane Research Laboratory, several new methods for monitoring slope instabilities are being investigated. This paper describes the potential adaptation of systems such as interferometric synthetic aperture radar, imaging spectroscopy, and time-domain reflectometry, to slope monitoring and design.

By L. C. Stilwell

Input-output analysis is a major branch of quantitative economics, and is used to analyse the flow of goods and services between production sectors in a national economy. Its purpose is to determine the relative value-adding capacity of each sector. The model has also, in recent years, found increasing use in assessing the environmental and ecological impact of development projects. It has, however, never been applied to individual production facilities, such as large mines, which themselves have complex economic structures, through which there is a flow of goods and services. Conventional cost and accounting systems, as used on mines, treat production sectors as separate cost centres, and do not determine the inter-relationships between them. This can lead to incorrect conclusions on the relative value of sectors and their impact on the total economic performance of the facility. This paper explains the basic principles of input-output analysis, and presents an example of its application to a simplistic model of a mine, which is used in the absence of any real data. The paper concludes that, by forcing definition of the value adding function of each sector, input output analysis will facilitate control of inputs, or costs. This will result in optimal application of resources and exploitation of ore reserves. The authors realise the model needs to be tested on an operating mine, and hope this paper will result in an opportunity to do so. The authors wish to thank the anonymous referees for their valuable comments.

Jan 1, 2000

Prier to the date of this contract, Ocean Energy had developed and demonstrated a high efficiency fluorescent caplamp which operated from a standard 4 volt miner's caplamp battery. This unit produced about five times the light output of the standard incandescent miner's caplamp. The Company believed that the major market for this unique caplamp was in the industrial and municipal applications. Because of the additional safety requirements for coal mining use, and in conjunction with the much smaller market in the mining industry, the additional expense and difficulty of modifying this caplamp to comply with the Federal and State coal mine regulations were not considered at that time. Recognizing the potential of this lamp for improving illumination conditions for underground coal mining, the US Bureau of Mines contracted with Ocean Energy to make the required modifications to this lamp to bring it into compliance with the Federal and State of Pennsylvania regulations, and thereby, make this lamp available to the anthracite and bituminous coal mining industry. At the outset of the contract, the injection molds for the caplamp housing were being completed, and only prototype, hand fabricated, units were available for tests. The Bureau evaluated these prototype units and formulated a performance specification for the miner's version. Light level and distribution, weight, size, angle of tilt, and operating duration were all specified. In addition, it was required that the caplamp be com¬patible with existin charging equipment at the mines and that the final design be in full compliance with MESA Schedule 6D and he ultimately approved by MESA, Approval and Testing, as well as by the Pennsylvania Bureau of Deep Mine Safety. The scope of this contract covered the modifications required to achieve these objectives. It was agreed by the Bureau that all rights to the lamp, including design, material combinations, circuitry, etc. would remain with Ocean Energy. The charger/adapter system and components, which were developed under contract funds, are disclosed hero and become public knowledge and property. Patent applications have been filed by Ocean Energy to protect the mechanical and electrical design aspects of the lamp. It should be noted that this report contains details, designs and data which may be covered by one or more Ocean Energy patent applications, and disclosure herein is made only to provide better understanding of the contract results.

Jan 1, 1975

By John R. Wolosick

MACROPILES are defined as ultra-high-capacity micropiles, with working loads in excess of 250 tons. The piles are typically 9-5/8 to 24 inch (244 to 610 mm) outside diameter. They are drilled and grouted in place, with either large diameter steel bars and/or steel pipe reinforcement. The piles are typically tested to twice the working load. Piles with working capacities of up to 500 tons and tested to 1000 tons have been installed. The paper discusses MACROPILE design philosophy, construction techniques, and two case histories where this innovative foundation system has been installed. Macropiles are descended from micropile technology pioneered in the early 1950s by Fernando Lizzi of Italy.

Jan 1, 2006

By G. T. Engel, W. G. Gruzensky

Jan 1, 1960

By Lincoln A. Stewart

"INTRODUCTION The First Supplemental National Defense Appropriation Act, approved August, 25,, 1941, authorized the Bureau of Mines to investigate sources of raw, material for western production and appropriated funds for that purpose. Numerous iron deposits and prospects in the Western States were investigated. Among those selected for more detailed investigation were tile Apache and Chodiski deposits in Arizona.The United States Geological Survey had examined these deposits in 1929 3/ and estimated that ""the quantity of minable ore reasonably to be expected in this locality will reach 10,000,000 long tons, but it will require prospecting by core drill to demonstrate this quantity with certainty"". C. H. Johnson, a mining engineer of the Bureau of Mines, made a preliminary examination in October 1941 and proposed exploration of the Apache deposit Canyon Creek.A trench sampling project was set up, and work at the Apache deposit commenced in November 1941. Mapping, trenching, and sampling of outcrops was completed in March 1942. Trenches were laid out at approximately 200-foot intervals for about 9,200 feet along the iron outcrop east of Canyon Creek, and channel samples were taken across the iron formation. The outcrop also was explored by trenching and sampling along a 1,900-foot outcrop on the west side of Canyon Creek.The first diamond-drilling campaign at Apache was initiated in May 1942 and continued to January 1943, when work was suspended owing to depletion of funds. Six holes spaced at approximately 500-foot intervals and, 500 feet back from the outcrop on the east side of Canyon Creek were drilled through the iron formation during this period.While this drilling was in progress, the Chediski deposit was mapped, trenched, and sampled. The trenches were spaced at intervals of approximately 800 feet along 10,000 feet of the iron-ore outcrop."

Jul 1, 1947

By B. Caro Vargas

The Toulon Tunnel project is a key component of the highway corridor on the French Riviera between Marseille and Nice and is a fundamental transportation infrastructure for the region. The first design studies started in the 1960s. The tunnel project is comprised of two separate tunnels: south and north. The north tunnel was built between 1992 and 2002 after 10 years of difficult construction. On March 15, 1996, for example, a collapse of the tunnel in the Marchand area generated a sinkhole in the city center, causing a 20-month delay. The south tunnel alignment runs parallel to the north tunnel below Toulon?s historical downtown at a depth of 20 to 40 m (65 to 131 ft) with some areas with less than 10 m (32 ft) of cover. The risk management program was studied to be a state of the art program in urban tunneling construction.

Jan 1, 2012

By E. Ringdalen

Keywords: Pyrometallurgy, research, Norway, SINTEF, NTNU The Norwegian Ferro-alloy Industry and the model for research cooperation between SINTEF, NTNU, and the Norwegian ferro-alloy industry is presented as an introduction. The research within pyrometallurgy is illustrated by examples from characterisation of Mn-ores and characterisation of carbon materials. Examples from studies of reaction mechanisms in laboratory- and pilot-scale experiments are presented, in addition to an example of industrial off-gas measurements. Education possibilities at NTNU are also described.

Jan 1, 2011

By Klaus Rieker

North of Antwerp central train station, two single-track tunnels for the high-speed train line between Brussels and Amsterdam were constructed. At the same time, the central train station was modified to a through station. Both 1.23 km tunnels are situated in the Antwerp sands and were constructed using a slurry shield machine. Due to the inner city location, the tunnels run over their entire length underneath structures, in some cases with only minimal clearance. The paper deals with these challenging situations. In addition, the tunnel boring machine, the tunnel lining and measures to limit settlements will be introduced.

Jan 1, 2007

By Brosnan J. G

Simcoa Operations is the only silicon smelter in the region and since the plant was commissioned in late-1989, has progressed from supplying silicon metal to the secondary aluminium market to the current position of supplying in excess of 90 per cent of its production to the high quality chemical and primary aluminium markets. This position has been achieved through the unique advantage which Simcoa has developed within the industry, namely raw materials, people and Simcoa's ability to adopt and use modern technology. A quality culture was instilled into the workforce prior to commissioning which ultimately led to AS3902 qualification in 1992. Simcoa has continued its quality drive through the formation of 'Simcoa's Quality Leadership Process' which is planned to make Simcoa the best silicon producer in the world.

Jan 1, 1995