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By Robert T. McKnight

"Traditional techniques for valuing resource projects companies have been primarily based on discounted cashflow methods (DCF) or by comparison to similar projects with an apparent market capitalization. Many resource projects are really forms of options to invest rather than a future cashflow stream. Employing the DCF method to value a resource project which is really an option to invest, can dramatically underestimate the real value of the project. The analytical tools required to evaluate options, while more complicated than the usual spreadsheets used for DCF, are becoming more easily available and usable by managers. This paper will discuss the background of options valuation and some of the tools which will make it easier for managers to estimate the value of projects and companies which have significant real option values.ResumeBob McKnight is a graduate of the University of British Columbia in Geological Engineering, supplemented by an MBA from Simon Fraser University. Following several years in the oil patch with Cities Service and Brascan, Bob returned to Vancouver in 1979 to work for Wright Engineers. He subsequently went on to work for Cassiar Mining, Getty Resources and Endeavour Financial before joining Pincock Allen & Holt Ltd. in 1998. His experience ranges from exploration to feasibility studies, financial evaluations of mining and oil & gas projects, due diligence, project finance, valuations and mergers and acquisitions. He has extensive international mining experience pertaining to such countries as Chile, Mexico, Uruguay, Thailand, Indonesia, Angola, Papua New Guinea, Kazakhstan.What are Options?Options have been around for centuries. They were familiar to Roman and Phoenician traders who were shipping cargoes from Mediterranean seaports. In the financial world, options are types of contracts that generally include the right, but not the obligation, to buy or sell a share, currency or commodity. The underlying commodity price or share price changes are assumed to be lognormally distributed. In this context, options are of two general types, ""call"" options and ""put"" options. Call options have the characteristic of having the right to buy a tradable commodity or currency at a predetermined price for a specified period of time. For the owner of call options, they become more valuable as the price of the underlying commodity increases. For the seller of call options, these options become an increasing liability as commodity prices rise, since there is the obligation to sell the commodity at a predetermined (perhaps lower-than-market) price. This characteristic of call options recently became high profile with the sharp rise in gold prices last year. The value of gold call options sold by certain producers increased their associated liabilities to the point where margin calls were made."

Jan 1, 2003

By M. Bilal Khan

Thermal stress relief by means of a typical heat treatment cycle (660oC for one hr) is compared with the one achieved through vibratory stress relief at resonant and multiple resonant frequencies for the D-406 HSLA material. Our analysis of the data is based on the microhardness profiles measured for the entire length of scales, namely, base metal, heat affected zone (HAZ) and the weld bead itself. The profiles obtained using the two techniques mimic each other, for an equivalent 70% stress relief level. The data are further qualified by impact testing wherein the zone of interest is projected in the retention groove to provide impact by the pendulum striker in the Charpy mode. Higher equivalent energy absorption in the treated specimens confirms the efficacy of the vibratory method. The present work rectifies earlier anomaly where heat treatment has been reported at 310oC for the same material.

Jan 1, 2009

By P M. Bradbury

The nature of aggressive process chemical requirements typically in the Platinum Refinery Industries, lend themselves to the use of Polymer Composite Glass Reinforced plastics for pipework and other associated equipment in these types of Plants. This paper discusses the basic characteristics of a Polymer Composite glass reinforced piping system and gives sample examples of applications in current present day use.

Jan 1, 2006

By Zach Ellis, Dusty Fisher

The Office of Surface Mining, Reclamation, and Enforcement (OSM) cited a large surface coal mine for a series of flyrock incidents that occurred when blasting close to the mining lease perimeter. The OSM placed the company on a pattern of violation status. It was determined through analysis of blasting practices that flyrock could be controlled at the mine by drilling a smaller diameter hole and stemming with crushed rock when blasting within 1,000’ (304 m) of the lease line. The procedure to install and remove the small diameter drill steel was cumbersome and dangerous because it was a manual transition. The drill carousel could only hold one diameter at the time the project was initiated. The process was very time consuming, involving a mechanic to transport the steel to the drill and spend up to 1.5 hours of downtime switching the steel. In addition, the hydraulically operated break-out wrench and break-out fork on the SKS Infinity Redrill® is only designed to work with one diameter, so these tools could not be used to disconnect subs and steels on the string. At the time, the mine’s breakdown was between 30-40% small diameter (6 ¾” (171 mm)) versus large diameter drilling (10 5/8” (270 mm)). The drill and blast group was challenged with the task to implement a 6s (Six Sigma) project that would reduce the amount of time spent on steel change-outs on the rotary drills while improving the safety of the task. A solution was proposed to carry the small diameter drill pipe, lower small diameter sub, and small diameter bit on board the drill at all times. The goal of the project was to carry the steel in the carousel after modification so that the driller could change the diameter himself on board the drill in less than 45 minutes without any assistance from a mechanic. The drill had to be modified so that the hydraulic operated break out wrench and deck fork could be utilized on both diameters. The drill accessory supplier and the mine worked together to design and implement design changes and new equipment onto two rotary drills, and new standard operating procedures (SOPs) were created for the new process. The project has been in the sustaining phase for approximately three months now and all steel diameter changes are completed by the operator under the allowable time limit.

Jan 1, 2015

By M. N. Chandraprabha

This paper discusses the role of the mineral-adapted acidiphilic microorganism Acidithiobacillus ferrooxidans in the beneficiation of arsenopyrite-containing multisulfides (pyrite and chalcopyrite) and the bioremediation of the resulting arsenical waste water. It was found that adaptation to minerals alters the surface properties of the microorganism. Bacterial adaptation to arsenopyrite and controlled bacterial adhesion to mineral surfaces lead to selectivity in arsenopyrite separation. Bioremoval of arsenic ions (both arsenite and arsenate ions) by Acidithiobacillus ferrooxidans is also discussed. Key words: Acidithiobacillus ferrooxidans, Bioremediation, Arsenopyrite beneficiation

Jan 1, 2009

By Cláudio S. S. Pinto

Em face do agravamento da situação da energia elétrica no Brasil, com disponibilidade cada vez mais restrita e custo cada vez maior, torna-se urgente reduzir o seu consumo onde possível. Ventiladores centrífugos de processo de médio e grande porte são grandes consumidores de energia elétrica e podem ter um elevado potencial para a redução do seu consumo. Este texto mostra como identificar a possibilidade de economizar o uso da energia elétrica em um determinado ventilador e que modificações ele necessita para cumprir este objetivo.

Sep 25, 2017

By J. A. Organiscak

The U.S. Bureau of Mines investigated the relationship of bituminous coal seam parameters and the amount of airborne respirable dust generated at longwalls. Dust and coal samples were obtained from 20 longwalls operating in geographically representative coalfields throughout the United States. Statistical analyses of coal seam parameters and airborne respirable dust measurements indicate a likely causal relationship between seam type and respirable dust. Low-ash, high-volatile coal seams were associated with higher airborne respirable dust levels. A negative linear correlation (significant at the 95-pct confidence level) was observed between the seam's ash content and airborne respirable dust, explaining up to 18 pct (R2 = 0.18) of headgate dust level variation and up to 15 pct of tailgate dust level variation. Volatile matter was found to have a positive linear correlation with tailgate dust level, explaining 16 pct of the variation. Further data examination indicates that these relationships with dust are most likely nonlinear, because of improved R2 values over the linear correlations. However, a notable portion of longwall dust production is influenced by other operational parameters, so additional research under more controlled conditions is needed to determine the seam's causative functions.

Jan 1, 2010

The New Zealand microcontinent is relatively well endowed with gold deposits; its past gold production per unit area of 3.2 kg/km2 ranks high on a world scale. Total recorded production (1857 - 1986) is about 854 000 kg and most of this gold was mined between 1861 and 1920. There has been a strong revival in gold exploration and mining since 1979, with exploration expenditure of around $15 million per annum and a declared gold production in 1986 of 1265 kg (886 kg in 1985). In addition to numerous alluvial gold recovery plants working small to medium sized deposits (mainly in Westland and Otago), there are five medium to large projects that have started production (Martha Hill), or have reached advanced stages of construction (Grey River dredge), permitting (Golden Cross and Macraes) or exploration (Globe-Progress). This summary paper is taken from reviews by Brathwaite et al (1986) and Brathwaite (1988).

Jan 1, 1988

By Ádria Rocha Corrêa

Durante a solidificação de ligas metálicas, o produto fundido se contrai, o qual provoca o surgimento de espaçamentos vazios na interface metal/molde chamados de “gaps”. Estes gaps causam o aumento da resistência térmica influenciando em toda a cinética da solidificação. A transferência de calor durante a solidificação depende do conhecido parâmetro chamado de coeficiente global de transferência de calor ( hg). Este parâmetro é representado pela equação do tipo: hg =C.t-n, a qual indica que a eficiência térmica na interface metal/molde decai com o tempo. Muitos parâmetros podem influenciar o coeficiente global de transferência de calor (hg), neste estudo, os percentuais de Sn em ligas do sistema Al-Sn são analisados (10,20,30 e 40%Sn). Portanto, o principal objetivo deste estudo é propor uma relação matemática que descreva, para o sistema Al-Sn, a evolução hg em função do teor de Sn. A relação matemática foi obtida através do método dos mínimos quadrados

Aug 17, 2017

By AIME

BORN in 1899, in Bridgeport, Conn., E. A. Anderson grew up in a center of the nonferrous metal industry. Perhaps that had something to do with his selection of mining as a career while an undergraduate in Yale. After securing his Ph.B. in mining he worked for a year at Handy & Harman. By this time physical metallurgy had supplanted his interest in mining and he entered the Yale graduate school where he secured his M.S. degree in metallography under C. H. Mathewson. After completing his graduate work he entered the employ of The New Jersey Zinc Co. in their research division where he has remained ever since. The transition from graduate study to industry involved no disruption of technical interests. Academic research relating to the zinc-aluminum alloys, then coming into use for die-casting, was followed by extensive and productive industrial research in the perfection and commercialization of these alloys. Research on rolled zinc and rolled zinc alloys, corrosion and stress corrosion, dry cells, electroplating on zinc, and electrodeposition of zinc followed in overlapping succession as time passed.

Jan 1, 1947

Acid soluble calcium is depleted in drainage sediments from hydrothermal alteration centres in the Coromandel Peninsula. The routine analysis of acid-soluble calcium on drainage samples is an economical and effective technique for outlining hydrothermal alteration centres in volcanic terrains.

Jan 1, 1979

According to the classification of water conservation mining in shallow coal seams in China, when the ratio of the impermeable layer thickness to the mining height is less than 18, the mining belongs to the category of special water conservation, and the strip backfilling mining method is employed. This study is based on the geological conditions in northern Shaanxi. By analyzing the stability of the impermeable layer, the stability criterion of the impermeable layer was developed. The study also investigated the compositions and properties of the backfilling materials. The results show that reasonable subsidence of the impermeable layer is allowed during mining under the basic precondition (upward cracks and downward cracks are not connected).

Jan 7, 2020

By J. McCreedy

"The addition of Portland cement to hydraulic sand fill has resulted in the production of stable and self-supporting cemented sand fill. The use of cemented fill in the mines of The International Nickel Company has resulted in substantial economies in timber requirements, de-creased dilution of ore and greater flexibility in mining methods.Coupled with special mining techniques, it has permit-ted mining by both cut-and-fill and shrinkage stoping methods to much greater depths than heretofore. The use of cemented sand fill has permitted revisions to undercut-and-fill mining which have significantly improved the efficiency of this method.Automated mixing systems have been developed for preparing cemented sand fill in surface sand plants on a continuous throughput basis. Control of cement-sand mixtures is obtained by the use of a mass flow measuring system and weighing cement feeders."

Jan 1, 1966

THE Pacific Northwest's joint meeting of the Industrial Minerals and Metals Branch in Spokane, Wash., drew 260 members, 72 students, and 30 ladies. Theme of the meeting was to acquaint men in the industry with students and younger men. The special appeal to the students was coupled with an attempt to attract young technical men from the companies located in the northwestern area. The activities of the meeting were available without charge to students. Contributions were made by the industries in the area to assist student attendance. Following the special student and faculty trip to the Trentwood rolling mills and research laboratory on Friday afternoon everyone enjoyed a complimentary dinner. A. Y. Bethune of the Sullivan Mining Co., spoke to the group on the operations of Kellogg, Idaho electrolytic zinc plant. The Industrial Minerals Div. session was opened on Saturday morning by R. G. Vervaeke, Conference Chairman who introduced A. O. Bartell of the Raw Materials Survey, Portland, Ore. Mr. Bartell in turn introduced C. W. Sweetwood who discussed Open-Pit Phosphate Mining.

Jan 1, 1952

By D. C. Kaliampakos, A. K. Moutsatsou, J. K. Skotaras

The wastes from marble extraction in the Thasos- Kavalla-Drama region of northeastern Greece could be utilised as a new source of high-quality white carbonate fillers for the European market. Large deposits, satisfactory properties, acceptable processing costs and environmental benefits are among the factors that would have a positive bearing on a proposal for their use in this way. DTH, the waste arising from dolomitic marble quarrying operations on the island of Thasos, appears to be the more suitable material than DA waste from Nikissiani on the mainland because of the lower cost of primary grinding and the higher production rate of ultrafines with a mean particle size of 5 micrometres (the optimum size for filler properties in the case of both DTH and DA), its superior whiteness, the benefits that such use would bring to a very severe and complex environmental problem and the lower transport cost

Jun 18, 1905

By E. Mataradze

Statistics shows that the majority of accidents with fatal outcome are caused by methane and/or coal dust explosion. This leads to assume that contemporary counter-explosion systems of various designs cannot be considered effective. Considering the growing threat of methane explosion in the coming years along with the development of deeper levels, the improvement of a system for protecting people in underground opening appears urgent. This paper presents the results of the testing of the Automatic System from Methane Explosion in Coal Mines. The protective system consists of: i) a wireless device for the detection of explosions and activation of a protective system, and ii) an absorber with a pyrotechnic device ensuring the discharge of dispersed water. The protective system, at the command of the initiation signal, produces tailored dispersing water mist with droplet sizes in the range of 25?400 ?m along selected tunnel sections.

Aug 1, 2013

By M. Javier

This concept paper is presented in the hope of raising the awareness of mankind on the necessity for its peaceful coexistence with nature. It is a food for thought. It takes compromise and sacrifice of people, who will have to learn to curb their greed and move toward a more organic form of prosperity. A nature-friendly sustainability is first step toward the protection of nature that is critical to the mutual survival of mankind and nature. People need the resources from the finite earth to survive and nature needs the prevention of human destruction in order to continue to regenerate and provide. The contemporary notion of sustainability is self-serving. It serves the interest of industry by camouflaging itself to look like nature?s protector. The ?sustainability? concept presented in this paper aims to extend the longevity of the utilization of the limited natural resources for many generations to come. It is an important, responsible first step in creating a healthy sustainability concept that, when implemented, extends the longevity of mankind by the most efficient use of the finite resources on this limited Planet Earth, all the while taking into consideration the increase in anthropogenic activities due to exponential human population growth. This new definition of ?sustainability? has completely different characteristics than its contemporary versions. Nature has its own destiny, rules and principles. Being a part of nature, human society depends on it for survival and must play by its rules and never the other way round as in its initial pretensions. Society should not try to humanize nature, but rather to respect the rule of the nature in a peaceful way of co-existence. When implemented, this new concept of sustainability aims to affect the designs of engineered structures and revolutionize the recovery methods and processing of natural resources, such as mineral resources in the most efficient manner. Finally, this paper intends to stimulate critical thinking and initiate serious discussions aiming at producing a general consensus for the best definition for human society to not only enrich, but to extend its existence. Thus, the spirit of this new definition is pro future generations and environment. KEYWORDS: Sustainability Definition, Nature, Geomímic, Deproduction.

Feb 27, 2013

By Don Conrad, Tom Friend, Bill Wiehagen, Lynn Rethi

On-the-job training (OJT) is a very common method of teaching job skills. Much of the training is done by experienced workers. This paper discusses small investments that can help improve the effectiveness of OJT. Effective OJT involves some structure and planning in the transfer of responsibility for task performance from the trainer to the novice. Assisting the OJT trainer could involve helping develop up-to-date job analyses and offering strategies for teaching and evaluating job skills. The scope of this paper addresses (1) organizational considerations supporting structured OJT, (2) general strategies for structuring OJT, (3) a typical approach for conducting OJT, (4) characteristics and duties of OJT trainers, and (5) limitations of OJT as a teaching method. Health, safety, and operational skills can be connected through training. Haul truck operator training is used to illustrate some of the concepts discussed in this paper.

Jan 1, 2002

By J. S. Aronofsky

The areas are identified where the techniques of operations research have been applied in the petroleum industry. Particular emphasis is given to the linear program models that have been used for solving management problems. Of the entire gamut of applications for linear programming, attention is focused on the models that represent underground reservoirs. Such models could be used to help schedule drilling rig operations and to schedule oil production. A framework is established for placing the model for underground reservoirs in the proper perspective along with the models which represent other facets of the oil business. One of the remarkable phenomena of this century is the rapid growth in the size and' complexity of human organizations. The mere size of modern business means that administrative decisions can affect vast quantities of capital and large number of people. Mistakes can be tremendously costly, and a single wrong decision can require years for rectification. Moreover, the pace of modern business is such that decisions are required more rapidly than ever before; the mere postponement of action can give a decided advantage to a competitor. It is not surprising that the increase in difficulty of decision making has been followed by efforts to put this activity on a more objective basis. The growing science of operations research, which relies heavily on the methods that have proved so successful in the physical sciences, is one aspect of these efforts.

Jan 1, 1962

By I-H. Jung, J. Kim

"Mg alloys are extensively used as light structural materials in modern industry. Mn and RE (rareearth) metals are effectively used as alloying elements to enhance the properties of Mg alloys. Therefore, the thermodynamic database of those alloys is important in the Mg alloy design and processing. Critical evaluation and optimization of all available literature data for the Mn-RE systems were conducted to obtain reliable thermodynamic functions. The Mn-RE systems shows systematic changes in the phase diagrams and thermodynamic properties with increasing atomic number in the lanthanide series. This systematic approach for all RE elements allows to resolve inconsistencies in the available experimental data. INTRODUCTIONRare Earth (RE) metals are widely used in many industrial fields including permanent magnet, electronic materials and structural materials. As a small addition of RE can enhance magnetic, electronic, optical and mechanical properties of numerous materials, the usage of the RE is still expanding regardless of the strategic control of their supply.Magnesium alloys are getting great scientific and industrial attention as the lightest structural materials. One of the drawbacks of Mg alloys is their poor formability at room temperature due to the limited slip system with hcp crystal structure. Recently, several studies (Farzadfar et al., 2011; Sandloebes et al., 2010; Stanford, 2010; Stanford et al., 2008; Yan et al., 2010) show that the additions of small amounts of RE can considerably enhance the ductility of Mg alloys. Therefore, a lot of research on Mg-RE alloys is undergoing to clarify the role of RE on the enhanced deformation mechanism and to find out the most optimum Mg alloy compositions. In order to respond to the need of Mg-RE alloy development, a large thermodynamic database for Mg alloys containing RE has been developed with critical systematic analysis and optimization of the entire RE series data. This includes the thermodynamic database of the Mg-RE (Kang et al., 2009), Mg-RE-RE (Kang et al., 2009), Mg-Al-RE (Jin et al., 2011; Jin et al., 2010), Mg-Zn-RE and Mg-Mn-RE systems."

Jan 1, 2012