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By A McCallum, J Abols, G Patrick, G Johansen

The authors challenge the traditional thinking that whole ore cyanidation followed by Carbon in Pulp (CIP) or Carbon in Leach (CIL) should be applied as a standard process in the majority of gold processing flow sheets. The concept of whole ore leaching by using cyanide can result in unnecessary environmental and capital risk. Alternative, currently available technologies can be used to provide the desired level of gold recovery at a much lower installed cost and less impact on the environment. Gravity concentration, alone or in conjunction with flotation, can produce a gold bearing concentrate that can then be fed directly to a batch or continuous intensive cyanidation unit. The In-line Leach Reactor (ILR) is an intensive cyanidation unit developed by Gekko Systems of Australia. Advantages of this technology include significantly reduced capital outlays for greenfield plants or plant upgrades and increased investor returns. Reduction of onsite cyanide and carbon inventories improves plant safety, materials handling and site security. By using direct electrowinning to treat the gold bearing solutions produced by the ILR, the need for a conventional carbon stripping circuit is removed. Potential also exists to increase grind size û saving energy, further reducing capital and operating costs and decreasing the environmental impact of a mill. Detoxification of cyanide before the release of solution to the tailings dam can minimise tailings disposal and containment requirements. When used in the right application the proposed process will have little or no impact on gold recovery and may actually increase recovery for complex ores. Areas applicable to this type of treatment include: plants in environmentally sensitive regions, lower tonnage higher grade deposits, coarse gold deposits, and preg robbing ores û some of which may not currently be economically feasible using standard processes and flow sheets. We have provided two examples of such projects, where an alternative to whole ore leach and CIP or CIL has the potential to deliver these benefits.

Jan 1, 2004

By R Barritt, P Scott

Across the globe, it is a common scenario that tailings storage facilities (TSFs) are being decommissioned; however, their subsequent impact on the local environment and landscape can often be overlooked during the mine planning process. In addition, the requirement of a cover system for a facilities closure may not be a priority until the latter stages of the mine/mill operation when potential cover materials may have been utilised elsewhere or, worse, buried. Developing a conceptual design and closure plan for a TSF early in a mining venture is fundamental to its success once operations have ceased. If a cover system is a planned component for rehabilitation of a TSF, it is vital that its design is appropriate to the facility and any local site constraints, such as climate and cover system material availability. It is also strongly recommended that various cover system options are physically trialled at the site by using performance-monitoring instrumentation. Through this process, an informed decision can be made regarding the most appropriate cover system design to meet any regulatory and stakeholder closure objectives and criteria specific to the site in question; however, in order for the cover system’s performance to be determined through on-site trials, it is essential that an appropriate instrumentation design is utilised. Often, little attention is paid to the data that is being obtained, and its importance may only become apparent after several years of monitoring at an expense to the venture. This should not be the case. Many sites have used an appropriate initial planning stage to understand what is required for the successful closure of a TSF, how it can be achieved and how monitoring data can be utilised to prove, or otherwise, that a cover system design will be a success.CITATION:Barritt, R and Scott, P, 2015. Cover system performance monitoring for tailings – are we doing it correctly?, in Proceedings Tailings and Mine Waste Management for the 21st Century , pp 283–288 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 27, 2015

I began my interest in sample preparation when I joined the Institute of Nuclear Sciences in 1962. I worked in the fields of rock dating and stable isotope geochemistry. Preparing a sample could take several days and the analysis took another day or more, so great care was taken with each sample. In 1968 I changed to mineral exploration analysis and was surprised to find that there was much less care in how a sample was taken and prepared. Virtually every sample was processed in the same way. In the use of ring and puck mills, Australia and New Zealand were among the world leaders. It took another ten years before labs in North America changed over from disc mills. In 1975, my partner and I divided our business into two parts. He took the laboratory into his consulting laboratory business and I took the small business that we had started, making ring and puck mills. For the next six years I was RocklabsÆs only employee. In the 1980s and 1990s, sampling specialists like Francis Pitard and Dominique Francois-Bongarcon began to make a difference in the understanding of what constitutes good sampling and preparation practice. They and others took courses on the new concepts of Sampling Theory, as developed by Pierre Gy. The desire for better procedures lead to the development of new machines, including the big bowl pulverisers from Australia, jaw crushers that could crush finely like our Boyd Crusher, rotating dividers of new designs and flow-through ring and puck mills. Other machines did not fare so well, including rolls crushers, cone crushers and hammer mills.

Jan 1, 2008

By D A. Williams, P J. Chapman

Constructing upstream raises with tailings is an accepted and cost-effective practice in Western Australia, where the climatic conditions are favourable, desiccation (and hence overconsolidation) occurs rapidly due to air drying and there is a perceived low seismic risk. This is in contrast to many other settings, where there is either a positive water balance, high seismicity or a combination of both. In recent times, there has been an increased focus on seismicity in areas of Australia that have historically been considered to be of low seismic risk. The increased focus is driven by two recently published documents used by tailings practitioners and increased awareness from corporate entities, particularly those with mines in high-seismicity regions such as South-East Asia and South America (particularly Chile).The increased awareness has resulted in increased rigour being applied to seismic design of tailings storage facilities (TSFs) in general, and particularly upstream-raised TSFs. This paper compares the results of a seismic stability assessment for an upstream-raised TSF located in the Goldfields region of Western Australia, which has historically been considered a low seismic area, with a seismic stability assessment carried out for a crossvalley TSF containing similar tailings but located in a high-rainfall, high-seismic setting in South-East Asia. The influence of the adopted design earthquake values on the results of the assessments and the potential impact of the maximum design earthquake (MDE) on the design approach is presented for both cases. The results indicate that although the Western Australian site is located in an area thought to have low seismic risk, the screening level analyses suggest that the MDE could result in liquefaction of the tailings materials. Not surprisingly, liquefaction was also indicated for the South-East Asian site. The outcomes of the assessment are also presented.CITATION:Chapman, P J and Williams, D A, 2015. Seismic design of upstream-raised tailings storage facilities in a semi-arid, low-seismicity setting, in Proceedings Tailings and Mine Waste Management for the 21st Century, pp 157–162 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 27, 2015

The Kwademen Au deposit was discovered in 1977- 1978 following a regional geochemical survey carried out as part of a UNDP (United Nations Development Programme) and BUMIGEB (Bureau des Mines et de la Geologie du Burkina) mineral exploration programme. The climate in Burkina Faso is rather dry, with markedly seasonal rainfall averaging 800 mm pa in the Kwademen project area. The relief is low and the drainage poorly developed, so that soil sampling was preferred to stream sediment sampling. Rocks have been subjected to deep lateritic weathering, so that they are transformed into a mixture of Fe-oxides and kaolinite over depths varying between 30 and 40 m. At the regional stage, soil samples (30-40 cm depth) were collected a a 300 x 500 m grid. The Kwademen deposit was indicated by Cu, Zn, Mo and Au anomalies. Subsequently, an area of 9.2 km2 was covered by a detailed geochemical survey by soil (100 x 50 m) and auger sampling. The regional anomaly was fully confirmed, and subsequent drilling intersected mineralized ore shoots, justifying the establishment of an evaluation project led by the U.N.R.F. (United Nations Revolving Fund) in 1983- 1985.

Jan 1, 1988

By M Taylor

The Project Specification and Technical Requirements documents associated with several recent large road tunnel projects within Australia have specified the application of AS/IEC 61508 – FunctionalSafety of Electrical/Electronic/Programmable Electronic Safety Related Systems at very high performance levels for the various control and fire life safety systems associated with such facilities.This paper seeks to explore the implications of referencing this standard within the road tunnel services context in terms of practicality, complexity and cost, whilst providing some examples of how a high safety integrity level (SIL) level can theoretically be achieved given current hardware availability.

Mar 8, 2011

By J Jones

A common problem in the mining industry is that company exploration groups operate in relative isolation to the rest of the company; resulting in poor knowledge transfer (Qureshi and Briggs, 2006) and often priority conflicts with mine geology, operations and project departments. In recognition of this problem, Newcrest created a Minerals Division responsible for stewardship and governance of mineral assets across the value chain from reconnaissance to rehabilitation. It was recognised at an early stage that effective collaboration both internally and externally would be required to improve decision making, deliver faster cycle times and improve governance.Collaboration in companies is generally associated with the introduction of new IT functions. However, modern IT-based collaboration systems and practices are relatively simplistic compared to the long-standing practices associated with collaboration and knowledge management in science and engineering disciplines such as geology and mining.The authors of this paper have started a trial of a 12-point plan for effective collaboration, which recognises that significant efficiencies can be gained and barriers to future success removed if more effective collaboration can be achieved between science and engineering divisions in a company along with external professionals and with the collective intelligence (Tapscott and Williams, 2006) of the outside world. To meet growth aspirations some companies, like Newcrest Mining Ltd, are adopting this comprehensive, step change approach by moving from a closed model the isolates mine geologists to an open and collaborative model that uses IT visualisation systems strategically. The paper describes how an open model provides people with the right work environment and the right information at the right time, which will help individuals and workgroups to work more collaboratively day-to-day. The aim is to achieve speed, focus and mitigate risk through an environment where everyone and anyone can contribute effectively (Cisco, 2008).

Aug 22, 2011

By R McIlwraith, B Breul

Two case studies are presented in this paper. The first one discusses a roller compacted concrete water supply dam that was constructed in El Mauro in Chile to provide water for agriculture activities downstream of a copper mine during the dry season. The 23 m high dam used a bituminous geomembrane (BGM) as the low permeability upstream facing element on the dam to control seepage through the dam. This is the first time that a BGM has been used in this application. A deep cut-off trench was used to control seepage beneath the dam and through the abutments. This paper briefly presents the design of the dam, including selection of the concrete mix and maximum aggregate size that the use of the Coletanche BGM allowed, and provides details of the construction, quality control and assurance of the installation of the BGM. An ultrasonic apparatus was used as part of the quality control on the BGM seams.The second case study discusses a tailings dam in Cerro Lindo, Peru (near Chincha), where a watertight BGM was installed on the upstream face. Results are presented of the survey done by a consultant on the behaviour of the dam and in particular of the BGM following an earthquake of magnitude 8.1 in Chincha close to the site. These findings on-site were checked by trials in a laboratory in California. Test results are given and explained.CITATION:Breul, B and McIlwraith, R, 2015. Case histories – roller compacted concrete dam waterproofing with a bituminous geomembrane in Chile and a tailings dam in Peru subject to an earthquake of 8.1 magnitude, in Proceedings Tailings and Mine Waste Management for the 21st Century , pp 367–372 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 27, 2015

Most mining projects will involve some level of financial markets price risk. This is because commodities are generally traded in $US. The project will also incur costs in $A and if based in Australia will seek to generate a return in Australian dollars. Therefore the project faces commodity, foreign exchange and interest rates risk. As a business you may wish to maintain these risks within your business. However if the project requires financing to be provided then the financiers will want to ensure that there is a level of certainty attached to the cash flows to support the debt repayments. This is achieved by hedging the financial market risks. Traditionally the hedging process has been based on underlying assumptions within project models, which incorporate views on the direction of the underlying price risk. These views can be formed in an ad hoc manner. Gathering information from a variety of sources including economic forecasting and modelling, technical analysis, seeking market expert views. However, given the historical accuracy of such forecasts locking into long-term fixed hedging arrangements can create an inflexible environment that can restrict the opportunity to benefit from the underlying volatility of financial markets.

Jan 1, 2003

Mine site rehabilitation is the repair of the disturbance caused by mining on the immediate mining area and also on the surrounding environment. The long-term objectives of rehabilitation can vary from simply returning an area to a safe and stable condition, to restoring the mined land to a state as close as possible to its pre-mining condition, capable of being self-supporting and having a beneficial final land use. This paper investigates the importance and benefits of environmental planning, in particular for rehabilitation, and how input into daily operations can allow mining to progress with limited impact on the surrounding environment. It will also identify some of the key mistakes currently made during mining which could be averted by implementing prior planning and incorporating environmental consideration into daily operations. A number of rehabilitation opportunities will also be detailed for the different stages of the life cycle of a coal mine.

Jan 1, 2007

By Zani J. A, Jackson W. D

Bauxite was discovered in the Kimberley in 1965 by an Amax field crew. Reserves of 230 million tons, of bauxite. averaging 47% total alumina on Mitchell Plateau and 980 million tons averaging 36% total alumina on Cape Bougainville have been indicated by the results of drilling and bulk sampling. Laterite which contains the bauxite deposits caps basalt and interbedded sandstone and siltstone of the Carson Volcanics formation. Bauxite on Mitchell Plateau is 3.2 metres thick on average and is underlain successively by nodular ironstone, clay and basalt. The major components of the bauxite are gibbsite,boehmite, hematite and goethite containing some alumina, anatase and clay minerals. Quartz and vanadium oxide are minor constituents. Boehmite and hematite are concentrated near the surface, whereas gibbsite and goethite predominate at depth. The bauxite profile consists of ferru- ginous, pisolitic and gibbsitic zones with increasing depth. Cape Bougainville bauxite is 8.6 metres thick on average and of tubular structure; its mineralogy is relatively uniform..

Jan 1, 1973

The purpose of this paper is to outline the basic policy problems for good community relations programmes in the resource extraction industries of Papua New Guinea. The main focus of the paper will be on defining and analysing those problems which lie on the landowner side and which are still not widely understood within the resource extraction industries despite several decades of turbulent experience. Many of the companies operating in the resource extraction industries of mining and petroleum and gas have in recent decades adopted, by choice or necessity, 'good corporate citizen' policies. Some of these companies now pursue ethical business, environmental and community relations policies. Some have adequately funded and well-trained staff in their community relations departments. Although different industry sites scattered over Papua New Guinea show significant differences in their experience of social conflict, I argue here that a good deal of this variation has less to do with the differences between the companies' public relations policies and their effectiveness and more to do with the conflict causing features of indigenous society. Experience suggests that even a company well-equipped with good intentions, good policies and good staff may experience serious difficulties in maintaining good community relations in Papua New Guinea. Many of these difficulties, I argue, can be traced to causes that lie, essentially, within the structure of Papua New Guinean communities and in the customs and social relations of Papua New Guinean peoples. Accordingly the attention of this paper is focussed on the conflict causing aspects of Papua New Guinean society. It is true, to the point of being a cliche, that Papua New Guinean societies are oriented very strongly towards achieving consensus and social harmony. In this regard Papua New Guinean communities differ significantly from, say, Australian communities. My purpose here is not to denigrate this aspect of Papua New Guinean societies but, rather, to point out that the drive for consensus is driven by the desire to avoid its opposite, dissensus. This paper sets out to define the dissensual aspects of Papua New Guinean societies and my special interest is in those conflict producing aspects of Papua New Guinean societies that are most resistant to the mechanisms that are designed to create social harmony. A survey of the recent history of industry and community relations in Papua New Guinea indicates that there are three main factors present on the landowner side which are liable, separately or through their interaction, to cause difficulties. These factors are respectively generational challenge, social boundaries and custom variability and I shall discuss each of these in turn.

Jan 1, 1997

By O S. Maluleke

In some deposits valuable heavy mineral quality is poor due to increased mineral surface coatings from higher slimes and more competent sand orebodies. Mineral surface coating can include silica or aluminium rich clay minerals and iron based minerals that render the final product quality off-specification, in this case specifically ilmenite and zircon. Conventional physical beneficiation processes such as magnetic separation, electrostatic separation and gravity separation are not able to remove these surface coatings. Surface dependent separation techniques such as electrostatic separators are affected by these coatings which hinders the rejection of non-valuable mineral from product. Attrition scrubbing is the most commonly used technique to reduce surface coatings, using mechanically induced particle to particle interaction, abrasion and shearing.In many cases it is a challenge to measure the surface removal efficiency of these scrubbing units. Elemental analysis techniques (ie X-ray flourescence) (XRF) in a multi mineral environment are unable to measure surface impurity reduction with enough precision. Mineralogical analysis (in this case Qemscan®) has constraints in terms of sample preparation with highly coated particles being plucked out during block polishing. This paper suggests a combination of laboratory separation techniques coupled with elemental analysis to evaluate the surface removal efficiency. Three different types of feed materials were used to analyse the efficiency of surface removal using production attritioner scrubbers. This approach relates the downstream beneficiation plant’s expected performance with that of the attrition scrubber’s scrubbing efficiency.

Oct 5, 2011

By H Parra, D Zenteno

Fragmentation modelling has been in use in the mining industry for a long time; however, there are still some aspects to tackle with regard to its use for strategic/planning and day-to-day purposes.On one hand, an important amount of resources are allocated to the task of calibrating and validating a good fragmentation model. Nonetheless, errors during the implementation stage introduce uncertainty into the prediction.On the other hand, it is common practice in the mining industry to use only discrete values to represent the fragmentation from blasting (k20, k50, k80), which provides a biased interpretation of the situation as, for instance, the best and worst possible cases are not taken into account. This is particularly critical when a continuous improvement philosophy has been adopted and modelling is used to either modify the drilling and blasting designs or plan ahead.It is well known that every site has particular conditions (rock mass, equipment, drilling and loading practices, among others) that often define unique trends in implementation. These trends can be captured using statistic and probabilistic techniques and then used as proxies for further analysis.This paper explores the potential of including implementation data in the form of probabilistic distributions into the Swebrec model to improve the performance of this engineering tool during the decision-making process.The fragmentation results of four designs were modelled using three different degrees of accuracy in the implementation for the burden, spacing and explosive column length.The data analysis showed that the probabilistic approach helps to achieve a broader perspective regarding the fragmentation that it is possible to obtain and the implications for the subsequent processes. The analysis also showed that the likelihood of producing similar fragmentation with different designs (involving different powder factors and costs associated) increases with the variability of the implementation.CITATION:Parra, H and Zenteno, D, 2015. Evaluating the inclusion of the implementation variability into fragmentation modelling, in Proceedings 11th International Symposium on Rock Fragmentation by Blasting, pp 121–126 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Aug 24, 2015

Crushing Plant Process Optimisation Design of processes in order to find the most efficient solution to a specific task is a difficult problem. Often the number of solutions are large and the optimal solution is therefore difficult to identify. Crushing plant process design is no exception from this statement. In order to find the best solution issues like equipment selection and process configuration must be mastered. The solution must both be technically feasible and preferably have a low operating cost. Since crushing plant design is a complex task with a large solution space it is basically impossible to master without a specialised tool. For a long time simulation softwares have been used to assist in the design process. These tools only give answers for how a user defined plant will operate. There are no tools with capabilities to consider different design options in order to determine what the most efficient solution looks like. In this paper a method for crushing plant design optimisation is presented. The novel method utilises a combined optimisation routine and expert system in order to find the most cost efficient solution to a given process task. The user will only need to define the feed material properties, the process capacity, and the end product requirements. The developed system will find the solution lowest production cost per ton.

Sep 13, 2010

Ilmenite (FeTiO3) is the primary global source of titaniumdioxide which is commonly used as a whitening agent in papermanufacture and a pigment in paint manufacture. In WesternAustralia ilmenite is processed by the Becher process (Becher,1963, Becher et al, 1965) where ilmenite particles are feddirectly into the furnace with coal and heated to form acomposite of elemental iron and TiO2. The mechanism of thecarbothermic reduction of ilmenite has been extensively studied(Grey, Jones and Reid, 1973; Jones, 1973; Grey and Reid, 1974;El-Tawil, Morse and Francis, 1993) and is reasonably wellaccepted.

Jan 1, 1997

By C Antonio, R Narayan, A Scheuermann, S Quintero, M Edraki, M Ziemski

Tailings are mostly loose material and can be classed as non-plastic sandy silts. They also tend to have low permeability, resulting in slow consolidation (settling) rates and low shear strength, even after consolidation. These qualities make them prone to liquefaction and, therefore, physical instability. In contrast, coarse waste rocks possess high shear strength and permeability when stacked in dumps. However, air and water flow-through the voids can cause acid mine drainage (AMD) with significant undesirable environmental implications. Combining the two waste streams before disposal by mixing presents a potential opportunity to harness the desirable properties of both waste streams. This practice is termed co-mingling and is prevalent within the coal processing industry. Co-mingling of metalliferous mine tailings is, however, a relatively new concept. By combining the coarse waste rocks and fine-grained tailings streams, the fine tailings tend to fill the voids between the waste rocks, reducing hydraulic conductivity and advective air (oxygen) flow into the rocks, thus possibly reducing acid mine drainage (AMD). Conversely, tailings are introduced to large frictional particles from waste rocks, providing reinforcement, stability, and possibly improved drainage. New separation methods are being introduced to the mining sector, which have the capacity to extract waste with significantly larger particle sizes. High Voltage Pulse (HVP) is a technology in which relatively coarse particles ranging in size from 30 to 100 mm are exposed to an electric pulse discharge. This pulse preferentially fractures mineralised particles while leaving unmineralised rock (gangue) intact. The stream can then be passed via a screen, with smaller mineralised particles reporting to the undersize and removing coarser unbroken barren particles, thereby eliminating waste. Coarse particle flotation (CPF) is another emerging new technology in metalliferous mining that applies flotation separation to coarser particles than conventional flotation. These new technologies produce different tailings (waste) streams with varying physical characteristics and possibly surface chemistries. This research aims to test new tailings mixtures by applying the co-mingling concept to blend the reject streams generated by these two technologies (HVP and CPF) with the tailings produced by conventional flotation. Combining different waste streams before disposal can improve stability and potentially reduce the acid mine drainage (AMD) rate, thus enabling early access to the tailings storage facility for rehabilitation and closure.

Aug 2, 2023

By B Chapman, R Nievergelt, J Hill

A major component of Sydney’s new South West Rail Link project is the Hume Highway Underpass (HHU), an 80 m long twin track mined tunnel excavated at a depth of just 5 m below the pavement of the Hume Highway; one of Australia’s busiest road corridors.In order to ensure a safe and efficient construction of the underpass without disruption to the Hume Highway traffic, design of the HHU required specific focus on the prediction and control of ground movements. This paper describes the design and construction solutions adopted in response to these challenging constraints. The paper also provides discussion on the observed behaviour of the underpass during construction and the results of a back analysis that was undertaken during construction.CITATION:Hill, J, Nievergelt, R and Chapman, B, 2014. Design and construction of Sydney’s South West Rail Link Hume Highway Underpass, in Proceedings 15th Australasian Tunnelling Conference 2014 , pp 375–386 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Sep 17, 2014

By S Lehane, S Pearce

The characterisation and assessment of waste rock has been the subject of considerable research, and many guidance documents have been published both internationally and within Australia. While these documents provide detailed information on how to characterise waste rock, there is not a great amount of detail on how to determine the optimal waste management options from an operational viewpoint. For example, typical questions that a mine operator would seek answers to include: What placement method should be used (eg end tipping versus paddock dumping)? What is an optimal tip head height for waste placement in a storage facility? How should sulfide grade control be carried out?Defining the contributing factors to waste management and waste material placement and assessing the contribution of each variable directs these assessments towards a semi-qualitative and quantitative methodology. Quantitative methodologies show an increase in the confidence of these assessments by providing logical, measureable assessments.As part of a strategic assessment for waste management at an active mine site, a detailed risk-based investigation of the influence of variables common to waste placement was completed. These variables included placement method, placement height, sulfur grade and material conditioning (eg compaction) on the associated risks of waste material storage. The assessed risks include temperature assessments (potential for thermal take-off as a result of spontaneous combustion), toxic gas production and flow and acid production potential. Applying a numerical modelling approach to the assessment of the different waste material placement strategies allows for the variation in risk to be graphically presented and communicated through risk matrices and histograms.CITATION:Pearce, S and Lehane, S, 2015. Quantitative risk assessment tools to assist with waste management and placement guidelines, in Proceedings Tailings and Mine Waste Management for the 21st Century, pp 353–364 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 27, 2015

Valuers will often intuitively express the probability that property value will exceed a certain amount . . . 'I think the chances that the value will exceed $50 million are excellent. The chances that they will exceed $80 million are poor'. This paper shows how it is possible to combine the uncertainties of the value of several key items to provide an estimate of the probability of a certain overall value being achieved. The valuation of a large copper/gold deposit was naturally influenced by uncertainties in the base assumptions of costs and metal prices. Potential acquisition of the property through share purchase raised the issue of what was a reasonable intrinsic value for the shares. Market considerations could be used to appropriately adjust the intrinsic value. After a range of possible metal prices and operating costs were determined, estimates were made of their probable distributions. By combining these probabilities in a random selection, a range of property values was calculated. Each value had its respective probability of occurrence. This allowed a most likely value of shares to be calculated. This paper demonstrates how the valuer's intuition is complemented by numerical analysis.

Jan 1, 1994