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This paper explains why the valuation of mining assets is often a very different exercise from the valuation of the shares in the mining company which owns those assets. The fundamental reason for this is that mining assets, and the shares of the company which owns those assets have different risks. In order to properly value mining securities it is essential to: ò ensure all the different risks and other factors which impact on the value of the mining assets and the value of the shares are taken into account; and determine the extent to which the different risks and other factors are addressed in the value of the mining assets and the value of the shares so as to avoid double counting or not counting at all. If the alternative, but far from consensus, view is accepted that the correct valuation methodology to apply to shares in mining companies should be based on option pricing theory then conventional valuation practice of both mining assets and shares in mining companies will need to be fundamentally reassessed.

Jan 1, 1994

The Mineral Resources Act 1989 was assented to on 25th October, 1989 after more than two years of consultation and negotiation between Government, the mining industry and other affected parties particularly the major rural organisations.The legislation proposes major conceptual changes in a number of areas and adopts a totally new approach to the definition of land and the mechanisms available to the mining industry for accessing such land.Unfortunately the passage of the legislation through Parliament coincided with the lead-up to the State election. Ultimately it became an election issue generating much adverse comment in the media particularly from rural and landholder groups. It was obvious that much of this anti-mining propaganda resulted from a lack of understanding of the legislation and the benefits that flow to the majority of landholders as well as the mining industry.It is essential that the contents of the Mineral Resources Act be thoroughly understood by all parties. Only then will all the State's resources be able to be developed in a multiple land use environment.This paper outlines the philosophy behind the new Act and the more important provisions contained therein.

Jan 1, 1990

The ""multiple of exploration expenditure"" method of mineral valuation is applicable to exploration properties from the earliest stage of exploration to a moderately advanced stage but for which no resources have been delineated. While not recommended as a primary valuation method by some workers, others believe it to be the most satisfactory method of valuing exploration properties until it is possible to employ a DCF technique. In many situations facing the professional valuer, the method may represent the only semi-quantitative option available and is frequently used. Significantly it often forms the starting point in discussions to farm-in on an exploration tenement. The paper briefly reviews the definition of value as applied to mineral valuation and in particular examines the relationship between fair value and market clearing price in ""fair"", bull and bear markets. The multiple of exploration expenditure method uses previous exploration expenditure and/or future committed exploration expenditure to derive a base value for the tenements. This base value is multiplied by a prospectivity enhancement multiplier (PEM) with adjustments for market premium or discount and consideration of the quality of the exploration team to derive a fair value for the tenements. The paper will demonstrate that there is no necessary nexus between fair value derived from the method and present book Values.

Jan 1, 1994

By A Maurer, N Pereira

Low-density explosives have been developed with trials being conducted for over 20 years and yet have still only gained limited market acceptance despite producing some very promising results. The biggest concern with industry acceptance has been disbelief that a product with lower density than the ANFO benchmark could fragment anything but the weakest of strata. Trials have been carried out with products such as diluted ANFO, low-density ammonium nitrate (AN) and various other mixes, although it has been only recently that low-density explosives have been accepted as a serious alternative to traditional products such as ANFO and heavy ANFO. The recent uptake of low-density products has been the result of several key factors: the current resources boom forcing AN supply issues, the development of new handling techniques, and a far better understanding of the utilisation of such products. This paper highlights the benefits of low-density products available in the market and focuses on the situations where low-density explosives can provide the end user with benefits that would otherwise be achieved through more time consuming methods. Through correct implementation, low-density explosives can provide the blast designer with another option when looking at the optimum method of breaking the rock. This while still controlling the other limiting factors such as cost, environmental impacts (noise, vibration, dust and fumes), coal damage and safety (stable walls).

Jan 1, 2005

Production scale experiment study was carried out in a limestone open-pit for testing the theory and method proposed by the author(Zou, 1987). The results of experiments indicate that the mathematical model and computer programs, which include the consideration of both the three dimentional distributions of the weak planes and the energy densities of explosion stress waves, reflect the physical process of rock bench blasting quite well. The predicted fragment distributions coincide well with the practical fragment distributions measured with the photo-image analysis method proposed by the author(Zou,1989). The paper "A Three Dimensional Mathematical Model for Calculating the Rock Fragmentation by Bench Blasting in the Open-pit"(Zou,1987), which was published in some conferences and journals, has interested some scholors and researchers. In order to test and improve the model, a group of production scale experiments were carried out in a limestone open-pit during 1986-1987. The procedure and results of the experiments are illustrated in this paper.

Jan 1, 1990

By Susanto A

As part of the current NERDDC funded project studying Dragline/Hopper/ Crusher/Conveyor systems for overburden removal, an investigation was carried out to assess the feasibility of automating the swing-to-dump phase of the dragline digging cycle in order to main- tain consistent performance of spotting the bucket above the hopper prior to dumping. The study involved design of automatic position controls for the hoist, drag and swing drives and simulation of detailed mathe- matical models of the three electromechanical systems and their associated electrical control schemes. The design of the hoist and drag systems to position the bucket in the boom plane is relatively straightforward. Simulation results show fast and accurate performance, with no evidence of interaction between the two drive systems through the ropes. The design of the swing position control system involves special strate- gies to cater for variable inertia and to damp the pendulum oscillations of the bucket. The use of a bucket pendulum model and variable dynamic compensation embedded within the feedback control loop, along with optimal speed/angle slowdown trajectories, has yielded fast and damped positioning responses under simulation.

Jan 1, 1989

In preparation of this Paper, the emphasis has been laid on the commercial rather than on the technical and scientific aspects of coal evaluation. It is intended to describe and comment on the principal factors which currently determine the selection and procurement of coking coal for the steel industry, and is not based on the results of any original research by the author. Evaluation of different coals for strictly thermal uses, for gas production or other chemical applications has not been attempted, and comparisons of coal with other fuels have been excluded: the paper is concerned only with coals for the production of blast furnace coke. The discussion is strongly related to, and illustrated by, British, and to some extent, other Western European practice, but it is hoped that the general conclusions may have a wider application.

Jan 1, 1975

By Loo R

The Paper discusses the size and extent of in-pit dust suppression problems created by iron ore mining in the Pilbara region of Western Australia. Dust problems associated with drilling, loading, hauling and tipping are discussed indicating the large quantities of water which can be applied for dust control and attempts that have been made to rationalise this water usage to obtain maximum benefits from the applied water. The magnitude of the problem and the quantities of water involved can be appreciated when one realises that 275 000 tonnes of rock are moved on Mt. Whaleback each day and that there are 40 km of haulroad within the open pit. Initially dust suppression was limited to the spraying of haulroads by large water tankers. Now dust suppression is practiced during drilling and after blasting, wind blown dust is reduced by application, using water cannons,of large quantities of water to floor stocks prior to loading operations as well as by the installation of 16 km of automatically controlled fixed sprinkler reticulation on the main semi-permanent haulroads. The methods used to assess the water requirements for in-pit dust suppression are discussed and the extensive development testing used to evolve the present installations are 1. Environmental Superintendent Mt. Newman Mining Co. Pty. Ltd. Newman, W.A. 2. Chartered Consulting Engineer, Perth, W.A.

Jan 1, 1979

By Cox A

A key concern both in public perceptions of the environmental performance of the mining industry and in the development of policy relating to mining activities is the state in which the areas may be left at the completion of mining operations. There is, in effect, concern that the transient economic benefits of mining are enjoyed by the few, while the 'scars' may remain for all. While the techniques of mine rehabilitation have improved rapidly in recent years, an important set of economic issues has generally been neglected.In this paper, the economic and policy aspects of mine rehabilitation are examined. The key issue addressed is how to determine when expenditure on rehabilitation should stop. The answer to such a question requires consideration of the full range of social, as well as private, costs and benefits of rehabilitation at a particular site. Clearly these costs and benefits will vary between sites. From both an economic and policy perspective it is important to establish whether the additional gain from more rehabilitation would exceed the additional cost.It is concluded in the paper that the technical feasibility alone does not justify a paeticular level of rehabilitation activity and expenditure. While more rehabilitation at a particular site may be technically feasible, the additional expenditure incurred in undertaking that rehabilitation may result in little extra benefit. This conclusion has important implications for government policy, particularly with respect to establishing the goals for rehabilitation, criteria for successful rehabilitation and enforcement of rehabilitation objectives.

Jan 1, 1992

The effects of detonation of downlines and downline-booster systems on lodse-poured charges of 94% porous prilled ammonium nitrate/6% fuel oil (AN/FO) were determined. Detonation stability was indicated by the initiation-failure pattern of detonating fuse witness lines located at intervals along the charge. Steel tubing was used as the confining medium. Charge diameters (d) varied between 2-21/32 and 8.1/8 in. and specific charge weights (w) of downlines between 4.0 and 93.2gr/ft. The axes of charge and downline were colinear. The minimum value of w required to cause initiation of AN/FO increased with d. When initiated by a downline only, the charge'underwentlowòorder detonation. When downline-booster systems are used, the detonation wave in the downline cuts all equatorial planes in the charge before the detonation wave in the surrounding AN/FO. If the downline itself does not cause initiation, therefore, the explosive ahead of the main detonation wave is crushed, and hence desensitised, by the radially-expanding compression wave and gases generated by the downline. In a given equatorial plane, the fraction gftharge undergoing detonation decreases with an increase in the booster-plane distance. The longitudinal limit of nation increases significantly with d, but surprisingly little with a decrease in w. In the presence of a downline, the blasting performance of AN/FO charged _

Jan 1, 1970

By Peck RC

The ore body at Elura contains fine grained galena and sphalerite in a matrix which is mostly pyrite. A differential flotation circuit concentrates lead and silver in the first section and zinc in the second. The lead section, shown in figure 1, was sampled in detail previously and the metallurgical performance assessed on a size by size basis. That assessment took no account of liberation and given the fine grained nature of the ore body, this could lead to an incomplete picture of the flotation performance. Liberation measurements were made using the QEM*SEM system on four size fractions of samples taken from seven different streams in the lead section. Using the mineral flows obtained from the mass balance around the lead section an excellent liberation balance was obtained which enabled the effect of liberation on the flotation performance to be assessed. The measurements indicated that only 17 per cent of the galena and 28 per cent of the sphalerite in the flotation feed was liberated. On the other hand 31 per cent of the gangue iron sulphides were liberated. The final concentrate was largely composed of locked galena and locked iron sulphides with 85 per cent of the product being locked. There was a small but significant fraction of liberated pyrite.

Jan 1, 1991

By P Voigt, B Lumsden, P Lines, I Gurnett

Plant tests of magnetic conditioning have shown increased flotation recovery of paramagnetic sulfide minerals (chalcopyrite, sphalerite and pentlandite) in the -38 ¦m size fraction within rougher and cleaner flotation circuits. A statistical plant test was undertaken in the Mount Isa zinc flotation circuit where magnetic conditioning was tested simultaneously in both the rougher circuit and the cleaner retreat circuit (cleaner scavenger). This test resulted in a normalised increase of 1.60 per cent in the rougher circuit zinc recovery and simultaneously a normalised increase of 4.60 per cent in the cleaner retreat circuit zinc recovery - to a very high level of statistical confidence. Interestingly, in a novel approach, it was possible to verify the plant test results in two ways. Firstly, detailed MLA analysis of the tails confirmed the statistical plant test results and showed that the greatest effect of magnetic conditioning was on the sphalerite in the C3 - C6 size fraction, where there was a reduction of around 15 per cent in zinc in tails. Moreover, there was a reduction of around 15 per cent in liberated sphalerite across all -38 ¦m size fractions, but only a seven per cent reduction in non-liberated sphalerite in the tails. Secondly, plant modelling showed that increasing the rougher zinc recovery would cause an increase in zinc feed grade to the cleaner retreat circuit. The increase in the zinc feed grade to the cleaner retreat circuit with magnetic conditioning was demonstrated to a very high level of statistical confidence.CITATION:Gurnett, I, Voigt, P, Lumsden, B and Lines, P, 2012. Magnetic conditioning of sphalerite at XstrataÆs Mount Isa Zinc Operations, in Proceedings 11th AusIMM Mill OperatorsÆ Conference, pp 233-240 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Oct 29, 2012

Over the past 15 years, Artificial Intelligence (AI) techniques have shown promise of providing the ability to capture `human intelligence' into a computer program. The sub-fields of Expert Systems and Artificial Neural Networks are finding increased use in industry to perform tasks previously considered the domain of human thinking. But, are these methods just a new type of software much like that of the past or is real magic hidden within the lines of code? Will this field continue to enjoy high growth rates and if so, what developments will we see in the near future? Which algorithms and methodologies will continue to grow? This paper discusses a number of paradigms which can be used to create successful applications. There are certain barriers; some psychological - some linked with knowledge acquisition, that must be overcome or avoided to ensure system performance. Development time also requires careful consideration before embarking on an Al project. The paper focusses on constructing goal-driven systems that transfer high-technology solutions from the research laboratory to the plant floor. Respect for system users is of paramount importance - whether their involvement is to access contained information or to participate in program maintenance as new knowledge becomes available. Examples of successful and unsuccessful AI implementation in Canadian industry and academia provide evidence of the importance of this issue. The paper also examines some current constraints on applying AI in the real-world. Among these problems are automated knowledge acquisition, methods to acquire data during run-time, real-time systems (hardware versus software), explanation and justification features and adaptive/leaning systems.

Jan 1, 1995

With the continued drop in export coal prices (as measured in US$) delivered to the Pacific Rim market, and a fixed annual 12 per cent increase in overburden, Usibelli Coal Mine Inc was faced with the need to reduce mining costs substantially or else forfeit its foreign coal contractual commitment which amounted to about half of annual mine output. Management made a difficult and fortuitous decision to proceed with an engineered plan to switch from a two seam, extended bench dragline operation to a two seam, cast blast and spoil side operation. While down-sizing and cut-backs became the rule in all departments of the mine, the drilling and blasting budget was more than doubled. Most will agree that this is contrary to what usually happens when a mine is faced with down sizing. The more common scenario would have management target the drilling and blasting budget for decrease as a first priority to cutting cost, and then later witness a decrease in equipment performance leading to an increase in the production cost per tonne. Although Usibelli Coal Mine more than doubled its annual drilling an blasting budget three years ago, the overall stripping cost has be, reduced by more then 37 per cent.

Jan 1, 1995

There is a well-known saying, variously attributed to the great King Solomon and other sages of antiquity, to the effect that 'there is nothing new under the sun'. The inventive genius of man, as far as it is personified in the metallurgist, has often had the truth of this statement poignantly brought to mind when investigating the priority of ideas in its own particular branch of science. Not infrequently some operation, at first inilocently taken for a novel procedure, has later been found to have had an irrefutable precedent in the more or less remote past.When confronted by a question of this kind the metallurgist can generally much simplify his search if he at once turns his scrutinising gaze towards that ancient home of metallurgy, Germany. Vast departments of the smelting art have originated there, and even when Germany has not been in position to claim priority of invention, it has at least been characterised by a distinction equally as worthy - ie that of the faithful and authoritative exposition of the theoretical grounds on which the invention rests.In the present instance, in endeavouring to trace the history of pyritic smelting, the writer has naturally turned in the abovementioned direction, and not without some result, although the recorded data are, as might have been expected, meagre. A complete history of the art of beneflciating ores by means of fire, in all its many ramifications, still remains to be written. Possibly it may never be written, for the extent of the subject is tremendous. It is even practically impossible to clearly trace the development of one of its most modest sub-branches in satisfactory detail, or to present that branch without going to a considerable extent into related matters of a merely general character. For the purpose of dealing with the subject it will be convenient to divide it into two concurrent heads, and to distinguish, for historical reasons as well as for metallurgical ones, between that branch of the general method of matte smelting, which, until about 1891, has been called 'pyritic smelting', and the more recent offshoot of the latter, which, by distinction, may be called 'pyrite smelting'. The nature of pyritic smelting was clearly defmed by Dr John Percy in 1880, and his interpretation3 may be accepted as well known. To recall the characteristics of the method we may perhaps paraphrase Dr Percy's meaning by describing the process as a special method for the smelting of lean or dry silver or gold ores, which do not contain sufficient lead or copper for these metals to act conveniently as collectors of the precious metals. The operation is conducted in a blast furnace, with an amount of carbonaceous fuel sufficing to produce an exclusively reducing atmosphere, and with the addition of pyrites, in order to form a regulus in which the precious metals shall be concentrated, the pyrites themselves being either argentiferous, auriferous, or cupriferous, or any combination of these three, or wholly barren of metal values. In the common acceptation of the term, it is understood that the use of the reverberatory furnace is excluded.

Jan 1, 1994

By Hemingway J, Read T. A, Anderson V. G

IN the determination of very small amounts of lead, the usual analytical methods are far from being satisfactory. Small amounts of lead may be present in the reagents empioyed, and it is customary to run a blank experiment to correct the error arising in this way. When the correction is of small magnitude compared with the amount of lead in the sample, this procedure may be adopted; but when very small amounts of lead are being determined it may happen that the lead found in the blank is as much, or even more, than the lead actually present in the sample, and the analysis has to be rejected. Moreover, the blank experiment cannot check errors which are not common to the blank and the analysis itself eg, the apparatus used in the parallel experiments, etc. It seemed to be desirable, tl;l.erefore, to make an investigation of the problem to ascertain, as far as possible, the nature of the errors arising from the introduction or loss of lead during the analysis, and how far these could be eliminated or corrected for; also, to determine the limits of accuracy of the improved method and the minimum amount of lead that could be reliably estimated.In the investigation, reliability and sensitiveness were regarded as essential features. Speed of operation, on the other hand, was considered of less importance. The amounts of lead dealt with being usually less than 1 mg, there is no alternative to the use of a colorimetric method. The latter, depending as it does upon the development of a brown coloration when ammonium sulphide is added to a very dilute -solution of a lead salt, is far from being a characteristic test for lead. Indeed, it is well known that the salts of most of the commonly occurring metals interfere with this test. Hence it is of vital importance that the lead should be isolated in the form of a pure compound possessing quite definite and characteristic properties before the colorimetric estimation is proceeded with...

Jan 1, 1921

By Baoqi S, Zhengbing C, Wenguang L

A new flotation method is introduced for separating zircon from rutile and other Ti-bearing minerals at normal temperature, using a mixture of cationic and anionic collectors without any acid, alkali or fluoride as regulators. By combining the method with gravity concentration and magnetic separation to process the seabeach placer, the technological flowsheet can be simplified and the pollution of environment and the corrosion of acids, alkalis and fluorides on equipment can be removed.

Jan 1, 1993

By N S. Rauert

The Barrick Gold Granny Smith underground operation located at the Wallaby deposit is currently in a transition period from a near surface operation in ramp up mode to a fully operational deep mining operation with annual production exceeding 1 Mt/a. A key element in this process has been the project execution of the Wallaby Deeps project from initial scoping study in 2007 to the major production component of the Wallaby operation by 2013.The Wallaby Deeps project serves as an example of how an ongoing detailed study program can be integrated into a day to day mining operation assessing risk and mining application in a perceived challenging narrow vein geotechnical environment prior to mining. A detailed study phase to feasibility level is carried out prior to the mining each zone of Wallaby with mining approval only granted on study completion with full justification.A central element in this process is an optimisation study that utilising the Mineable Shape Optimiser (MSO) and Schedule Optimisation Tool (SOT) software tools developed by AMIRA Ltd PRIMO research project is used to carry out an NPV value based option study. This optimisation process being then tempered to reality by a predefined practicality assessment process utilising extensive peer review by operational and study team members as well as industry experts.Other challenges facing the Wallaby Deeps project include the requirement to maintain the ramp up production profile to full production by 2012 without disruption but with pressures of an ongoing geological resource to reserve conversion program essential for the study process and mining approvals and also development rate achievement.To date these challenges are being met with integrated planning and the value of the study program itself. Production in 2012 year to date is well on the way to annual production rate exceeding 1 Mt/a.CITATION:Rauert, N S, 2012. Wallaby Deeps - from the optimal opportunity to reality, in Proceedings Narrow Vein Mining 2012 , pp 207-214 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Mar 26, 2012

The purpose of this paper is to present a detailed account of the development of the Blasthole Diamond Drilling method of stoping now used at the property of Big Bell Mines Limited, in Western Australia.The ore body is one of the large low grade gold deposits of this State, being a continuous lens 1,850 ft. long and ranging in width from 15 ft. at the ends to 120 ft. at the widest part, the average width being 59 ft. It was first worked in 1913 by a local syndicate, and up to 1924, when operations ceased, 64,448 tons of 3.4 dwt. ore were mined from a shallow open cut. Between 1928 and 1932, 15 deep diamond drill holes were put down to test the ore body at vertical depths ranging from 100 to 700 ft. On the information gained from these drill holes, Premier Gold Mining Co. Ltd. began underground explQration. A level was driven at a depth of 253 ft. and crosscuts put out to the full width of the, orebody at intervals of 100 ft. along the strike, all ore broken being put through a sampling plant. On completion of this sampling,' Big Bell Mines Limited was formed as the operating company, and a plant with a capacity of 1,000 long tons per day was erected and mining and milling operations were commenced in 1937. Ore was first mined from glory hole stopes, 65 ft. long, separated by 35 ft. pillars, by benching using conventional steel with changes up to 20 ft., all broken ore being hauled to the main shaft on the...

Jan 1, 1948

This presentation opens with a definition of technology and how it is implemented. The expenditure and progress on R&D in the mining industry is then investigated and found to be difficult to quantify. The needs and interests of that industry including contribution to this Congress are examined and it is concluded that short-term rather than long-term goals seem to be prevalent. The presentation concludes with the opinion that the answer to the question in the title is both affirmative and negative but overall there is a need for the mining industry to become more innovative.

Jan 1, 1990