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By Alfred Jr. Petrick, William A. Vogely

INTRODUCTION The scope of mineral finance extends beyond the economic aspects of property evaluation to all of those activities involving acquisition and utilization of funds with an objective to optimize the value of the firm. It must, therefore, en- compass consideration of the overall financial goals of the firm, decisions involving external versus internal growth and domestic versus foreign investments, management of working cap- ital, efforts to minimize the cost of capital, and decisions with regards to the instruments of long- term debt and equity financing. The scope of this section is limited to considerations of special interest to the mineral or petroleum engineer, which include the following aspects of mineral finance: (1) The technical aspects of mineral or coal property or oil and gas reservoir evaluation which provide the basis for estimation and forecasting of revenues and costs. (2) Estimation and forecasting of costs and prices in a inflationary economic environment. (3) Calculation of cash flows which model .. , the investment in minerals, coal or oil, and gas. Such models require assumptions as to the timing of cash flows, escalation of capital and operating costs, base prices, and escalation, the tax regime, royalties, division of profits and the economic aspects of loans. (4) The role of discount rate in the economic analysis of an investment which requires consideration of the opportunity costs of the firm, cost of capital, risk premiums. (5) Risk analysis including application of the concepts of conditional net present value, expected value, and risk preference as well as the application of the techniques of sensitivity and simulation. (6) Selection of application criteria for in- vestment decision making. (7) Capital structure with particular reference to the effect of debt financing. (8) Consideration of sources of funds utilized by the minerals industries. (9) Long-range planning including portfolio analysis. This section is limited to principles, methodologies, and trends in mineral investment, finance, and long-range planning in the United States with a perspective from the year 1984. Consideration of the key concepts is supplemented by case examples of investment risk analysis and financial structure. Important factors affecting mineral investment evaluation during the 1980s include volatile metals prices, cost inflation, and the introduction of techniques requiring the computer and its capacity for improved technical and economic analysis into the hands of those who know most about the industry. The personal computer is replacing the calculator on the desk of the individual analyst and is rapidly becoming a required tool for the study of engineering and economics. Examples of change brought about by the micro-computer include greatly improved techniques of cost estimation, wider application of the computer for project analysis, computer graphics, reserve estimation, geostatistical analysis, mine design and other techniques that capitalize on the ability of the computer to handle

Jan 1, 1985

By R. W. Bartlett

Computer deterministic models for predicting the time dependent extraction of copper by leaching fragmented rock (both in situ and heaped or piled) have been presented in the last two years by Bartlett1, Braun, Lewis and Wadsworth2 and Roman and Co-Workers.3 All of these models involve aqueous diffusion within the pores of the rocks from which the metal is being extracted. The rate of chemical dissolution of the ore mineral within the rock will also affect the kinetics in the case of sulfide copper ores and some of the more refractory oxide copper ores. Simulation is also needed for fine grain disseminated gold ores and low grade uranium ores that may be heap leached. The development of such leaching models has two major purposes: First, extraction estimates must be made for tong time periods particularly for situations where laboratory and field tests either cannot be made or where there is insufficient time for field testing. Second, the results of simulated leaching should indicate the relative importance of the extraction controlling parameters and, thereby, provide a better understanding of the complex leaching phenomena on heaped material being leached, and guide further experimental work.

Jan 1, 1974

By E. G. Williams

Underclays and shales are two natural resources associated with the coal measures. Underclays are widely used as the raw material for refractory, semi-refractory, and face bricks. Shales are useful for sewer pipe and lightweight aggregate. This study concentrates on the geologic controls over the properties of shales for use in the manufacture of lightweight aggregate, and the geologic controls over the properties of underclays for use in the manufacture of bloating ladle refractories. The industrial processes are similar in that both involve the trapping of a gas phase to cause bloating. They differ in that the bloating of lightweight aggregate occurs at lower temperatures (1000-1200°C) than ladle bricks (1350°-1470°C). Lightweight aggregate bloats during an initial rapid firing. Ladle bricks are manufactured by slow firing at 1100°C for up to 80 hours. Bloating occurs when these bricks are reheated to 1350°C . Bloating shales are those which expand twice or more times their original volume during fairly rapid firing. Commercial bloating is usually done by rotary kiln processing or sintering; in both cases the firing rate is much faster than the experimental rate (5/8°C/minute). Bloating results from the entrapment of gasses which are evolved during firing. The material must have adequate viscosity to trap gas bubbles throughout the temperature range of bloating. The finished product contains a high percentage of closed pores with a bulk density between 35-75 pounds per cubic foot. Expanded shale finds its most important use as a substitute for heavy concrete aggregate (crushed stone, sand and gravel) where low bulk density is desired property. The extent of bloating in lightweight aggregate is a function of the mineralogy and chemistry of the shale. Figure 1 shows a corner of the three phase diagram, kaolinite-quartz-(illite and chlorite). Several areas on the diagram are outlined which contain predominantly marine shales, fresh and brackish water shales, and underclays. Each sample was rapid fired and the resulting expansion was plotted on the phase diagram.

Jan 1, 1973

By Richard L. Bullock

At the beginning of the previous chapter, variation in the types of room-and-pillar stopes were briefly identified so that the reader could begin to understand the extensive application of this mining system. These same variations will be reviewed and elaborated upon in this chapter while discussing the methods by which the material is extracted. FULL-FACE SLICING BY DRILLING AND BLASTING When the entire mineralized thickness is taken in one pass of mining, it is known as full-face slicing. There is no mineral of economic value intentionally left either in the floor or the back. Theoretically, there is no limit as to how high the face could be in a single pass. But there are practical limitations to equipment size, pillar stability, and control of local loose slabs on the face, roof, and pillars that dictate current practices. The range of face height of the 15 typical room- and-pillar mines covered in Table 8 (Sec. 1, Subsec. 7) from the Dravo report, 1974 was 1.7 m (5.5 ft) to 9.8 m (32.1 ft), the average being 5.2 m (17.1 ft). In the Gaspe copper mine, Murduchville, Que., the drill jumbos were constructed with an extendable tower for full-face mining up to 15.2 m (49.9 ft) if necessary. However, a more common practice at that mine is to take the ore in multiple slices (Hall, 1959). In many metal mines the normal practice when starting stoping is to drive a single development drift into the ore zone a distance that will allow at least four or five rooms to be opened on each side of the initial drift. Since this opening will probably serve as the main haulage drift, it should be kept as straight and as level as possible. As to the other criteria for the stope developments, it might be well at this point for the mine planner to review the remarks presented earlier (Sec. 1, Subsec. 7) on drifts, entries, and crosscuts for production. After the initial drift is driven, it should be slabbed to the full room width if it is not that wide already. Next, the future pillars should be marked on the ribs and the rooms driven between them. If the ore extends beyond the length of the initial drift and is to be mined in the normal sequence of mining, care should be taken in a random room-and-pillar system to see that the extension of the initial roadway remains straight. If pillar "spotting" is left to the shift foreman or to the miners, they probably will not realize the importance of maintaining a uniform pillar line next to the roadway, and of keeping the line straight. Invariably, a pillar will end up in the middle of the future drift extension resulting in a "dogleg" in a possible main haul- age road. While this error is not catastrophic, too much weaving in and out of pillars will certainly slow down future production haulage and needlessly increase costs. Face or Breast Drilling and Blasting Practices To drill and blast the initial advances into the rock, usually some form of cut pattern must be used. In room-and-pillar mining, when a pattern is drilled in a face and that face is the only exposed surface to which all of the rock must be broken, the pattern is known as a "face round" or "swing." The face to which the rock must be broken is referred to as a "free face." Thus the most common way to advance a room into virgin rock with only one free face is by drilling swings. If, after breaking around a pillar, taking down back, or taking up bottom, there is a second (or third) face exposed, a group of holes drilled nearly parallel to a free face and breaking to it is known as a "slab round" or "slabbing." In some mining districts it is also known as "slashing." Obviously, because two faces exposed offer less resistance to fragmentation than a single face, slabbing requires less drilling and fewer explosives than required to break the same tonnage with the same degree of fragmentation with swings. Therefore, it behooves the driller (or supervisor) to plan the combination of

Jan 1, 1982

By C. D. Hebert, T. Gregor, M. Ghazi, G. J. E. Kramer

This paper describes the recent application of gasketed, precast concrete segmental lining design that has improved tunneling productivity and quality. The speci?c segment arrangement includes: six-piece ring with equal 60 degree gasketed segments, juxtaposed key and counter-key segments, trapezoidal and parallelogram shaped segments, inclined and skewed radial joints and plastic circumferential joint connectors. This allows rapid, but accurate ring erection, reducing mine cycle times. The design avoids cruciform joints, minimizes potential gasket damage and eliminates the need for separate left and right ring molds. The implementation on the Los Angeles ECIS and NEIS sewer projects is described.

Jan 1, 2003

By M. D. Flavel

Testing methods are described to help in decisions of selecting the most viable comminution circuits. The authors present a comparison evaluation based on numerous studies to help make initial choices for feasibility evaluations. An update summary of completed Bond grindability and Abrasion Index testwork at Allis-Chalmers Process Research Test Center for all materials is included. "What is the best circuit to comminute primary crusher product to make beneficiation feed?" This frequently asked question has the implication that there is one circuit which is universally the right circuit. The answer has been sought ever since it has been necessary to break rock to liberate entrapped mineral values. With every new contribution to the art and the science of comminution, the scope of the discussions broaden. It is not even possible to define what the abstract term best means.

Jan 1, 1981

By S. Zaharia

The authors present the state-of-the-art regarding natural and anthropic hazards on the stability of the saliferous Costiui basin. The factors that may potentially result in sliding, piping and collapse, are emphasized, given the existence of a large number of old salt mines. Also, a geotechnical risk map of this hydrosalt complex in Romania is presented.

Jan 1, 2008

By W. Dan Hausel

Archean supracrustal rocks of the South Pass greenstone belt of western Wyoming have been an important source of gold and iron ore. Actual gold production statistics are incom- plete although gold production estimates for the South Pass- Atlantic City district range from a low of 2.0 Mg (70,000 oz) (Koschmann and Bergendal, 1968) to a high of 9.8 Mg (327,000 oz) (Hausel, 1980). From 1962 to 1983 iron ore was also mined from the greenstone belt and production totaled more than 91 Mt (90 million It). The supracrustal rocks of the South Pass greenstone belt occur in a tightly folded synform bounded by Late Archean granite and granodiorite. The youngest of the Archean successions has a reported Rb-Sr isochron age of 2.8 b.y. (Stuckess, et al., 1985). Metamorphism of the supracrustals increases towards the flanks of the belt and is amphibolite-grade enclosing a small island of greenschist facies rocks. The supracrustal sequence consists of metasedimentary and metaigneous rocks that are divisible into four mappable units. The metasediments include metagraywacke, quartzite, pelitic schist, banded iron formation, metaconglomerate, and graphitic schist. Metavolcanics include metabasalt, meta-andesite, and ultramafic schist. These supracrustals have been intruded by mafic sills and dikes and tonalitic stocks and dikes. Two granite plutons and associated pegmatites intrude the supracrustals in the western portion of the belt, and the supracrustals exhibit both fault and intrusive contacts with granitic batholiths along the western and eastern margins. The northeastern flank of the Archean belt is unconformably over- lain by Paleozoic sediments, and the southern portion of the belt is onlaped by Tertiary sediments.

Jan 1, 1990

By B. Salopek

The greatest part of crushed stone, gravel and sand production is extracted through open pit operations, whereas gravel and sand are also partially extracted from riverbeds. Its obvious that such a mining activity provokes some changes in the configuration and environmental characteristics of the region, in the temporary or permament disapperance of vegetable or animal species and in the creation of noise, dust and waste water. However, the above-mentioned mining operations shouldn not have only negative effects on the landscape and land potential, but they can discover and predetermine the potential of the exploited areas for various communal purposes after exploitation (eg. sports and recreation centers, campsites, resorts, fish-farms, etc.). In this paper, the production of construction aggregates in plants located in the vicinity of Zagreb, the capital of Croatia is presented. The advantages and disadvantages of aggregates? production in urban areas in the spirit of sustainable development are discussed.

Jan 1, 2003

By Donald M. Keagy

How many times have you said or heard someone say, 'What are you doing right now?" And how many times have you heard the reply, "Breathing air!" Probably never, or at most only a few times in a facetious vein. Breathing air is absolutely necessary to sustain human life, and yet most of us take it completely for granted. Beginning ten to fifteen years ago there was growing concern on the part of the general public that pollution of the air is a threat to man's health and welfare. Concurrently much thought and effort was devoted to the task of defining and resolving the problem of air pollution. In the course of this effort it has become quite clear that our National policy in this regard should be founded upon three basic axioms: (1) Action should not be postponed until emergency conditions make it compulsory; (2) The air cannot be purified after it is polluted, and (3) Air pollution control cannot be accomplished without close cooperation among all levels of government, industry, and the public.

Jan 1, 1967

By M. T. Worley

Joint Development Associates International, Inc. (JDA) began humanitarian relief and community development in Central Asia in1992, following the collapse of the former Soviet Union. Appropriate technology has played an important role in their efforts to assist those segments of society that are most vulnerable to poverty and disease. Three case histories are described to illustrate the successful implementation of simple, but effective technology in community development.

Jan 1, 2004

By Alfred F. Savage

The Oglebay Norton Company has traditionally been a supplier of metallurgical grade fluorspar gravel to the American steel industry and, in the early sixties, fluorspar pellets were entered into the market. The gravel has been imported from Mexico, the pellets were produced by the Minerva Company in southern Illinois. While the acceptance of the pellets by the industry was satisfactory, overall marketing considerations caused the Minerva Company to discontinue the pelletizing operations. Thus it was that Oglebay Norton came to the decision to revive earlier plans to produce fluorspar agglomerates. A survey of the market and related factors led into two basic conclusions: 1) Because of steel plant safety considerations, flat, pillow- shaped briquets were preferable to easily rolling, marble-like pellets. 2) Briquets competitive with gravel could be produced by cutting imported, low-duty, acid grade spar to metallurgical grade by limestone and binders. A plant was built in Brownsville, Texas, and started operations in early 1970.

Jan 1, 1975

By Ronald E. Feltman

Most engineering firms engaged in the design and manufacture of milling components and systems have established, through the years, a relatively well defined system design procedure. The process design engineer has at his disposal several alternative approaches to the successful completion of this task. Unfortunately, while these alternatives, at first glance, appear to be rather straight Forward, any attempt to implement them into a fully integrated commuter design program becomes increasingly more complex when one addresses himself to the problem in total. This paper summarizes Kennedy Van Saun's approach to the solution of this problem through a planned system design. Following the problem definition and discussion, a detailed analysis and system design synthesis is presented; the major aim here being to provide a system design which may be programmed and run on a relatively inexpensive computer installation such as the IBM 1130 system currently in use at Kennedy Van Saun. A summary section is also included, which Provides a general outline guide to the program systems design of equipment which, while quite different from milling system functionally, nevertheless lends itself to the approach used in this paper.

Jan 1, 1969

By George Alan Weed

The management of safety is not only the most noble, but also the most personally and financially rewarding of all the management functions. The management of safety should result in the prevention of accidents and the elimination of human suffering and loss of life. Safety management must be the number one priority of all management's production and profit objectives. For years, safety management has been a result of mockery, charlatanism and snake oil presentations dedicated to giving a quick dog and pony show. The result has been an unacceptable record of accidents and fatalities.

Jan 1, 1981

By V. Galla

In the present paper, two large diameter columns 2 m tall and 1.3 m diameter filled with crushed (finer) and run off mine (coarser) heap leach materials respectively were used to perform unsaturated flow studies. Instruments measuring moisture content and matric suction were placed in the columns at different depths as water was applied at calibrated flow rates from the top of the columns. The outflows from the columns were recorded using tipping bucket rain gauge placed at the bottom of the columns. Unsaturated hydraulic parameters were also obtained for the heap leach materials, scalped (passing 4.75 mm sieve size) and whole (passing 37.5 mm sieve size) sample. The measurements obtained from the columns were later compared with unsaturated flow modeling results. The comparison indicated sensitivity towards the sample size selection for unsaturated hydraulic parameters, and initial conditions considered in the model.

Jan 1, 2009

By John D. Morgan

The United States is the world's most productive nation and its citizens enjoy one of the highest material standards of living of any people in the world. Materials and energy are the lifeblood of any industrialized economy. Annually the United States uses over 4 billion tons of mineral materials and fuels, or 40,000 pounds per person as detailed in Figure 1. Domestic processed materials of mineral origin and energy are valued at more than $150 billion annually, and they are derived largely from domestic sources, supplemented by imports, as detailed in Figure 2. In recent years the superior productivity of the United States has also enabled it to give food and manufactured articles to many other less fortunate nations and peoples of the earth. What then is our concern with materials at this time? Seeing the burgeoning increases in our mineral demand: from 2 billion tons in 1950, to over 4 billion tons today, and projected to 11 billion tons by 2000 - we are getting questions concerning our ability to continue to increase production sufficiently for the future.

Jan 1, 1974

By S. C. Libby

The amount of fine material (minus 60 Tyler mesh) generated during calcination and/or handling of calcined abrasive grade bauxite from Alcoa's operations at Moengo, Suriname, has recently increased relative to past production experience. Bulk samples of raw abrasive grade bauxite from three deposits in the Moengo area have been studied in order to determine the factors controlling the generation of fine material samples from the Jones IC and Tapira deposits, which generate excessive amounts of fine material, have been compared with reference samples from the Begi Gado deposit, which does not generate excessive fine material. Additional type samples of abrasive grade and marginal abrasive grade bauxite from deposits in the Moengo area which represent different bauxite textures found in the Jones IC, Jones I, and Begi Gado deposits have also been studied. Field observations in the Moengo area have indicated that abrasive grade bauxites with a dull, earthy appearance generally do not generate excessive fines. On the other hand, excessive fines are generally associated with coarsely crystalline bauxite in which the gibbsite crystals appear to sparkle in sunlight.

Jan 1, 1980

By Paul Eimon

In the world of minerals exploration, computer-oriented data storage and retrieval methods are being talked about, studied and researched. The goal is to facilitate the recording, collating, indexing, recovery, and analysis of mineral deposit-prospect data. A survey has been made of the various report forms, suggested outlines, and computer coding forms that are currently used in mineral exploration to index and/or describe mineral deposits and prospects. These forms have a number of common characteristics: location, commodities, type of deposit, host rock, etc. Such basic mineral deposit-prospect "data units" are part of most exploration programs. "Data units" may be comprehensive bound published descriptions of mines or mining districts or 3x5 file cards or elaborate computer coding forms being developed in Canada. Initial attempts to develop computer-oriented information systems have run into the same roadblock: the lack of a body of organized, processible data describing the basic qualities of mineral deposits and prospects. To solve this problem, international committees are considering coding forms, world-wide semantics, and rules or standards for data collection and description. It appears that mistrust and lack of understanding of the computer; fear of loss of proprietary information; and disagreements over terminology are distorting the picture of what has to be done if the mining industry is to grow into more meaningful information systems for mineral exploration.

Jan 1, 1969

By Jack Parker

Cycles of mine convergence coincide with annual cycles of temperature and humidity in the mine. Laboratory measurements confirm that the presence of moisture reduces rock strength and induces internal rock stress. Findings are used in the design of mine openings.

Jan 1, 1969

By Sureshan K. Moothedath

This paper provides a mechanistic representation for floc formation, growth and degradation and presents results from an experimental study of batch flocculation in which step changes were made in the impeller speed, flocculant addition, and slurry concentration. A discussion of the experimental results is included in terms of the mechanisms of floc formation and size-change.

Jan 1, 1993