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By A A. Ndiaye, A Galli

In a companion paper on current hedging practices in the mining industry (Armstrong et al, 2009) we showed that contrary to popular belief, mining groups are still using financial derivatives to hedge against foreign exchange risk and interest rate risk, and more recently against adverse changes in energy prices, notably the oil price. This paper presents a case study on a hypothetical gold mine to illustrate the impact that hedging policies could have on its profitability by reducing the downside risk due to adverse changes in the exchange rate and increases in fuel prices. The characteristics of the hypothetical mine have been set to reproduce those of a real gold deposit, the Kisladag mine that is currently being exploited by open pit methods in Turkey. This mine was selected because its feasibility study was available to the public. Geostatistical simulations are used to reproduce the inherent uncertainty on the recoverable reserves û stochastic simulations are used to generate the variability of the other three key sources of uncertainty: the gold price, the cost of energy and the exchange rate. A simple strategy based on straightforward vanilla options (puts and calls) was developed for hedging the last two risks, on the assumption that the company sells its production at the prevailing spot price.

Jan 1, 2009

By Fisher N. I

Disequilibrium ratios (U3O8/eU3O8), which assess the degree to which gamma activity represents the uranium content of a sample, have been measured on a representative set of samples from the ore zone of a carnotite ranium deposit located at Yeelirrie, Western Australia. A statistical analysis has been performed to investigate the dependence of the ratios on lithology and on the location of the sample in the orebody. The analysis indicates that dependence on lithology and on position across the orebody is negligible. Samples from the western end of the orebody and those from below the water table level tend to have slightly lower ratios than samples from other positions, although these trends are small compared with a large random variation in the data. The large random variation could result from some redistribution of the daughter isotopes of uranium within the orebody. On the basis of the results from all the samples, the estimated deficiency of uranium relative to radium in the ore zone of the deposit is 11 per cent.

Jan 1, 1980

By Peddie F, Low K, Madgwick J, Rajoka M. I, Gutierrez N, Lim C

Percolation irrigation of low-grade quartz feldspar porphyry ore with pH 2.0 H2SO4 at 510 litres/m2/day using particle sizes 1.7 - 6.7 mm in columns measuring 5 cm dia × 126 cm long was used to study effects of interrupted irrigation ('rest' periods) on metal ion release and leaching bacteria. Copper tenors increased approximately 16 fold and bacterial iron oxidation activity three fold following a 14 day 'rest'. A linear relationship between copper tenor and bacterial activity demonstrated that this experimental system was effective for quantitative studies of bacterial leaching in ore colums.

Jan 1, 1981

By P L. McCarthy

In an environment of accelerating capital costs, limited capital availability and strongly cyclic metal prices, there is a difference between a robust mining and processing operation and one that would maximise shareholder returns in an idealised world. A higher cut-off grade policy is likely to improve operating margins and may reduce the scale of operations and thus limit capital exposure. This will leave some metal in the ground, but it is marginal material which carries the greatest cost and risk exposures. Where do we draw the line?CITATION:McCarthy, P L, 2013. Is bigger better? Building market resilience into process plant design, in Proceedings MetPlant 2013 , pp 66-70 (The Australasian Institute of Mining and Metallurgy: Melbourne).

Jul 15, 2013

Calculations of the temperatures of metal, coke, and gas at any level in the cupola furn~ce can be carried out by means of heat balances, using data obtained from experiments with an 18 in. experimental cupola. The results can, to a certain extent, be verified by means of heat transfer calculations.The curves thus obtained, showing the variation of temperature with height in the cupola, provide a valuable picture of the heat transfer processes in a shaft 'furnace.INTRODUCTIONThe Brown Coal Research Laboratory, of the University of Melbourne, has been engaged in recent years on a programme of iron-melting tests in an experimental cupola furnace.Although the ultimate aim of this work is to develop brown coal char as a cupola fuel, most of the experimental work so far has been with conventional coke. The testing programme was designed to provide information on the effect of variables such as blast rate, metal-coke ratio, and coke size on the overall melting process, e.g. melting rate, temperature of metal tapped, and stack gas composition.However, in many cases data were obtained on conditions inside the furnace by measuring temperatures and gas compositions. The aim of the work described in this paper was to qevelop a method for using this data to obtain information on the processes taking place in the cupola.Very little research has been done on the combustion of fuels in shaft furnaces. Early work on this subject, as well as the initial stages of the Brown Coal Research Laboratory's programme, has been discussed by Evans (1959). The use of probes for obtaining information on conditions in the interior of a shaft furnace was pioneered by Belden (1913)...

Jan 1, 1963

Techniques have been developed for the dissolution of a wide range of rocks and minerals by a sodium peroxide sinter process. A olarge number of elements are determined by atomic absorption spectroscopy, and other elements such as arsenic and sulphur are determined by chemical analytical methods. The methods adopted to overcome inter-element and ionization effects on the atomic absorption results are discussed.

Jan 1, 1974

IN the irregularly shaped ore-bodies of the North Mount Lyell mine by overhead stoping, the method of filling the is a special feature.The situation of the mine two miles from the smelter and mill at an devation of 1000 ft. above the latter, precluded the economical use of granulated furnace or the mill tailings, even if these materials were as suitable for the purpose as the rock nowquarried at North Lyell methods at Mount Lyell have already been described in Proceedings of the Institute.*The breaking the ore in large dome-shaped stopes is still the rule, but the slope or "rill" is much flatter now than formerly. Owing the greater fluidity of the filling now in use, it is sometimes necessary to resort to square-sets, both at the ground floor and above, the roofs and walls are generally enough to permit stoping without timber, except for ground and occasional stacks on the rills.Sufficient area of ground floor has been beaten out to start overhead stoping, the dome back is partly formed, with its apex a rise which connects with the mullock-pass reticulation.(Sce 1 showing this reticulation in diagrammatic form.)

Jan 1, 1927

Author's Note: Since the paper on "All-Flotation at North Broken Hill Limited" was read and discussed, the metallurgical results obtained have conclusively justified the adoption of the All-Flotation treatment.At present the shipping grades of lead concentrate produced from North mine ore range between 74% and 75% Pb, carrying approximately 43 oz. Ag and 4.5%-5% Zn. The lead recovery in lead concentrate is recording 95%-96% of the lead content of crude ore, and the milling and treatment cost on 6400 tons crude ore perweek of 96 hours has dropped to 6s. 3.6d. per ton on ore. With an increased ore tonnage, and with a new mill, considerable further reduction in costs is certain.New flotation machines, with 30 in. vertical depth of overflow (instead of 42 in. depth), are now being tried for the secondary granular treatment, with advantageous results. The treatment to-day is practically the same as that outlined in the paper, excepting that additional concentrate is returned for retreatment in the existing units.(Signed) A. LOWRY.Mr. T. A. READ: The author states (page 356 of Proceedings, No. 79), "The sulphide ore itself was then comparatively coarsegrained, a fact which permitted ready concentration of the galena contents by means of jigs, tables, vanners, etc."

Jan 1, 1931

A description is given of the construction and operation of an automatic version of the coarse batch particle sizer which requires a minimum of operator supervision and which is capable of processing a sample every 4 min.

Jan 1, 1968

Electricity will play a major part in providing energy services in the 21st century. Ecologically Sustainable Development (ESD), that is accommodating the needs of the present without compromising the needs of future generations, will provide a focus for optimising the use of electrical energy. Environmental externalities may redefine the cost structure of electricity. Strong corporate environmental management will ensure that current environmental objectives are met and that future ones, identified by the ESD process and environmental externalities accounting, can be developed and implemented by receptive business managers. This paper addresses the current environmental issues of electricity production. It outlines a management strategy for the SECV becoming a community leader in protecting the environment. ESD is discussed in terms of using non-renewable resources wisely, extending their availability and putting in place mechanisms which ensure their ultimate substitution by renewable resources and conservation. The paper explores options for dealing with costing environmental externalities, particularly in relation to greenhouse emissions.

Jan 1, 1992

To date Iron Monarch is the most important Australian source of iron ore and since HH5 has produced about 84 million tons of direct shipping ore containing 62 per cent iron and 3 per cent manganese.Previous geological work, mainly by Rudd, Edwards and Miles is reviewed and the results of later exploration by quarrying and drilling are discussed and modified interpretations of both stratigraphy and structure are advanced. Renewed study of the mineralogy of the iron ores is advocated.The Iron Monarch orebody lies on the up-thrown side of a major transcurrent fault that truncates it on its northern boundary. The nearby Iron Knob orebody is believed to occupy a horizon that is some thousand feet stratigraphically above Iron Monarch.The origin of the ore cannot be explained by any simple theory; development probably took place over a long period of time from Lower Palaeozoic to Tertiary.INTRODUCTIONIron Monarch orebody has supplied the Australian iron and steel industry with the greater part of its ironstone requirements since the establishment of the Newcastle steelworks in 1915. Annual production of direct-shipping ore has exceeded three million tons but declined slightly after 1956 when Iron Prince was brought into production. Total production of ore from Iron Monarch to the end of 1962 is about 84,000,000 long tons containing some 55,000,000 tons of metal.The deposit (Lat. 32°44'30"S : Long. 137°08'30"E) is 34 miles north-west of Whyalla, on the western shore of Spencer Gulf. A 42 in. gauge railway connects Iron Monarch and its associated small town of Iron Knob with Whyalla (Fig. 1).For the purpose of this paper Iron Monarch includes Iron Knob and the intervening jaspilite hill known as Substation Ridge, and the description of the general geology necessarily 'Assistant Chief Geologist, The Broken Hill Proprietary Co. Ltd.This paper was presented at the Annual Conference of The Institute, 14-24th August 1968.

Jan 1, 1964

In this address I look back over the past 40 years of mineral exploration in New Zealand û essentially the period since the Second World War (ie since 1945). It was the period of my personal involvement, and indeed of the personal involvement of a number of you. Luckily it was aperiod of great interest and activity. In the previous 50 years, virtually nothing had happened, and it is kindest to draw a veil over that period. In the very important earlier 40 years (1855 - 1895) the New Zealand gold rush occurred. That must have been a fascinating, rewarding period, which has been thoroughly documented by better historians than myself. I will simply comment firstly that its mineral explorers (gold-prospectors) were very successful indeed, and found most localities of the minerals they sought, in spite of using very different methods from ours of today. Secondly, they were preceeded by one of Maori exploration, which searched for a much restricted list of minerals, but succeeded in finding virtually every locality we know of today. The explorers of both of these early periods were obviously highly successful, but, in the time available, I must restrict myself to the period since 1945. I am currently editing the effective up-dating of Gordon WilliamsÆ 'Economic Geology of New Zealand' (1974). It covers the last 12 years or so. Many of you are contributing to that volume û both as authors and as referees û and I would like to take this opportunity of thanking you all. Although this new volume excludes the energy field, many of us have been involved in it, and I am therefore including energy minerals in this review, as Williams did in 1974.

Jan 1, 1987

The construction of the pipeline was completed in June 1956 and the line placed into operation in December 1956, ie. it has now been in continuous operation for approximately three years under an operating pressure of up to 350 lb. p.s.i.In reviewing the operating experiences of the line we must consider three major factors, which are:(a) The effectiveness to date of the protective methods for prevention of corrosion of the pipeline, ie. the preservation of the asset.(b) The maintenance of the line in regard to interference as to its stability which could be occasioned by erosion of the line, land-slides, accidental interference by the public, or construction authorities, etc.(c) The operating techniques employed.PROTECTIVE METHODS OF THE PIPELINESo to permit a clearer appreciation of the effectiveness of the protection of the! steel pipe against corrosion, I will briefly describe the methods used in the construction of the line.The line, which is 18 in. O.D. by %6 in. thickness steel pipe, is located approximately It miles south of the main Melbourne/Gippsland electrified railway.The steel from which the pipe was manufactured conforms to ASA.A33-1937 with the following modifications.Minimum elongation on a 2 in. test specimen...

Jan 1, 1960

Ore from the "Staimite" lode in the Oonah mine, Zeehan, has a complex composition and contains an exceptional number of elements. Its chemical composition has been indicated by the following published figuresà

Jan 1, 1931

By W. J. LANGRON

This paper describes the results of VLF-EM test surveys, using the Ronka EM-16 equipment, over a selection of environments in Australia and Papua.Using comparisons with known geology, drilling information and other geophysical work it is shown that the maximum depth of penetration of the method is about 100 ft but is considerably less than this in most areas.The author believes the method could aid in geological mapping and provide a useful adjunct to aeromagnetic surveying in some areas.

Jan 1, 1972

By Wood W, Bell A

Brown coal production in Victoria's Latrobe Valley Region (Figure 1) continues to rise and currently stands at around 50 Mt per annum. With the exception of around 2 Mt used to produce some 700 Kt of brown coal briquettes, this coal is mined by the State Electricity Commission to fuel large thermal power stations with a total installed capacity of just over 5 000 Megawatts. The moisture content of the coal as mined typically exceeds 60 per cent, making Latrobe Valley coal a markedly low rank fuel. The lack of heating value is, however, compensated for through power station design and by the fact that ash yield is very low, usually within the range of one per cent to four per cent on a dry basis. This means that compared with most other coals, the burning of Latrobe Valley brown coal produces relatively small quantities of waste products and discharges a minimal level of pollutants into the atmosphere. Even so, the inherent quality of Latrobe Valley coal does vary significantly from one area to another (Gloe, 1991; Barton et al, 1992) both on a local and a regional scale. Such variations need to be recognised and understood in order to not only realise efficiency gains in existing power stations but to properly assess resource potential for future utilisation and the application of new technologies. The principal aim of this paper is not to describe coal quality variation in detail or to speculate on the nature of and reasons for such variation. Rather, it is to simply underscore that significant differences do occur and that this is clearly a factor which needs to be considered in any evaluation of Latrobe Valley brown coal as a resource for the future.

Jan 1, 1992

The Broken Hill orebody ,occurs in the Willyama Complex, a block of Precambrian rocks which have been strongly folded and metamorphosed at moderate to high grade. Although -the origin of the silver-lead-zinc mineralization remains obscure, recent investigations have substantiated the view that the orebody has undergone concomitant high grade metamorphism with the enclosing wallrocks. The mesoscopic structures produced by this metamorphism are described, and the possible processes Telating to their formation are disoussed.In the high grade ore, metamorphic structures which can be recognized are foliation and lineation, wallrock fragments, layering, flow folds, ore breccias, and sulphide bearing veins. These structures can be related to processes involving plastic flow and fluid phase transport of the mineral assemblage. 'In areas of low grade mineralization adjacent to high grade ore, the structures more closely resemble those produced in -the wallrocks-foliatlon, lineation, layering, folds, and sulphide injections. Within areas of high grade ore, lenses and pods of manganese silicates Probably represent original inhomogeneities in the ore, i.e., portions of manganese-rich and sulphide deficient rock which have been metamorphosed to manganese silicates.From the structures displayed, a sequence of events has been established for the plastic flow of ore during deformation.

Jan 1, 1975

The need for the hydraulic transportation of coal in the New South Wales coal industry, both from the coal face to the surface and from the coal mine to the consumer or the port for export, is explained. Details of research projects currently in'progress and involving the hydraulic transportation of New South Wales coals are given together with information on the hydraulic transportation of coal in the United States of America.The potential of hydraulic transportation as a viable alternative to the proposed expansion and upgrading of the New South Wales railway system to meet the projected New South Wales coal production to the year 2000 is described.

Jan 1, 1980

The smelting of the Broken Hill lead concentrates at the Broken Hill Asso,ciated Smelters produced, among other products, approximately 4,900 ounces of gold and 8,800,000 ounces of silver during the year ending June 30th, 1938. The following table shows the actual amounts of gold per ton of lead concentrate produced during this period at the important mines. The total gold in the period is calculated from the number of tons of lead concentrates produced, and by comparison with the production' of silver, shows thatthere is no constant relation between the amounts of gold and silver.The fact that no gold is seen during milling, even when gravity concentrating tables are employed, signifies that the gold does not occur as occasional coarse particles.Further, as the values increase considerably in the flotation slime, it can be inferred that the gold occurs as minute inclusions in one or more of the minerals in the lead concentrates.The four most abundant minerals in the lead concentrate are galena, zinc blende, chalcopyrite, and...

Jan 1, 1940

Drill cores from Section 62, New Broken Hill Consolidated Ltd., were used to study the petrology of rocks associated with the zinc lode. The distribution of the rock types in relation to the lode structure was determined. The distribution of the gahnite-bearing rocks was shown to be only partly conformable with the structure.It was concluded that large scale metasomatism was not widespread, that the rocks associated with the lode (except, perhaps, the quartz-gahnite-garnet rocks) were formed by metamorphism of sediments, and that rocks and lode were contemporaneously metamorphosed.INTRODUCTIONThis investigation was undertaken in order to study the rock types associated with the zinc lode of the Broken Hill orebody, and their relationship to the structure of the ore horizons. The work was confined almost entirely to the laboratory, and is therefore limited in its scope. It is hoped, however, that the information gained may throw some new light on the genesis of the lode.Certain inferences which are drawn from this work are at variance with the ideas of a number of earlier workers.In particular, the idea of large scale metasomatism developing many of the rocks associated with the lode, especially those containing manganese, is questioned. On the contrary, the rocks associated with the lode are more simply explained as highly metamorphosed sediments, in some cases modified by water introduced from surrounding rocks into zones of strong folding and faulting. As a corollary, a metamorphicsedimentary origin for the lode material, either as a concentrated sulphide deposit, or somewhat disseminated...

Jan 1, 1961