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In constructing a financial model of a project significant effort is expended on capital and operating cost estimation, commodity price forecasts, and choice of discount rates while uncertainty in the primary input, the reserve, is often completely overlooked. The aim of this paper is to highlight the impact of uncertainty in the resource/reserve estimation process on the assessment of the financial performance of a project. Four qualitative processes have an impact on resource/reserve uncertainty. These stages are: 1.Ore definition 2.Geological interpretation 3.Resource estimation 4.Ore reserve estimation and mine planning. Each stage contains a number of tasks that may be considered as key performance activities (KPAs). Optimizing the manner in which these KPAs are completed can remove a great deal of uncertainty and error from the resource/reserve process. Examination of these KPAs within a company can also provide an insight to the quality of the information underlying the project. This will allow the company to identify any shortcomings in the data and to assess the resulting risks (Gilfillan, 1998). A hypothetical financial model based on a gold operation has been used to estimate the potential effect of resource/reserve uncertainty on revenue. Monte Carlo simulation has been employed to simulate a number of hypothetical scenarios: 1.a base case scenario which assumes no major errors or biases, but contains realistic margins for uncertainty that would exist in any project where work is being completed to the limit of best endeavours 2.a poor sampling scenario which assumes poor sampling practice and lack of understanding of sample preparation 3.a poor resource estimation scenario which assumes poor modelling and inappropriate choice of interpolation technique, and 4. a ?typical? scenario which represents a project where the majority of KPAs are not performed as best as they could be. The results show that realistic uncertainty ranges can generate changes in the estimate of potential revenue of plus or minus 30%.Therefore, it is important to allow for errors in these processes in any financial analysis or feasibility study. It is recommended that, when building a financial model, are view of relevant resource/reserve KPAs be carried out and appropriate ranges for uncertainty be applied to provide a range of potential outcomes. These outcomes can then be factored into the detailed cash flow analysis in order to ensure that technical uncertainty is built into financial decisions.

Jan 1, 1999

By T. Price, H. A. Holl, A. P. Greenough, A

UdIN, Shaler, and ulff' first used wires for the determination of the surface energy of a solid metal. A gage length was marked by tying knots in the wires, which were then suspended in a cylinder of the same metal, heated in an inert atmosphere for the appropriate time, cooled to room temperature, and finally removed from the furnace so that the lengths of the wires could be measured. With iron wires, difficulties associated with deformation during the phase changeszp3 made it necessary to measure the gage lengths at the tem-

Jan 1, 1964

This paper is concerned with the blasting of rock in mining. The most common purpose of blasting rock is to cast it or to disrupt its structure sufficiently for effective digging and subsequent removal.

Jan 1, 1991

By Hans Hamrin

Three drill-blast cycles of 3.1 m advance achieved in one working shift of 7.5 hours at the Holsfjorden Tunnel project in Norway. The tunnel, 5235 m long, with a cross section of 8.6 m2, was completed several months ahead of schedule. This remarkable performance was achieved by a crew of 16 men, using machines specially designed for small tunnel excavation. The integration of drilling and charging into one unit, mucking and transport in another, reduced non-productive time considerably. The average cycle time of 140 min made it possible to complete three rounds in one 7.5 hours shift.

Jan 1, 1987

The limit of pressure to which an underground dam may with safety be subjected, is a question that-as far as the writer knows has not received the same attention from authorities on engineering construction, or practical mining, that has been accorded to questions on which the design and strength of other structures or machines in connection with a mine are based. That dams may, under certain conditions, be constructed to resist water under great pressure is a known fact. But the difficulty of demonstrating beforehand that any proposed structure of this kind will withstand the pressure and be effective is, owing to the indeterminate nature of some of the risks to be provided against, very great. In the present state of our knowledge it may almost be laid down as a rule, that a dam of this kind should not be undertaken where grave consequences would attend failure until experience of structures where the physical conditions are similar, but where there are no such risks, has given assurance that such work would stand.In Mines and Minerals for May, 1900, there is published a paper by Mr. James McNaughton describing the construction of three underground dams in the iron mining district of Michigan.The first of these was put in to hold back a flow of 750 gallons per minute, which when pent up created a pressure of 276 pounds per square inch, showing that the height of the sustained column was about 635 ·feet. The hole through which the water issued was in the bottom of the cross cut it was enlarged by removing all loose rock for a depth of 18 ft...

Jan 1, 1901

By Scott A. Stebbins

This Bureau of Mines publication presents a method for estimating capital and operating costs associated with the exploration, mining, and processing of placer deposits. To ensure representative cost estimates, operational parameters for placering equipment and basic principles of placer mining techniques are detailed.

Jan 1, 1987

By W. A. Hockings, D. W. Fuerstenau, A. L. Mular

This paper briefly describes a simple air pycno-meter and its use for rapid determination of the composition of mixtures of solid particles. Research on such problems as the pelletizing of solids, the mixing of solid particles, and the comminution of mixtures can be simplified by means of this analytical tool. THEORY OF OPERATION Liquid pycnometers1 are commonly employed to measure volumes. These devices are time consuming and sometimes give inconsistent results. The liquid used in the pycnometer may have an undesired influence on the material to be measured; moreover, complete displacement of air by the liquid is seldom

Jan 1, 1963

By D. Richter

The Pyrometallurgical refining stage of ferronickel manufacturing produces a slag rich in iron and nickel, which is usually further processed for metal recovery. The recovered material is returned to the refining or smelting stages, depending on the amount of impurities. A series of tests was carried out on the Mineração Morro Azul refining slags, aiming at the recovery of the metallic particles through physical processing. Minor changes in the process showed improved results. This paper compares the textures of these slags after being cooled at ambient temperature and granulated under water at high pressure and flow. It concludes that the cooling process is intimately connected to the work index of such slags, thus resulting in direct impact in operating costs.

Jan 1, 2011

By Marius B. Wechsler

There are considered deep piles which are fixed in blocks of rotating machinery foundations. A mathematical background is developed for determining the behavior of this kind of piles for motions caused by horizontal and vertical oscillations, as well as by roc-king and twisting. It is assumed that the piles come across a top soil layer of depth c, not capable of lateral support, and penetrate over a length b, in a bottom firm soil layer, or in a bottom soft soil layer in which vibrations can produce voids around the piles. With respect to b and c, as well as to the elastic properties of piles and soils, the analysis leads to the maximum bending moments and shear forces subjecting the piles, to the maximum lateral bearing on the bottom soil layer, as well as to the deflection of the pile and the displacement of the foundation block. The results of the performed analysis can be applied to seismic loads too, and they are illustrated by a numerical example.

Jan 1, 1987

By Eric S. Lindquist

High groundwater levels combined with variable soil and rock profiles present challenges to the design and construction of deep excavation support systems. Increasingly, secant piling techniques are the preferred technical solution for shoring in these cases. Recent developments in drilling equipment, tooling and procedures allow cost-effective construction of deep, overlapped pile systems to tight tolerances in extremely difficult ground conditions. This paper summarizes critical design considerations for secant pile shoring systems, detailing recent advances in installation procedures and verification techniques that allow secant piles to be used for an expanding range of project conditions. Technically- and commercially-viable secant pile shoring designs require that stringent drilling tolerances be achieved in order to successfully provide combined structural support and groundwater cutoff systems, particularly for unreinforced circular secant pile shafts acting in ring compression. Modern drill rigs and tooling can advance fully cased shafts in geotechnical conditions which range from cohesionless soils below the groundwater table to hard rock, within a single drillhole. Down-hole instrumentation provides verification that tolerance requirements are met and allow secant pile shoring to be used at sites previously considered unacceptably risky. In California, secant pile shoring systems are being used for excavation depths of over 100 ft (30 m) on projects with challenging site conditions. Two case studies are presented detailing severe geotechnical conditions and excavation depths which represent the regional state of practice in secant piled excavation support. These projects provide real world examples of the design, construction and construction verification techniques that permit secant pile shoring to be used in more demanding geotechnical conditions and to greater depths than ever before.

Jan 1, 2011

By M Lentz

This paper will discuss the issues associated with blasting in an urban mining environment that have been addressed by Winstone Aggregates at the Mt Wellington Quarry. These issues include - control of vibration and air overpressure, repeatability of shot performance, fragmentation on an extremely low maximum instantaneous charge, compliance with Territorial Authority regulations and perception. Over the last two years, in order to address these issues, Winstone Aggregates have undertaken a programme of continuous improvement, which has included; ò implementation of new technology; ò revising site procedures; ò conducting an investigation into the structural response of local buildings; ò investigating safe extrapolation; ò extensive public consultation; ò establishing credibility during the consent process; ò identification of perception issues; and ò building relationships and trust with neighbours. The issues addressed at the Mt Wellington Quarry have increasing significance for traditionally rural mining operations, as the input of the local community being urban or rural, increases. New and existing operations have the potential to adopt best practice now, building trust with the community and raising the profile of the industry.  

Jan 1, 1999

By Siegfried Arce

Existen muchas herramientas para la gestión de proyectos. Sin embargo, éstos no están en capacidad de realizar análisis de riesgos y evaluar alternativas que consideren incertidumbre. En ese sentido, aparece GoldSim como una herramienta flexible que a través de una plataforma gráfica, posibilita la simulación probabilística y dinámica de sistemas complejos. Asimismo, permite observar las relaciones entre los diferentes elementos, de forma que nos genera transparencia del modelo preparado, por ende,confianza en el modelo y en sus resultados.

Aug 25, 2002

By PW Meisel

An hydraulic-powered reel system to minimize peak tension transients in shuttle car trailing cables has been theoretically designed and analyzed using a computer. A single spring-loaded take-up sheave stores or gives up cable to maintain tension within specified limits. Controls have been incorporated to shut down the vehicle before all cable is removed from the reel and to de-energize the cable in the event of a reel/cable jam. Full-scale hardware configuration drawings sufficient for manufacture of a test system have been completed.

Jan 1, 1983

By Hodjat] [Shiri

A 4-legged jacket structure was installed by an Offshore Installation Contractor (OIC) in the Persian Gulf. In addition to four open-end pipe piles, six conductors were installed by OIC. During the installation of the piles and conductors, some cemented layers were encountered, which had not been accounted for in the foundation design performed by an independent well known offshore geotechnical site investigation contractor (OGSIC). Six months later, the Drilling Company (DC) hired by Client to execute the wells, reported that all of the six conductors were presenting anomalies, such as vertical misalignments up to 10o and/or collapse of the conductors tip and mid height. The DC faced with serious problem in drilling of the wells and in spite of several times milling the conductors and spending 40 days unpredicted extra time, some of the routes could not be opened and Client lost millions of dollars due to direct and indirect associated costs and expenses. This paper presents a complete overview of all engineering, construction and specially geotechnical investigations and shows that how an inaccuracy in interpretations of the results of an offshore geotechnical site investigation as the main reason in this case study can cause serious damages to whole project with unbelievable time and cost impacts some times up to millions of dollars.

Jan 1, 2006

Stripping of Fe (III) from D2EHPA Using Different Reagents The common way to extract Fe(III) from an organic solvent is by using concentrated acidic solutions. The stripping of Fe(III) from organic solvent Di-2-ethylhexyl phosphoric acid (D2EHPA) by hydrochloric acid (HCl) solutions has been found to increase with increasing the acid concentration. However, the use of a concentrated acidic solution such as 6 M HCl can degrade the organic molecules. In this research, to increase the efficiency of Fe(III) stripping from D2EHPA, effect of some acids, salts and buffer solutions was studied. Influence of Tri-butyl phosphate (TBP) as modifier on the Fe(III) stripping operation was also investigated. According to the results, the best Fe stripping recovery was achieved in the presence of low acid concentration and the salts which was 72.4 per cent oxalic acid, 70 per cent ammonium oxalate and 75 per cent buffer of oxalic acid and ammonium oxalate. The results also showed a better recovery in the presence of the buffer rather than the salt. Finally, increasing the concentration of TBP, HCl and H2SO4 resulted in a higher stripping efficiency of Fe(III). However, in the presence of oxalic acid and its salts increasing the reagent concentration did not increase the stripping efficiency and at this condition, the recovery of iron remained constant.

Sep 13, 2010

By Thomas L. Theis

The use of a suspended growth system of T. ferrooxidans attached in a film to individual particles of bentonite and operated as a sequencing batch reactor has been shown to be a practical way of oxidizing ferrous iron in acid mine drainage. This component followed by limestone neutralization is both a technically and economically feasible approach to the treatment of these wastewaters in comparison to existing and proposed methods. The advantages, in addition to less expense, are greater safety, acceptable treatment at a lower pH, lower solids buildup, less danger of overtreatment, and greater flexibility in operational characteristics. In this report data on the continuous bench scale operation of the system under a variety of conditions shows sustained levels of oxidation in excess of 9%. A cost analysis projects capital and operating costs of $80/1,000 m3 of wastewater.

Jan 1, 1982

By Robinson KJ

There has been much debate in recent years regarding the number of Geology (Earth Science) graduates produced in Australia. The key variable has commonly been assumed to be the placement of graduates in the mineral and petroleum industries. Although not wishing to deny the importance of this element, we contend that Geoscience studies should be given to a wider variety of graduates. The essence is to make students and future citizens more environmentally aware. INTRODUCTION Geoscience is fundamental to exploration and to the well-being of the minerals industry and hence the Australian economy. The value of mineral primary products exports for the past three years has been: 1895 $15.3 billion 1986 $14.8 billion 1987 $16.3 billion (Data source: B.M.R) The mining industry supplies about 40% of Australia's export earnings. However the overall value of Geoscience to the Australian economy is much greater. At the opening of the ANZAAS conference in Townsville during May 1987, Sir Bruce Watson , Chairman of the Mt. Isa Mines Ltd., made a plea for a national re-examination of the way science is taught in secondary schools. In particular he emphasized the point that the community should be more aware of the importance of Geoscience and the value of the mining industry to Australia.

Jan 1, 1989

By Richard H. Bares

The general or macroclimate of the study sites in western North Dakota is characterized by rapid and sometimes extreme daily and day-to-day temperature fluctuations, rainfall patterns which are erratic in spatial and temporal distribution and intensity, generally low relative humidity, plentiful sunshine, nearly continuous air movement, and a relatively short frost-free period. Of particular relevance to plant growth and productivity is the mosaic of microclimates: these microclimates are affected by landform (convex and concave surfaces); exposure; slope angle, length and aspect; soil color, texture and surface cover (litter), and vegetation cover. The most critical plant growth governing factor in this region is available water. It is determined principally by water input (precipitation) and water loss (evapotranspiration) which is increased by high temperatures, wind, and poor litter and vegetation cover. While spring and fall precipitation is generally gentle and soil-soaking summer rains frequently come in the form of intensive, soil-washing, localized convective thunderstorms of short duration. Due to the convective nature of these storms, summer rainfall is particularly affected by regional topography; southwest slopes and crests often receive more rainfall since these storms usually move in a northeasterly direction. The water loss due to runoff and consequent soil erosion arc major problems resulting from such "cloudbursts". Previous fall precipitation (September - October) when added to current seasonal precipitation (March - August) was found to be significantly correlated (r-.93) with plant production. Winter precipitation (snowfall) is relatively light as the prevailing weather is dominated by dry polar air masses from the north. The nearly continuous wind is responsible for removing snow from open exposures and depositing it in depressions and windbreaks. Although the winter precipitation is not a large component of the total annual precipitation, conservation of that which does occur would contribute to plant production during the following growing season. Generally clear skies over the region facilitate receipt of abundant sunshine at the earth's surface. While good for early season soil warming and plant photosynthesis, this abundant sunshine coupled with long days and nearly continuous wind is responsible for evapotranspiration exceeding precipitation by an average of six inches between June' and September. On a local (micro) scale, the water deficit is most severe on the southern exposures which receive the most direct (most effective) solar radiation and therefore are warmer than other exposures. On a broader scale, it was found that ambient temperature extremes were slightly but significantly greater in the town of Beulah in the Knife River Valley than at the upland test sites, This may have been due to the difference in topography and/or the "urban heat island" effect. It is known that air temperatures in large cities may be 2° to 4°C higher than that of the surrounding countryside. It is also well known that basins, depressions or valleys are sinks for cold air masses and are often subject to frosts not occurring on adjacent upland sites.

Jan 1, 1982

By Lewis M. McNay

The strength characteristics of hydraulic sandfill modified by varying quantities of type III portland cement and two flocculants were investigated by the Bureau of Mines. Three different sand-cement ratios were examined using different percentages of flocculant. Two other experimental variables were curing time and weight-percent solids for hydraulic mixture. Results of unconfined compression tests with strain are discussed. Maximum strength was achieved with 0.5 weight-percent of ferric sulfate per ton of solids when the slurry mixture was 75 weight-percent solids. The bearing capacity of hydraulic sandfill is reduced by increasing the water content and decreasing the amount of cement mixed with sandfill.

Jan 1, 1976

By Ola Lindahl, Mark Irving, John Hutchings

"Blasting is a process starting with a geometric description of the block of rock and ending with a pileof fragmented material. A key step in improving the productivity and quality control over the processis the integration of blast planning software, explosive delivery control systems, and blast recordingwithin one seamless customer solution."

Jan 1, 1997